JOE BIDEN wants to DOUBLE your TAXES on BITCOIN gains!

[OgNasty]

A lifelong politician who couldn’t get a job as a Walmart greeter, wants to raise your taxes. This tax proposal is insane. I wouldn’t blame people for leaving America if this comes to pass. It certainly would be worth it for many Bitcoiners and possibly even large corporations like Microstrategy & Tesla. You would have to be stupid to think this is good for the future of American competitiveness in global finance.

https://www.marketwatch.com/story/biden-to-propose-nearly-doubling-capital-gains-tax-for-wealthy-report-2021-04-22

President Joe Biden will propose nearly doubling the capital gains tax rate for wealthy Americans to 39.6%

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[xhomerx10]

Don't worry it's only for "Wealthy Americans", not all men and women created by...go...you know...you know the thing.

[Charles-Tim]

Don't worry it's only for "Wealthy Americans", not all men and women created by...go...you know...you know the thing.

For the rich or not the rich, that capital gain tax rate is too much.

President Joe Biden will propose nearly doubling the capital gains tax rate for wealthy Americans to 39.6%, Bloomberg News reported Thursday. Combined with an existing surtax on investment income, Bloomberg said, that means federal tax rates for investors could be as high as 43.4%. Bloomberg cited people familiar with the proposal, and said the plan would boost the capital gains rate to 39.6% for those earning $1 million or more.

[suchmoon]

It's the damn HODLER cult... apparently they got to Biden somehow and made him propose the tax to encourage hodling.

Oh well. There goes my Lambo.

[Quickseller]

This is not a good way to grow the economy. The additional taxes will force investors to use a higher discount rate when making investment decisions. This will lead to less money being invested into businesses, including wages for employees.

This is not just for gains on bitcoin by the way, it is for all investment gains, long term and short term.

[xhomerx10]

This is not a good way to grow the economy. The additional taxes will force investors to use a higher discount rate when making investment decisions. This will lead to less money being invested into businesses, including wages for employees.

This is not just for gains on bitcoin by the way, it is for all investment gains, long term and short term.

 Seems like the Biden administration is buying into their own rhetoric.  The economy is obviously overheating and therefore ripe for the picking.

Biden: “The first two months of our administration, we’ve created more jobs than the first two months of any administration in American history.”

[Call me Fada]

At first I felt it was just a mere mind games but now I get it this is pure politics and you all know politics is a game of interest, a meeting has been held and everything has been discussed before it’s been said to limelight and media, either it is for the rich or not i personally don’t buy that idea.

[semobo]

A lifelong politician who couldn’t get a job as a Walmart greeter, wants to raise your taxes. This tax proposal is insane. I wouldn’t blame people for leaving America if this comes to pass. It certainly would be worth it for many Bitcoiners and possibly even large corporations like Microstrategy & Tesla. You would have to be stupid to think this is good for the future of American competitiveness in global finance.

https://www.marketwatch.com/story/biden-to-propose-nearly-doubling-capital-gains-tax-for-wealthy-report-2021-04-22

President Joe Biden will propose nearly doubling the capital gains tax rate for wealthy Americans to 39.6%

From now on America won't produce any millionaires if they want to collect half of their earnings in the name of tax. Tesla already announced that they will be moving when the increase in corporation tax was proposed so yes people who stays in America will be called as stupid.

Biden wants China to become the superpower?

[mindrust]

Trump wanted to cut the taxes (and I believe he did), shrink the government and just before covid19 the unemployment numbers were at record low in the US history. Then even though I don't believe the election results, one way or another Biden came to the office and now he is raising taxes. Coincidence? I think not.

I am not American and normally I shouldn't care but since whatever it is the Americans do to their people, my government officials usually copy it (only the bad ones) and that means if you raise the taxes and then I'll also get higher taxes. If the Americans print money then our money printer will print x10 of that.

It is a race to bottom.

Go Biden Go.

[o_e_l_e_o]

How many people using bitcoin are realizing net capital gains in excess of $1 million a year?

[Mauser]

How many people using bitcoin are realizing net capital gains in excess of $1 million a year?

Probably not a lot. And if you had such kind of coins it would be better to spread out across multiple years. Or if it's really such huge amounts of money you could also make an offshore shell company in a tax haven. When getting few millions we can easily afford a fax consultant.

[Poker Player]

The title is misleading because he only wants to double it on capital gains in excess of $1 million a year. So, he doesn't want to double our taxes as it was stated. Very few people in this forum will have those gains. What happens is that all this rhetoric against the rich always ends up the same. First a tax like this is announced, and when it doesn't work (because the rich go elsewhere, or don't sell and take loans using the asset as collateral, etc.) in the end they end up raising taxes on everyone.

