Why Biden’s Hostile Tax Proposal Threatens Crypto Investors
Crypto investors could tumble if Biden’s expected proposal for a minimum 20% tax on unrealized gains were to pass Congress. The harsh “eat the rich” measure has been described as unworkable and unconstitutional by many experts. The “Billionaire Minimum Income Tax” would target U.S. households worth more than $100 million and assess a 20% minimum […]
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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....
Xapo has announced that it will exclude customers residing in New York should the state's BitLicense proposal pass in its current form. Penned by founder and CEO Wences Casares, Xapo's blog post joins a growing chorus of bitcoin companies that have issued public statements on the matter. In August, on behalf of bitcoin services startup Circle, CEO Jeremy Allaire criticised issues in the proposal that he said could "discourage innovation". Casares builds on Allaire's arguments throughout, stating that while Xapo is not against smart regulation, New York's proposal overreaches. As a result,....
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....
This week, U.S. lawmakers are preparing to debate the advance of Joe Biden’s Build Back Better proposal, which is now estimated at $1.75 trillion. The new proposal follows the expansive monetary policy the Federal Reserve engaged in during the last two years expanding the money supply like never before. Meanwhile, U.S. inflation is at a 30 year high and the central bank’s Federal Open Market Committee (FOMC) plans to assess new strategies today.
Biden Slims Down ‘Build Back Better’ Plan
Last week, U.S. president Joe Biden offered a slimmed-down....
The U.S. dollar's rise on the news maybe be playing spoilsport to the bitcoin bulls.