Biden Could Double Capital Gains Taxes

Biden Could Double Capital Gains Taxes

President Joe Biden is considering raising the U.S. capital gains tax rate by nearly double for the wealthiest Americans to pay for agenda items, according to Newsweek. Naturally, any raise in capital gains taxes would have significant impact on bitcoin investors that have seen the value of their assets rise exponentially in recent years.

According to Newsweek, the tax increase seeks to help fund Biden’s American Families Plan, a proposal set to be finalized and presented sometime this week. It aims to allocate “$1.5 trillion in new spending and tax credits meant to fight poverty, reduce child care costs for families, make prekindergarten and community college free to all, and establish a national paid leave program,” reported The New York Times.

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