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The Biden administration is set to release its fiscal 2024 budget plan on March 9, which is reportedly aimed at reducing the deficit by almost $3 trillion over the next decade. One of these proposals includes an end to a strategy in which a crypto trader sells assets at a loss for tax purposes, known as tax-loss harvesting, before repurchasing them immediately after. The Biden budget also proposes to nearly double the capital gains tax rate for investors making at least $1 million to pay 39.6% on long-term investments, up from the current 20% tax rate. <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0489b08418c4438a844acb95f26be21f.jpg" />#KOMnews #kommunitas #biden #president #capitalgains #cryptotax #cryptotrader #cryptoassets #cryptonews #cryptoupdate

President Biden calls to double capital gains tax from 20% to 40%.

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