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Crypto traders and investors should brace themselves for some surprises in U.S. President Joe Biden’s upcoming budget proposal. The proposal includes a plan to double the capital gains tax for certain investors and to tighten regulations on crypto wash sales.The Biden administration is expected to unveil its fiscal 2024 budget proposal on March 9th, which seeks to reduce the deficit by nearly $3 trillion over the next decade. The plan also includes provisions for changes to the taxation of cryptocurrencies, which are projected to generate approximately $24 billion in revenue, according to reports.Read the article <a href="Crypto%20traders%20and%20investors%20should%20brace%20themselves%20for%20some%20surprises%20in%20U.S.%20President%20Joe%20Biden’s%20upcoming%20budget%20proposal.%20The%20proposal%20includes%20a%20plan%20to%20double%20the%20capital%20gains%20tax%20for%20certain%20investors%20and%20to%20tighten%20regulations%20on%20crypto%20wash%20sales.%20%20The%20Biden%20administration%20is%20expected%20to%20unveil%20its%20fiscal%202024%20budget%20proposal%20on%20March%209th,%20which%20seeks%20to%20reduce%20the%20deficit%20by%20nearly%20$3%20trillion%20over%20the%20next%20decade.%20The%20plan%20also%20includes%20provisions%20for%20changes%20to%20the%20taxation%20of%20cryptocurrencies,%20which%20are%20projected%20to%20generate%20approximately%20$24%20billion%20in%20revenue,%20according%20to%20reports." rel="noopener noreferrer nofollow">to find out why</a>.

Biden’s budget proposal and crypto taxes: What you need to know

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