President Joe Biden has proposed new tax hikes for billionaires, corporations and wealthy investors. It was reported that Biden’s request Calling for a minimum 25% tax on billionaires, he has also recommended doubling the capital gains tax from 20% to 39.6%.
It also proposed a ban on crypto traders from selling at a loss and buying them back at their original price in order to use their losses for tax loss harvesting, according to the WSJ.
Danny Talwar of crypto tax software company Koinly said: “This is an inevitable consideration for the US. which, if implemented, would be comparable to other countries such as Canada and Australia.”
Biden’s offer It calls for investors making at least $1 million to pay 39.6% on long-term investments. This is an increase from the current 20% tax rate. It also proposed raising the corporate tax rate to 28% from 21%.
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