2024

Donald Trump

Bitcoin

Gains

<p>The latest reports in the town suggest that Vice President Kamala Harris is endorsing Joe Biden’s FY2025 Budget Proposal of introducing a staggering 45% capital gains tax on long-term investments in the U.S. If this weren’t enough, she’s also considering bringing a 25% tax on unrealized gains. This news has sent jitters across the crypto market with Bitcoin and altcoins turning red in the past few hours.</p>
<h2 id="will-kamala-harris-unleash-tax-terrorism">Will Kamala Harris Unleash Tax Terrorism?</h2>
<p>The day after Vice President Harris proposed to increase the corporate tax to 28%, reports suggest that her next target would be the 45% long-term capital gains tax. This would be the highest tax that the Democratic Party seeks to implement in three decades since 1992. If implemented this could seriously hurt the long-term Bitcoin investors and might even force crypto companies to eventually move out of the United States in the long-term.</p>
<p>Besides, an additional 25% on the unrealized gains will also hurt the holding power of long-term investors. Crypto industry veterans and Bitcoin investors have started calling out the “crypto reset” bluff by the Kamala Harris team. Bitcoin investor Toby Cunningham also endorsed to consider a second citizenship apart from the US.</p>
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 <p dir="ltr" lang="en">45% CAPITAL GAINS TAX</p>
 <p>Kamala Harris proposes 45% long-term capital gains tax – the HIGHEST since 1922.</p>
 <p>THIS is just one reason out of 1000 to get a second citizenship before anything else this bull market. This government is out of control and WILL get much worse.</p>
 <p>— Toby Cunningham (@sircryptotips) <a rel="noopener noreferrer nofollow" href="https://twitter.com/sircryptotips/status/1826015541489971337?ref_src=twsrc%5Etfw">August 20, 2024</a></p>
</blockquote>
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<p>While the supporters of the Democratic Party from the crypto industry have been trying to prop up Harris’s image with the “<a href="https://coingape.com/crypto-for-harris-townhall-meeting-key-highlights-and-issues/" target="_blank" rel="noopener noreferrer nofollow">Crypto for Harris</a>” campaign, the Vice President seems unwilling to give any support to the industry.</p>
<h2 id="shunning-bitcoin-and-crypto">Shunning Bitcoin and Crypto</h2>
<p>The <a href="https://coingape.com/kamala-harris-party-shuns-bitcoin-in-newly-released-party-platform/" target="_blank" rel="noopener noreferrer nofollow">Democratic National Committee</a> (DNC) kickstarted a day before while releasing the party ideals ahead of the 2024 Presidential Elections. Interestingly, the 92-page document had no mention of Bitcoin and crypto, showing that these matters are now unimportant for Harris.</p>
<p>On the other hand, the Republican Nations Committee GOP has clearly mentioned ending the crackdown on crypto while supporting innovation in this industry. No wonder <a href="https://coingape.com/donald-trump-regains-lead-against-kamala-harris-on-polymarket/" target="_blank" rel="noopener noreferrer nofollow">Donald Trump</a> has once again gained a lead over Kamala Harris on the Polymarket platform. These anti-investor and anti-corporate policies of the Harris team might cause them to lose ground further.</p>
<p>All eyes will be on the FOMC meeting and the Fed Chair Jerome Powell’s speech likely to be on the expected lines of the <a href="https://coingape.com/us-fed-rate-cut-will-be-major-policy-mistake-peter-schiff-warns/" target="_blank" rel="noopener noreferrer nofollow">Fed rate cuts</a> in September.</p>
<p>The <a href="https://coingape.com/markets/bitcoin-price-analysis-heres-when-btc-could-reach-70000-again/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> has once again cracked under $60,000 as of press time with altcoins seeing losses between 3-5% in the last 24 hours.</p>
<p>The post <a href="https://coingape.com/kamala-harris-capital-gains-tax-proposal-puts-bitcoin-and-crypto-in-pressure/" rel="noopener noreferrer nofollow">Kamala Harris Capital Gains Tax Proposal Puts Bitcoin and Crypto In Pressure</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Kamala Harris Capital Gains Tax Proposal Puts Bitcoin and Crypto In Pressure

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