• Latest
  • Trending
The Biden Administration Proposes Tax on Unrealized Capital Gains With ‘Build Back Better’ Plan

The Biden Administration Proposes Tax on Unrealized Capital Gains With ‘Build Back Better’ Plan

October 25, 2021
Bitcoin bulls’ run toward $45K could produce tailwinds for UNI, OP, TIA and STX

Bitcoin bulls’ run toward $45K could produce tailwinds for UNI, OP, TIA and STX

December 10, 2023
Bitcoin vs. Ethereum: Which One is the Better Investment Option for You? | by Georgia Bloggs | The Dark Side | Dec, 2023

Bitcoin vs. Ethereum: Which One is the Better Investment Option for You? | by Georgia Bloggs | The Dark Side | Dec, 2023

December 10, 2023
Trillions of SHIB on Move as SHIB Price Burns Zero, Community Excited

Trillions of SHIB on Move as SHIB Price Burns Zero, Community Excited

December 10, 2023
Whats With All The Mysterious Cryptocurrency Deaths

Whats With All The Mysterious Cryptocurrency Deaths

December 10, 2023
Institutional traders favour Bitcoin and Ethereum while whales eye this new AI crypto

Institutional traders favour Bitcoin and Ethereum while whales eye this new AI crypto

December 10, 2023
AI deepfake nude services skyrocket in popularity: Research

AI deepfake nude services skyrocket in popularity: Research

December 10, 2023
Shibarium Hits Major Milestone as Total Transactions Cross 66 Million

Shibarium Hits Major Milestone as Total Transactions Cross 66 Million

December 10, 2023
The Surge in Bitcoin Wallets: A New Era of Digital Wealth Accumulation | by Joshua Moroles | The Dark Side | Dec, 2023

The Surge in Bitcoin Wallets: A New Era of Digital Wealth Accumulation | by Joshua Moroles | The Dark Side | Dec, 2023

December 10, 2023
Crypto Market Experts Predict When Cardano (ADA) Price Will Cross $7

Crypto Market Experts Predict When Cardano (ADA) Price Will Cross $7

December 10, 2023
  • Privacy Policy
Sunday, December 10, 2023
Mount Rushmore Crypto
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
No Result
View All Result
Mount Rushmore Crypto
No Result
View All Result
Home Crypto Technical Analysis

The Biden Administration Proposes Tax on Unrealized Capital Gains With ‘Build Back Better’ Plan

J_News by J_News
October 25, 2021
in Crypto Technical Analysis, Top News
0
The Biden Administration Proposes Tax on Unrealized Capital Gains With ‘Build Back Better’ Plan
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter


Legal & Regulation

The Biden Administration Proposes Tax on Unrealized Capital Gains With ‘Build Back Better’ Plan

  • AnTy
  • October 25, 2021

Treasury Secretary Janet Yellen has proposed a tax on unrealized capital gains.

Speaking on CNN’s “State of the Union” over the weekend, Yellen said this new tax would be levied on the very wealthy.

“It’s not a wealth tax, but a tax on unrealized capital gains of exceptionally wealthy individuals.”

Capital gains tax incurs on the profit that investors realize on the sale of their assets. The current capital gains tax rate is up to 37% in the US, based on the asset type, the income of the investor, and the period of holding.

But now, the former Chair of the US Federal Reserve wants investors to pay a tax on the increase in value of an asset every year, even if it is not sold.

It’s almost as if, after corralling savings for retirement into stocks via liquidity pumping and then ZIRP, Yellen and ilk were now trying to destroy everyone not-rich, as part of some, idk, “great redo” or “better built back to the centrally planned future”. This won’t end well. https://t.co/Lgnez7bkDP

— BrendanEich (@BrendanEich) October 25, 2021

The Democrat administration in the US claims only to target the super-rich with this tax. Yellen explained,

“I wouldn’t call that a wealth tax. But it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals, and right now escape taxation, until they’re realised, and often they’re unrealised in the death benefit from a so- called step up of basis.”

With this tax, the Biden administration is looking to fund a $3.5 trillion spending plan. Yellen first proposed the tax on unrealized capital gains earlier this year in February.

