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BTC $48042.83 (1.36%)
ETH $3414.01 (0.29%)
USDT $1.00 (-0.0%)
BCH $625.94 (0.72%)
BSV $171.84 (7.35%)
LTC $181.03 (0.14%)
BNB $409.51 (0.45%)
ADA $2.36 (0.44%)
DOGE $0.24 (-0.4%)

Biden Might Double Tax For Wealthy Investors, Is Crypto Affected?

Biden Might Double Tax For Wealthy Investors, Is Crypto Affected
  • Markets crashed as Bloomberg reported that Biden might double capital gains tax
  • Bitcoin crashes below 50,000 USD as report of Biden’s plans went out
  • Altcoins also fell by small percentages as the news came out

In a report published in Bloomberg, the publication mentioned that US President Joe Biden wants to end the preferential U.S. tax treatment. This pertains to investment income that according to them has benefited the wealthy investors.

According to their sources,

The White House plans to propose almost doubling the capital gains tax rate for those earning $1 million or more, to 39.6%

In a Tweet, White House Chief of Staff Ron Klain, explained:

“This proposal, which @JoeBiden campaigned on extensively, changes the tax rate for less than 1% of  Americans (in fact, less than 1/2 of 1% of Americans).”

Following the news, cryptocurrency markets saw a significant decrease in valuation. Bitcoin fell down to $47,555. This is the first time for the most popular crypto to fall below $50,000 since early March.

Altcoins also reacted slightly to the news as Ether and XRP fell 3.5% and 6.7%, respectively. Meanwhile, dogecoin was down 20% at $0.21, according to coin information websites Coinmarketcap and CoinGecko.

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Joseph Joestar is a CoinQuora contributor. He works in various blockchain marketing content projects, specializing in written content such as technical whitepapers, press releases, and articles.