jakiro
Author: Bhushan Akolkar, Coingape; Compilation: Baishui, Bitchain Vision
summary
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If Kamala Harris wins the upcoming U.S. election, she may launch tax terrorism.
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A 25% unrealized income tax could undermine the holding capacity of long-term Bitcoin investors.
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Massive taxation could drive the cryptocurrency industry out of the United States, thus providing leverage to other economies.
The latest reports show thatKamala Harris is supporting Joe Biden’s fiscal year 2025 budget proposal that would impose a capital gains tax of up to 45% on long-term U.S. investment.If that wasn’t enough, she also considered a 25% tax on unrealized gains.The news has disturbed the entire cryptocurrency market, with Bitcoin and altcoins falling in the past few hours.
Will Kamala Harris launch tax terrorism?
The day after Harris proposed raising the corporate tax to 28%, it was reported that her next target would be a 45% long-term capital gains tax.This will be the highest tax rate the Democrats have sought to implement in 30 years since 1992.If implemented, this could seriously harm the interests of long-term Bitcoin investors and could even force cryptocurrency companies to eventually withdraw from the United States.
Additionally, an additional 25% of unrealized earnings can also harm long-term investors’ holdings.Crypto industry veterans and Bitcoin investors have begun calling on the Kamala Harris team to conduct a “crypto reset” bluff.Bitcoin investor Toby Cunningham also supports considering a second nationality other than the United States.
Although Democratic supporters from the crypto industry have been trying to enhance Harris’ image through the “Harris’ Crypto” campaign, she seems reluctant to provide any support for the industry.
Avoid Bitcoin and cryptocurrencies
The Democratic National Committee (DNC) launched a plan the day before, releasing its claims ahead of the 2024 presidential election.Interestingly,The 92-page document does not mention bitcoin and cryptocurrencies, suggesting that these issues are not important to Harris right now.
On the other hand, the GOP, the Republican National Committee, made it clear that it was about ending the crackdown on cryptocurrencies while supporting innovation in the industry.No wonder Donald Trump is once again ahead of Kamala Harris on the Polymarket platform.These anti-investors and anti-corporate policies of the Harris team may lead them to further defeat.
Everyone will focus on the FOMC meeting and the speech of Fed Chairman Jerome Powell, who is likely to be in line with the Fed’s expectations for a rate cut in September.
