President Joe Biden’s recent proposal to increase the capital gains tax rate to a historic high of 44.6% has sparked widespread discussions and concerns among investors, particularly those in the cryptocurrency space.
However, upon closer examination, it appears that the impact of this proposed tax hike on the average crypto investor may be minimal, if not entirely negligible.
TLDR
- President Biden’s proposal to increase the capital gains tax rate to 44.6% for certain people is likely a “nothing burger” for the average crypto investor.
- The 44.6% figure would only come into effect if two separate proposals were approved, targeting high-income earners with over $1 million in taxable income and $400,000 in investment income.
- The average income earner, including most crypto investors, will not be affected by this proposal, as it targets only the highest earners.
- Biden’s Federal Budget proposal also included a 25%…
