#Cardano's creator ( #ADA) #Charles #Hoskinson warned that the #Biden administration's plans to increase the tax rate on capital gains may not bode well for the cryptocurrency markets.
Speaking at the #Ask #Me #Anything (AMA) session, Hoskinson points out that the cryptocurrency markets could collapse if the current management decides to impose additional taxes on capital gains .
“You cannot predict these prices. There are many variable factors. Especially if the capital doubles, it will be devastating for the markets. "
Currently, the tax rate for long-term capital gains stands at 23.8%. With Biden's suggestion, this figure could rise to 43.4%. Hoskinson stated that the proposed tax increases will also be personally affected.
“Apparently, the corporate tax rate will double for offshore corporations as well. It seems my personal taxes will also double. The latest tax proposal on capital gains goes from 20% to 43.5%.