JOE BIDEN wants to DOUBLE your TAXES on BITCOIN gains!

[TwitchySeal]

Are you hoping people don't click the link and realize it doesn't have much to do with the title of this thread?  Easier to just believe the yelling headline.

[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.

 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.”

Well to be clear, these jobs gains have nothing to do with Biden or his policies. These job gains are due to Trump's policies that are still affecting the economy. Biden will no doubt take credit for these job gains, and will blame Trump when his policies start to affect the job market.

Are you hoping people don't click the link and realize it doesn't have much to do with the title of this thread?  Easier to just believe the yelling headline.

Bien is not just trying to tax gains on bitcoin, but gains on all long term investments. Interestingly, he is not calling for an increase in taxes on kickbacks to corrupt politicians. 

[Myleschetty]

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.

Thank you for clarity the fact about the misinformation statement about the President increasing tax for every individual in the State because I was surprised when I saw the topic and my understanding is that the US is more into taxing the wealthy people than the common man.

[Rruchi man]

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%

This is perhaps the major reason why we have seen bitcoin price fall from 60k range to the 49 - 50 range again, because big cooperations who initially had a huge store of bitcoin now have to quickly dump it for fear of the new tax rule that President Biden is proposing.

I only but wonder how the supporter's of J. biden will be feeling now?

[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.”

Well to be clear, these jobs gains have nothing to do with Biden or his policies. These job gains are due to Trump's policies that are still affecting the economy. Biden will no doubt take credit for these job gains, and will blame Trump when his policies start to affect the job market.

 That's what I meant by rhetoric.  They're obviously trying to fool someone... I'm not sure who could possibly fall for that though.  They seem to get a pass with MSM still.

[TwitchySeal]

Are you hoping people don't click the link and realize it doesn't have much to do with the title of this thread?  Easier to just believe the yelling headline.

Bien is not just trying to tax gains on bitcoin, but gains on all long term investments. Interestingly, he is not calling for an increase in taxes on kickbacks to corrupt politicians.  

Capital gains are already taxable.  I don't think he's proposing anything be taxed that wasn't already taxed. And the capital gains tax increase proposal is only for those that make over $1m a year.  (With the ability to offset your profit with losses from previous years.)  Clearly, not the picture OP is trying to paint with thread title.

Interestingly, he is not calling for an increase in taxes on kickbacks to corrupt politicians.  

Kickbacks are illegal.  Since they're illegal, they aren't taxable.  Since they aren't taxable, there is no tax rate.  Since there's no tax rate, I'm surprised you find it interesting that the President hasn't called for a tax rate increase.  

[OgNasty]

the capital gains tax increase proposal is only for those that make over $1m a year.  Clearly, not the picture OP is trying to paint with thread title.

Just because you don’t make enough money for this to be applicable to you doesn’t mean that I’m trying to paint some false narrative. It only means you don’t make enough money for this to apply to you. Don’t make the mistake of thinking everyone is in your situation or needs to cater to you. We aren’t and we don’t. Read the link for details, the subject line can’t fit every possible disclaimer.

[TwitchySeal]

the capital gains tax increase proposal is only for those that make over $1m a year.  Clearly, not the picture OP is trying to paint with thread title.

Just because you don’t make enough money for this to be applicable to you doesn’t mean that I’m trying to paint some false narrative. It only means you don’t make enough money for this to apply to you. Don’t make the mistake of thinking everyone is in your situation or needs to cater to you. We aren’t and we don’t. Read the link for details, the subject line can’t fit every possible disclaimer.

You clearly want everyone to believe it applies to them since you titled the thread with clickbait: "JOE BIDEN wants to DOUBLE your TAXES on BITCOIN gains!"

The reality is it would effect 0.1% of Americans.

[libertasbella]

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.

The Dems don't want to grow the economy. They want to make it hostile to everyone save for the billionaires and multinational corporations they serve.

[mindrust]

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.

The Dems don't want to grow the economy. They want to make it hostile to everyone save for the billionaires and multinational corporations they serve.

The Dems are communists. The only thing they want is a bigger government. Bigger government means smaller corporations. By corporations I don't mean the deep state devices like Google, Apple, Tesla, Microsoft etc. I mean the mid-small size businesses. Right now almost none of them are in business.

[TwitchySeal]

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.

The Dems don't want to grow the economy. They want to make it hostile to everyone save for the billionaires and multinational corporations they serve.

The Dems are communists. The only thing they want is a bigger government. Bigger government means smaller corporations. By corporations I don't mean the deep state devices like Google, Apple, Tesla, Microsoft etc. I mean the mid-small size businesses. Right now almost none of them are in business.

You guys need to lay off the right wing rage bait.

[suchmoon]

The Dems don't want to grow the economy. They want to make it hostile to everyone save for the billionaires and multinational corporations they serve.

They're making it hostile to everyone except billionaires by taxing billionaires?

The Dems are communists. The only thing they want is a bigger government. Bigger government means smaller corporations. By corporations I don't mean the deep state devices like Google, Apple, Tesla, Microsoft etc. I mean the mid-small size businesses. Right now almost none of them are in business.

Almost none of the businesses are in business?

Either you two need to share what you're smoking or maybe try to proof-read what you're posting.

[nutildah]

the capital gains tax increase proposal is only for those that make over $1m a year.  Clearly, not the picture OP is trying to paint with thread title.

Just because you don’t make enough money for this to be applicable to you doesn’t mean that I’m trying to paint some false narrative.

You are clearly painting a false narrative here. Let's rewrite the thread title with the important part capitalized:

"Joe Biden wants to double YOUR taxes on bitcoin gains!"

