Now, by contrast, gains are taxed only when assets are sold and at a top rate of 23.8% instead of 37% for ordinary income.
Jesus fuckin' Christ....that's the way it
should be. You haven't actually realized a profit until you've sold, and nobody should have to pay the government just because something they own went up in value. Would this include real estate? Stocks?
This democratic idea is so asinine that I hope it just dies on the floor. If the government truly wants to address income inequality (not a new problem, by the way), this is about the worst way of going about it that I could think of.
I bet you this is their plan to pay for all of this stimulus money that's being handed out like monopoly notes. I'll have to keep an eye on this. Thanks for posting this, OP.
Do not be worried, it is still like that in the current system and it will still be like that for crypto in the future as well, this is just "lets say something bad about democrats". We all know that Republicans will not care about anything but money, when you look at their defense of Trump all they say is there is "record breaking low unemployment" which somehow they believed when told during a freaking pandemic, obviously that is a lie but they care about that, when you point out to the record breaking debt they ignore it.
This is also another situation where wealthy people buy and hold same stocks for decades and get richer thanks to that, for example Jeff Bezos and Elon Musk got so so so much richer this year, you think not paying a single cent for that is understandable? I think that is not acceptable, so this will make sure there is tax payments for those people who got billions of dollars richer by simply holding stocks.