I’ve been reading about Biden wanting 43% capital gains tax or a 80% crypto tax. These aren’t going to happen, and the reason is simple. Large tax reform would need to pass through the Senate. The DNC only has 50 senators including Manchin. Manchin isn’t going to vote for 43% capital gains. Here’s what he said about 28% corporate tax:
>If I don’t vote to get on it, it is not going anywhere
Source for that is here:
If you read the above article in full, of read more about what Manchin has said, it seems plausible we will see some capital gains tax increase, but you can rest assured he will not be for raising it to 43%, and if he doesn’t vote, it’s not happening.
I think part of the confusion here comes from people talking about the President as if they have more power than they really do. Remember “Trump‘s” tax cuts? Yeah, the Tax Cuts and Jobs Act passed in the Senate, all Trump had to do was sign it. All Trump did was choose not to veto. In a similar vein any tax hikes “Biden passes” will be an act passed in the Senate, and all Biden can do is choose not to veto. In short, as I said, it’s all up to the Senate, and hence Manchin, who isn’t going for it.
This all being said, I can’t predict what’s going to happen to Crypto. I’m betting things will go up, but I’m not a financial advisor and this isn’t financial advice. You make your own decision based on your own research. And as always, only invest what you can afford to lose.
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