[suchmoon]

Trump wanted to cut the taxes (and I believe he did), shrink the government and just before covid19 the unemployment numbers were at record low in the US history. Then even though I don't believe the election results, one way or another Biden came to the office and now he is raising taxes. Coincidence? I think not.

Of course not. Trump (or rather McConnell et al) cut taxes mainly for the rich but conveniently forgot to figure out how to plug the resulting massive hole in the budget. Probably because when that bill comes due it won't be them responsible for it.

It's truly amazing how presumably anti-establishment anti-bank anti-fiat anti-wall-street community is crying about a tax on the fiat-rich $1m+ annual income people... a tax that basically just brings cap gains more in line with regular income that every schmuck pays taxes on.

But on the bright side - if the current price dip is caused by this "news" then thank you Mr. Biden for cheap(er) bitcoins.

[Dusang1998]

A lifelong politician who couldn’t get a job as a Walmart greeter, wants to raise your taxes. This tax proposal is insane. I wouldn’t blame people for leaving America if this comes to pass. It certainly would be worth it for many Bitcoiners and possibly even large corporations like Microstrategy & Tesla. You would have to be stupid to think this is good for the future of American competitiveness in global finance.

https://www.marketwatch.com/story/biden-to-propose-nearly-doubling-capital-gains-tax-for-wealthy-report-2021-04-22

President Joe Biden will propose nearly doubling the capital gains tax rate for wealthy Americans to 39.6%

you wanted him, now enjoy.

[Vatimins]

     I happened to see this one the news also. I was shocked specially when I heard that the one behind this idea is joe biden himself. Who would've thought that he would be doing such a crazy thing specially at a time of pandemic. He is the last peeson I would've thought of that would ever have this kind of idea. A lot may really choose to leave us if this comes to pass.

[mindrust]

    I happened to see this one the news also. I was shocked specially when I heard that the one behind this idea is joe biden himself. Who would've thought that he would be doing such a crazy thing specially at a time of pandemic. He is the last peeson I would've thought of that would ever have this kind of idea. A lot may really choose to leave us if this comes to pass.

Seriously?

• President Joe Biden, according to the tax plan he released before the election, would enact a number of policies that would raise taxes on individuals with income above $400,000, including raising individual income, capital gains, and payroll taxes. Biden would also raise taxes on corporations by raising the corporate income tax rate and imposing a corporate minimum book tax.
• Biden’s plan would raise tax revenue by $3.3 trillion over the next decade on a conventional basis. When accounting for macroeconomic feedback effects, the plan would collect about $2.8 trillion the next decade. This is lower than we originally estimated due to the revenue effects of the coronavirus pandemic and economic downturn and new tax credit proposals introduced by the Biden campaign.

https://taxfoundation.org/joe-biden-tax-plan-2020/

Trump supporters warned people, screamed "Biden is going to raise taxes!" and the other side either didn't care or didn't accept the reality. This was in his election campaign. He literally said that he is going to raise taxes and he did. (and he probably will keep doing it)

[Natsuu]

The tile is shocking, yet the article says different 

No need to concern myself

[xhomerx10]

The tile is shocking, yet the article says different 

No need to concern myself

 Maybe you're thinking of selling too soon then? 

[Natsuu]

The tile is shocking, yet the article says different 

No need to concern myself

 Maybe you're thinking of selling too soon then? 

I don't know, but for now, I will be hodling as long as pandemic exists

[OgNasty]

The title is misleading because he only wants to double it on capital gains in excess of $1 million a year. So, he doesn't want to double our taxes as it was stated. Very few people in this forum will have those gains. What happens is that all this rhetoric against the rich always ends up the same. First a tax like this is announced, and when it doesn't work (because the rich go elsewhere, or don't sell and take loans using the asset as collateral, etc.) in the end they end up raising taxes on everyone.

One million dollars in BTC is only like 20 BTC. You might be surprised by how many users on this forum will be cashing out more than that and be effected by this. Honestly, it’s enough to where moving to the Cayman Islands for a while isn’t the worst idea.

I don’t want to be one of those, “if he’s elected then I’m leaving” whiners, but how much money would it take to get you to leave your American citizenship behind? When the number you’d save in taxes gets up above 7 figures, things start to get interesting.

you wanted him, now enjoy.

Hell no I didn’t... If I come off as a PC lib to you then I’ve done a horrible job at portraying myself and my beliefs. I’m more of a natural selection supporter, which is far on the other end of the spectrum from the government provides for all camp.