45% capital gains tax proposal
Posted: Apr 26, 2024
- Biden's 2025 budget proposal includes raising the capital gains tax to 45% and eliminating the crypto tax - There is concern that these changes may impact the market and reduce people's incentive to invest - This could potentially lead to less investment in the stock market and crypto assets, affecting overall market stability. - Biden's 2025 Budget proposal includes taxing capital gains at 45% - The proposal seeks to increase the top marginal rate on long-term capital gains to 44.6% - States like California, New Jersey, Oregon, Minnesota, and New York would exceed a 50% combined federal and state capital gains tax - Biden's proposal also aims to increase the corporate income tax rate to 28% - The budget introduces a second Death Tax and plans to eliminate a special tax subsidy for cryptocurrency transactions - A new draft tax form from the IRS will collect detailed transaction data from crypto "brokers" - This form includes specific data points like sale transaction ID and digital asset addresses - The draft form could lead to privacy and security concerns as additional data points, including wallet addresses, must be reported - The draft form signals changes in how users interact with crypto platforms and DeFi - The draft 1099-DA form represents a major step towards tax information reporting for digital assets
Summarized top reddit comments: - Proposal applies to taxable income of $1 million or more - Clickbait article causing confusion - Some users not familiar with tax brackets - Discussion of tax rates in other countries - Some users not concerned about proposal as it mainly affects high-income earners - Mention of proposed taxing of unrealized gains for those with $100 million in assets
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