Bitcoin Proponents Bemoan Joe Biden’s Proposed Capital Gains Hike
The U.S. presidential election is only 14 days away, and a number of bitcoin proponents have been discussing the capital gains tax implications Joe Biden plans to invoke if he wins the American presidency. According to Biden’s plan, capital gains will be raised from 21% to 39.6% for certain income brackets. Two weeks ago, the current U.S. president, Donald Trump, floated the idea of cutting long-term capital gains cut down to 15%. In just two weeks, the U.S. may see a new president or it may get another four years of Donald Trump if the incumbent wins the election. This week a number....
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Bitcoin, since surging to new all-time high earlier this month, has continued to face a string of bad news. Earlier last week, Bitcoin prices tumbled due to Xianjiang crypto miners shutting down due to power outages — causing a record $10 billion in futures liquidations. Now, fears over President Biden’s proposed capital gains tax hike […]
Only 0.3% of taxpayers in the U.S. would be hit by higher levies on their investments under the new capital tax plan, a senior Biden administration official said. Following major sell-offs in cryptocurrency markets amid reports of United States President Joe Biden's capital gains tax rise proposal last week, the Biden administration defended nearly doubling tax levies for only the “very, very richest.”A senior Biden administration official claimed that only 0.3% of taxpayers in the U.S. would be affected by higher levies on their investments under the new capital tax plan.“There’s....
If passed, the plan would raise the capital gains tax rate for "certain high income individuals" to 28.8%, while eliminating the "wash sale" loophole for crypto users. Democrats in the U.S. House of Representatives have proposed tax initiatives to fund a $3.5 trillion spending package which could potentially affect crypto users. According to a document released by the House Committee on Ways and Means on Monday, the proposal would increase the tax rate on long-term capital gains from the existing 20% to 25% for “certain high income individuals.” A surtax of 3.8% on net investment income....
The Biden administration has revealed plans to raise taxes on investors who are millionaires according to a flurry of recent reports. President Joe Biden wants to overhaul the U.S. economy in order to help fund American childcare and education. Biden’s proposal will almost double the current capital gains tax rate from 20% to 39.6%, and for some investors, the tax rate could be as high as 43.4%. Biden’s Capital Gains Tax Rate on Wealthy Individuals Could Climb as High as 43.4% Fresh off the heels of proposing new stimulus in order to bolster the American economy, President Joe....
The U.S. Department of the Treasury has announced measures to crack down on tax evasion involving cryptocurrencies as part of President Joe Biden’s proposed tax compliance measures. Among the measures is a requirement for businesses that receive crypto assets with a fair market value of more than $10,000 to report transactions to the IRS. Treasury Proposes Measures to Crack Down on Tax Evasion via Cryptocurrency The U.S. Department of the Treasury published a report on Thusday entitled “The American Families Plan Tax Compliance Agenda.” The report outlines President Joe....