No, I can assure you he doesn't. Ergo your narrative is false.

You clearly want everyone to believe

I couldn’t give less of a fuck what you believe.

What a smart, mature explanation, highly indicative of personal responsibility. No wonder you're a forum treasurer.

Do you think Bitcoin is only used by millionaires?

[NotATether]

Usually tax increase proposals like this get shot down by Republicans before they get signed to law.

They were always against tax increases anyway.

[mindrust]

Usually tax increase proposals like this get shot down by Republicans before they get signed to law.

They were always against tax increases anyway.

I don't know much about the historical facts like this one but if that's the case then it is a damn miracle that the democrats can still win the presidency race. It feels so weird to think that the half of the country are voting for a party that wants to tax the citizens more and still can get millions of votes. Millions of people electing a president that wants to steal from them, crazy.

[Poker Player]

It feels so weird to think that the half of the country are voting for a party that wants to tax the citizens more and still can get millions of votes. Millions of people electing a president that wants to steal from them, crazy.

That's because they think they are going to tax "the rich" only. In reality, those are populist measures that are not carried out, and if they are carried out, they do not work most of the time, so politicians end up raising taxes on those who voted to raise them on the rich. It should be noted that this does not have to be done with direct taxes such as income tax, it can be done with indirect taxes, with massive currency printing and by raising taxes on companies that end up passing them on in the products they sell.

[mindrust]

It feels so weird to think that the half of the country are voting for a party that wants to tax the citizens more and still can get millions of votes. Millions of people electing a president that wants to steal from them, crazy.

That's because they think they are going to tax "the rich" only. In reality, those are populist measures that are not carried out, and if they are carried out, they do not work most of the time, so politicians end up raising taxes on those who voted to raise them on the rich. It should be noted that this does not have to be done with direct taxes such as income tax, it can be done with indirect taxes, with massive currency printing and by raising taxes on companies that end up passing them on in the products they sell.

Taxing the rich isn't necessarily a good thing. It will slow down the growth of the stocks market and eventually it will slow down the economy and the poor will also get affected. I'd say poor people would get affected the most. The rich are already rich and they don't need to work to live. If you tax them too much they will leave the country and take the jobs with them. Who suffered now? The rich people? No, it is the poor people that suffered the most.

Cheering for the tax increases isn't anything but either being very dumb or hating yourself. These rich people have options. They can leave any time they want. What choice do the pay check slaves have? And how is that losing their job going to improve their situation?

[yhiaali3]

This is really crazy, people are going through a real crisis during the Corona epidemic and they need to alleviate it and not increase the financial burden on it. The epidemic has caused great damage to many major economic companies and they are suffering due to the epidemic and the increase in taxes will add new suffering to their many problems, perhaps paying This decision is a lot of people and even companies looking for a better place outside of America.
I do not know how these politicians search for solutions to their problems by creating new ones. I don't know what the economic advisory team is doing to Biden. They have to stop him from making this move.

[Poker Player]

Taxing the rich isn't necessarily a good thing. It will slow down the growth of the stocks market and eventually it will slow down the economy and the poor will also get affected. I'd say poor people would get affected the most. The rich are already rich and they don't need to work to live. If you tax them too much they will leave the country and take the jobs with them. Who suffered now? The rich people? No, it is the poor people that suffered the most.

Cheering for the tax increases isn't anything but either being very dumb or hating yourself. These rich people have options. They can leave any time they want. What choice do the pay check slaves have? And how is that losing their job going to improve their situation?

I suppose you have realized that I basically agree with you, right? Because the way you respond it seems like you're trying to antagonize me or something.

Yes, of course, but the discourse against the rich is very simplistic. And it is not only that they can leave the country, the day people find out that many of the rich take loans to avoid paying taxes their mind will blow:

Elon Musk, short on cash, keeps borrowing more and more money even as Tesla stock surges

It is precisely in societies with lower taxes that there is more social mobility, and in those with high taxes, the rich remain rich for hundreds of years and do not even have to leave the country:

The richest families in Florence in 1427 are still the richest families in Florence

[mindrust]

Taxing the rich isn't necessarily a good thing. It will slow down the growth of the stocks market and eventually it will slow down the economy and the poor will also get affected. I'd say poor people would get affected the most. The rich are already rich and they don't need to work to live. If you tax them too much they will leave the country and take the jobs with them. Who suffered now? The rich people? No, it is the poor people that suffered the most.

Cheering for the tax increases isn't anything but either being very dumb or hating yourself. These rich people have options. They can leave any time they want. What choice do the pay check slaves have? And how is that losing their job going to improve their situation?

I suppose you have realized that I basically agree with you, right? Because the way you respond it seems like you're trying to antagonize me or something.

Yes, of course, but the discourse against the rich is very simplistic. And it is not only that they can leave the country, the day people find out that many of the rich take loans to avoid paying taxes their mind will blow:

Elon Musk, short on cash, keeps borrowing more and more money even as Tesla stock surges

It is precisely in societies with lower taxes that there is more social mobility, and in those with high taxes, the rich remain rich for hundreds of years and do not even have to leave the country:

The richest families in Florence in 1427 are still the richest families in Florence

I know that you agree. It is just I can't understand how people can't see through this. They are using their hate on rich people to get their votes and they easily fall for it. Elon and TSLA is beyond words and logic. I don't know why would anybody buy a stock with a P/E ratio over a thousand and Elon's BTC purchases are not making the situation better for TSLA because as far as I know their primary business is making and selling cars, not making a quick buck on crypto.

It is so sad, it means that the dem voters can't even imagine becoming rich. These are the best kind of slaves that would build their own prison and be happy about it.