President Biden’s move to introduce a 44.6% federal capital gains tax probably wouldn’t affect most people in crypto, according to crypto tax commentators.
President Joe Biden’s proposal to increase the capital gains tax rate to 44.6% for certain people — the highest rate in United States history — will likely be a “nothing burger” for the average crypto investor.
Matthew Walrath, the founder of CryptoTaxMadeEasy told Cointelegraph that Biden’s latest tax promises probably wouldn’t affect most people in crypto, even if they did end up being signed into law.
The suggested tax rate — as well as an additional proposal to impose a 25% tax on unrealized gains — has garnered massive attention across social media despite the information being public for more than a month.
