Rich Investors Can’t Hide From Biden’s Capital Gains Hike In Bitcoin; None Of Us Can

Rich Investors Can’t Hide From Biden’s Capital Gains Hike In Bitcoin; None Of Us Can

Share to Linkedin President Joe Biden is proposing to hike capital gains tax by nearly 50% from current levels for ... [+] those with $1 million or more in income from wages and investment. The rich won't be able to hide it in Bitcoin. Then again, neither can the rest of us. Frustrated that savvy rich people will hide from the White House's newly proposed tax hikes last week and sock it away into Bitcoin? Don't worry. They can't. And neither can the rest of us. If you're selling Bitcoin for dollars, especially on a U. S. exchange, Uncle Sam will find out about it. President Joe Biden said he would like to hike capital gains taxes for people with incomes of more than $1 million. The top rate for long-term capital gains for them would nearly double to 39. 6%, from 20%. While most of us don't have that much money in wages, dividends and other yield bearing investments to worry about this massive wealth transfer to the State, those who do will not be able to hide it in cryptocurrencies... in the U. S. at least. The IRS treats cryptocurrencies as a security. Like any other tradable currency,