Knocked the market on its knee today and his pal ol Janet royally f’ed the crypto market all up
Knocked the market on its knee today and his pal ol Janet royally f’ed the crypto market all up
could be bullish for markets.
Investors will be more inclined to hold longer and not sell. Winners will continue to go higher but losers will get sold more readily to capture the losses. Same with the crypto markets. The crypto whales are more likely to diamond hand. Bitcoin will become a long term savings account.
Thanos was the hero
maybe they will sell off prior to the tax changes then buy back at a discount and hold til the law changes again by the next administration. Realistically, I don't think the final number will be near as high as the proposed.
I can't say I blame anyone with huge gains from selling. However if the tax is effective for this calendar year isn't it going to still subject them to the same tax rate if they sold this year.
The way I look at it is the new capital gains rate essentially just moves to the income rate for those making $1 Million or more in a year.
Typically I am bothered by tax rate increases but for some reason this makes sense to me. Maybe because it doesn’t affect me? IDK. I just see a ballooning debt level that needs to get paid and it has to come from somewhere.
However this might encourage the highest net worth individuals to start sheltering money in geographies where the capital gains are much lower or non existent.
i think it is interesting to think about...all the puts and takes.
Who is Janet and what did they do to the crypto market that caused it to nose dive? I know it took a hit, but haven't heard why.Originally Posted by idbefishing
Knocked the market on its knee today and his pal ol Janet royally f’ed the crypto market all up
Rumors that Janet Yellen wants to tax crypto gain 80% and Doge coin gain 99%. Nothing verified but scared the shite out of people anyway.
Last edited by idbefishing; 04-23-2021 at 03:21 PM.
Janet Yellen = US Treasury Secretary
The Biden administration announced intentions to raise capital gains taxes. There are rumors of an 80% tax on cryptocurrencies.
I doubt that it will be for this tax year. They will delayed it until they have enough time to hide their profits.
The one interesting take I heard about the proposed tax is what effect it has on someone who built up a business for years and then decides to sell and retire. Some were saying that it would be subject to the higher taxes if the capital gains are over 1 million. I think when people hear tax increase on those with incomes over 1 million a year they think of people regularly earning that much each year through salary, stock options etc and not really a small business owner or someone else where it might be a once in a lifetime sale to sell something they worked their life to build.
Of course I guess maybe you could take back paper on the sale and spread out the income but that entails other risks.
you know, this administration has to be the sorriest group of scum to hit DC. For the people my ass, I hope the people that voted these lunitics in are really happy
Ron Fears
Stroker/300XS
1E003823
The people that put them in are getting exactly what they wanted them to do.
can't imagine why this needs to be locked now
Thanos was the hero
