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Biden wants higher capital gains taxes

Discussion in 'BBS Hangout: Debate & Discussion' started by dachuda86, Apr 27, 2021.

  1. rocketsjudoka

    rocketsjudoka Contributing Member

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  2. rocketsjudoka

    rocketsjudoka Contributing Member

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    In that case they definitely should be taxed.
     
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  3. The Real Shady

    The Real Shady Contributing Member

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    It's already taxed just like any investment. You have to pay long term and short term capital gains taxes just like with stocks, and the IRS has required all major exchanges to know their customer since 2017-18 and collect SS or drivers license info. It's up to the businesses paying their employees to report this information to the government.

    What's being discussed is a higher tax rate for crypto gains than compared with normal investments. Still haven't heard about this besides in this thread though.
     
  4. pgabriel

    pgabriel Educated Negro
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    I was gonna start a thread Sunday morning on this subject. Saw a brief mention on Biden's plans.

    Republicans are all about the capital gains tax. The party is for the rich. All the culture war topics are to round up voters

    I would like to see verification on tax rates. I did some googling and the rates looked the same across brackets rather wages or gains
     
  5. pgabriel

    pgabriel Educated Negro
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  6. Ziggy

    Ziggy 99ers STAND BY
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    It is, you're asking to tax it twice.
     
  7. rocketsjudoka

    rocketsjudoka Contributing Member

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    Things are often taxed multiple times. For example as an importer I could pay a tariff on goods and then also a sales tax when the goods are sold and then income taxes on income generated.

    Regarding cryptocurrency depending on how the taxes are structures I don't have a problem with it.
     
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