Since then, wealth managers like Howard Marks, who revealed in January that his family “owns a meaningful amount” of Bitcoin, have argued that this may lead to more investments in markets outside the US to escape the added tax. BTC 3.68% Bitcoin / USD BTCUSD $ 63,126.97
$2,323.073.68%
Volume 31.19 b Change $2,323.07 Open $63,126.97 Circulating 18.85 m Market Cap 1.19 t
5 h Crypto Can Eventually Replace the Dollar As “The Reserve Currency of the World,” says US Senator Rand Paul 7 h The Biden Administration Proposes Tax on Unrealized Capital Gains With ‘Build Back Better’ Plan 10 h Elon Musk Supports the “People’s Crypto” the Original Meme Coin DOGE, But SHIB is the One Dominating Binance and Coinbase

Crypto market participants also voiced out against this move by the Biden administration. Charles Edwards, the founder of Capriole Investments, commented,

“They know they can’t stop printing. They know increasing interest rates will break the economy. I expect to see more and more taxation plays in an attempt to control the debt balloon and hyperinflation.”

I have a gut feeling that this proposed tax on unrealized capital gains is designed to prevent capital from flowing into #Bitcoin and other crypto assets. https://t.co/6xPGn8mL7F

— Wayne Vaughan (@WayneVaughan) October 25, 2021

The tax would apply to those who make more than $100 million a year for three years in a row or $1 billion in annual income. Those impacted by the tax would be able to take a deduction if their assets plunge in value.

AnTy

AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.





Source link

Related articles

Bitcoin bulls’ run toward $45K could produce tailwinds for UNI, OP, TIA and STX

Bitcoin bulls’ run toward $45K could produce tailwinds for UNI, OP, TIA and STX

December 10, 2023
Bitcoin vs. Ethereum: Which One is the Better Investment Option for You? | by Georgia Bloggs | The Dark Side | Dec, 2023

Bitcoin vs. Ethereum: Which One is the Better Investment Option for You? | by Georgia Bloggs | The Dark Side | Dec, 2023

December 10, 2023
ShareTweetShareShare
Previous Post

American Express CEO Says He Views Crypto as Gold

Next Post

Binance CEO expects ‘very high volatility’ in crypto. Here’s how to trade it

Related Posts

Bitcoin bulls’ run toward $45K could produce tailwinds for UNI, OP, TIA and STX

Bitcoin bulls’ run toward $45K could produce tailwinds for UNI, OP, TIA and STX

by J_News
December 10, 2023
0

The S&P 500 Index (SPX) achieved its highest close of the year last week, and Bitcoin (BTC) also hit a...

Bitcoin vs. Ethereum: Which One is the Better Investment Option for You? | by Georgia Bloggs | The Dark Side | Dec, 2023

Bitcoin vs. Ethereum: Which One is the Better Investment Option for You? | by Georgia Bloggs | The Dark Side | Dec, 2023

by J_News
December 10, 2023
0

With the rise of cryptocurrencies, two names have stood out above the rest: Bitcoin and Ethereum. These two digital currencies...

Trillions of SHIB on Move as SHIB Price Burns Zero, Community Excited

Trillions of SHIB on Move as SHIB Price Burns Zero, Community Excited

by J_News
December 10, 2023
0

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views...

Whats With All The Mysterious Cryptocurrency Deaths

Whats With All The Mysterious Cryptocurrency Deaths

by J_News
December 10, 2023
0

In the crypto space, a concerning trend has emerged: the rise in cryptocurrency deaths. These incidents, ranging from crypto billionaires...

Institutional traders favour Bitcoin and Ethereum while whales eye this new AI crypto

Institutional traders favour Bitcoin and Ethereum while whales eye this new AI crypto

by J_News
December 10, 2023
0

In the crypto world, there’s a noticeable shift in how big investors are playing the game. Institutional traders are increasingly...

Load More

Enter your email address:

Delivered by FeedBurner

Quick Navigate

  • Home
  • Crypto
  • Crypto Technical Analysis
  • Top News
  • Thank You
  • Store
  • Crypto Vouchers
  • About Us
  • What Cryptocurrency Is and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

Top News

Immunefi Reports $2.3B of Funds Lost in Crypto in 2022

CCAIT (Chatcrypto Token) an AI based crypto token soars to $0.1 price, Increase 100X within 24 hours of launch in Dex Pancakeswap

Celsius (CEL) price remains strong even as ex-CEO assets get frozen

© 2021 mtrushmorecrypto - Crypto Related News Blog

No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

© 2021 mtrushmorecrypto - Crypto Related News Blog

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT