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[SCAMEXPOSER]

Jimmy Song, a renowned bitcoin developer has reiterated that depsite the proposed 43% tax bill by the Biden Adminstration , people will still Invest more in bitcoin because it is hedge investment, as the US dollar induced inflation.

Another Bitcoin enthusiasts, said the government should adjust to level of printed money in circulation instead of increasing the capital income tax.

 

[SCAMEXPOSER]

The proposed tax bill is too much ,please is it 43% off the amount of profit you get from trading ,the inflation and dollar rate would have dropped if there was no crypto

Probably it would have dropped without Crypto currencies because of the circulation and usage will increase but with Crypto currency people can still avoid the tax by transacting on Crypto currencies.

 

[Niftyicon]

That rate to be paid as taxes is just ridiculously high and I doubt this would in anyway help the crypto markets. I hope he reconsiders this decision.

 

[highspeed]

The Biden administration imposes a 43% tax on capital gains, only for those who earn over $ 1 million a year.
For this reason, many tend to invest in Bitcoin, because in my opinion, no significant transaction tax increases have been made on.

 

[highspeed]

If the high tax is for those who earn 1 million dollars in a year ,then the tax is for the rich and not for the poor still okay ,the tax rate is too high

I'm sorry dear friend, are you from the United States?
You see, I kindly ask you this question, as if you live there, probably you'll know better how things are in that country.
Thank you.

 

[Wisdom01]

People would still invest despite the tax , because many are unemployed and that's the only means of survival they have ,that's another reason they will never leave bitcoin

 

[GoldenLady]

If the high tax is for those who earn 1 million dollars in a year ,then the tax is for the rich and not for the poor still okay ,the tax rate is too high

This might not be the case. A lot of whales makes millions in profits from cryptocurrency. It's also possibke that one MAY actually make that much Inna year, despite starting small if the person works hard enough.

 

[silentwatch]

I wonder how biden administrator will trace those people who earn in bitcoin?
Will they spy the citizen?
Some smart whale will not place all the egg in one place...
I still wonder how bidden will find them?

 

[Wisdom01]

I wonder how biden administrator will trace those people who earn in bitcoin?
Will they spy the citizen?
Some smart whale will not place all the egg in one place...
I still wonder how bidden will find them?

Some my store their crypto on a cold wallet and would not reveal it, i still wonder how biden would track them ,unless only those who make use of exchange platform

 

[highspeed]

Am not from there, i have friends that are there who complains and tell me about the tax system they are planning to introduce and how they don't like it

I see. But this modern system of taxation there, was devised by Joe Biden, I suppose.

 

[highspeed]

The modern system of taxation was devised by him, may are furious about it ,while some are not furious about it ,i don't know how the case may be

Not even I can know for there. Anyway as in every country in the world (here in Italy in fact it is the same thing!), people for a change by the government, some are happy while others instead not, depending on their convenience!