JUST

2024

Biden

Joe Biden

April

<p>In his fight for wealth redistribution, Joe Biden draws a new weapon: the taxation of long-term capital gains. A well-chosen target: those who manage more than one million dollars. An announcement that shakes the finance and cryptocurrency aficionados, far from going unnoticed.</p>
<h2 id="h-taxing-the-rich-biden-plays-the-high-numbers-game">Taxing the Rich: Biden Plays the High Numbers Game</h2>
<p>Like a chess player on the political board, Joe Biden does not back down in his <strong>struggle for power</strong>. In a country where wealth rubs shoulders with <a href="https://www.cointribune.com/en/imminent-crisis-the-astronomical-debt-of-the-united-states-and-its-shadow-over-the-world/" target="_blank" rel="noopener noreferrer nofollow">debt</a>, the American president spares no effort to woo voters for the upcoming November elections. And for this, he is willing to use the <strong>dreaded weapon of tax increases</strong>, even if it means alienating the elites for the benefit of the less fortunate.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <div class="entry-content-asset">
   <div class="social-embed-container">
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
     <p lang="en" dir="ltr">JUST IN: President Biden proposes increasing capital gains tax rates to 44.6%, the highest since 1922.<br><br>Currently, the highest long-term capital gains tax rate is 20%.<br><br>He has also proposed a 25% tax on unrealized capital gains for wealthy individuals.<br><br>Should this be approved? <a href="https://t.co/Ue3GboIHAA" rel="noopener noreferrer nofollow">pic.twitter.com/Ue3GboIHAA</a></p>— The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1783215429546082787?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 24, 2024</a>
    </blockquote>
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
   </div>
  </div>
 </div>
</figure>
<p>In the budgetary labyrinth of 2025, <a href="https://www.forbes.com/newsletters/andrewleahey/2024/04/24/biden-capital-gains-rate-proposal-446/" target="_blank" rel="noopener noreferrer nofollow">a proposal</a> resonates like a fiscal thunderclap: <strong>Biden is considering a capital gains tax rate of 44.6%</strong>. However, behind this spectacular number lie important nuances.</p>
<p>This colossal rate would result from two separate proposals: first, an <strong>increase in the ordinary rate to 39.6%</strong>, and then an <strong>additional increase of 1.2 percentage points</strong> for investment income beyond 400,000 dollars. But in reality, only <strong>taxpayers with taxable income exceeding one million dollars</strong> would see their rate capped at 37%.</p>
<p>This strategic highlight of the maximum rate seems aimed at mobilizing public opinion while avoiding upsetting economic elites. A tactic that, behind the strong figure, cleverly masks the specific income thresholds targeted.</p>
<h2 id="h-biden-and-taxes-the-big-number-hiding-financial-nuances">Biden and Taxes: The Big Number Hiding Financial Nuances</h2>
<p>The specter of a 44.6% tax on capital gains and a 25% tax on unrealized gains looms over social media. Yet, these measures are not as catastrophic as they seem.</p>
<p>Biden’s widely reported proposal <strong>would only apply to taxpayers with over 100 million dollars in net assets</strong>. A crucial detail, often forgotten in the tumult of fiscal debates.</p>
<div class="affiliate-button"><span class="affiliate-button__link obfuscated-link" data-href="https://www.cointribune.com/newsletters/" data-target="_blank" data-rel="noreferrer noopener">Découvre notre newsletter gratuite</span> <span class="affiliate-button__disclaimer obfuscated-link" data-href="https://www.cointribune.com/en/sponsored-content/" data-target="_blank" data-rel="noreferrer noopener">Ce lien utilise un programme d’affiliation</span>
</div>
<p>The origin of this imposing figure dates back to March 11, with an explanatory document from the Treasury Department. But beware, this colossal rate would only be activated if two separate proposals are approved: one aimed at <strong>increasing the highest ordinary tax rate</strong>, and the other at <strong>increasing the tax rate on investment income</strong>.</p>
<p>Despite the alarmist cries, <strong>the majority of workers will not be affected</strong>. The real targets of these tax measures are high-income earners, starting at 400,000 dollars, or even 1 million dollars. <strong>A strategy that spares the average cryptocurrency user</strong> (BTC, ETH, etc.), according to experts.</p> 
<div class="tradingview-widget-container tradingview--mini-chart">
 <div class="tradingview-widget-container__widget"></div>
 <div class="tradingview--mini-chart--dark">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
 </div>
 <div class="tradingview--mini-chart--light">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script>
 </div>
 <div class="tradingview-widget-copyright"><a href="https://fr.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="_blank"><span class="text-primary-color">BTCUSD chart</span></a> by TradingView
 </div>
</div> 
<p>As <a href="https://www.cointribune.com/en/the-state-will-seize-your-money-to-pay-its-debt/" rel="noopener noreferrer nofollow">controversy swells</a>, one certainty remains in the world of finance: for most of us, these tax reforms will hardly change our financial everyday life.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="2">
 </div>
</div>

Finance: Biden is concocting a 44.6% capital gains tax for the rich

Table of Contents

Cointribune EN

Other articles published on Apr 26, 2024

Bitcoin’s Bold Price Forecast by Strike CEO Jack Mallers

Q-Day approaching: Can Ethereum survive a quantum emergency?

Apple Reportedly in Talks to Deal with This Altcoin-Linked Company

Shiba Inu (SHIB) Whales Disappear

RROCKET Burns 50% of Its Supply to Fuel Growth and Investor Confidence

Onramp launches Onramp MENA the First Bitcoin-Only Asset Management Platform in the region

Join our free newsletter for daily crypto updates!