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  • Biden appointed Janet Yellen wants to raise crypto taxes to 80%!!!

    80% Crypto Capital Gains Tax?

    Treasury Secretary Janet Yellen has called Bitcoin a 'highly speculative asset" and proposed a capital gains tax as high as 80% for crypto trading.

    Biden is expected to propose raising the Federal capital gains tax to 43.4% from the current top rate of 23.8%. That's an increase of 82.35%.

    Bloomberg News reported that Biden will propose taxing capital gains for those who earn more than $1 million at the personal income tax rate, which he seeks to increase to 39.6% from 36%.

    Including the 3.8% ObamaCare tax on investment, the new rate would be 43.4%.

    But that's just the Federal tax rate.

    Including California's 13.3% capital gains tax rate and New York's 11.85% hit, plus a 3.88% tax bite in New York City, and the new rate would climb close to 60% in those states.

    https://www.newsweek.com/joe-bidens-...mbling-1586088


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    • Originally posted by jaded View Post

      I'm pretty sure that was a big part of the reason for last week's crypto drop in value...let's see how this week goes. But you're right and there is plenty to be scared about these days. Biden's pending 43.4 percent levy on capital gains/a highly over-valued stock market/imminent inflation with a looming hike in interest rates. Proceed with extreme caution. My plan is to stay liquid and buy the dips (S&P & CDN Index funds) and quickly sell for conservative gains as the opportunities arise. I don't trust the present climate at all.
      I thought the drop was due to the announcement regarding hug investigations into banks funneling illegal money through crypto.

      Comment


      • Originally posted by markusmod View Post

        I thought the drop was due to the announcement regarding hug investigations into banks funneling illegal money through crypto.
        Yeah...I posted a tweet about that (post 82...although I can't see that tweet anymore which might have something to do with my browser or this site?). In any event here the link to the tweet...

        https://twitter.com/Fxhedgers/status...11847144730626

        Another reason is it seems that Elon Musk sold much of his Bitcoin and is now flogging Dogecoin...at least that's my take. Apparently Tesla's latest and impressive earnings report has less to do with auto sales (which are not really as good as thought to have been) and more to do with crypto profits and sales of environmental credits.

        https://www.bbc.com/news/business-56897457

        His recent huge purchase of Bitcoin caused a quick rise and then he cashed in and caused a drop. Now he's talking up Dogecoin so I'm guessing he's doing the same smoke and mirrors trick with that.

        .

        Comment


        • Originally posted by jaded View Post

          Yeah...I posted a tweet about that (post 82...although I can't see that tweet anymore which might have something to do with my browser or this site?). In any event here the link to the tweet...

          https://twitter.com/Fxhedgers/status...11847144730626

          Another reason is it seems that Elon Musk sold much of his Bitcoin and is now flogging Dogecoin...at least that's my take. Apparently Tesla's latest and impressive earnings report has less to do with auto sales (which are not really as good as thought to have been) and more to do with crypto profits and sales of environmental credits.

          https://www.bbc.com/news/business-56897457

          His recent huge purchase of Bitcoin caused a quick rise and then he cashed in and caused a drop. Now he's talking up Dogecoin so I'm guessing he's doing the same smoke and mirrors trick with that.

          .
          I just saw post 82 just fine, on page 9.

          Comment


          • Originally posted by markusmod View Post

            I just saw post 82 just fine, on page 9.
            OK...thx. Must be FireFox security settings blocking twitter. I see the tweets when I post them but they disappear after that.

            **EDIT** Hmmm... that link is dead now anyways.
            Last edited by jaded; 04-29-2021, 03:46 AM.

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