Bill Gates disagrees and wants higher capital gains taxes. Of course he is the richest man in the world.
There are several bills in congress for example: 1.
One of these Obamacare tax increases is the hated "net investment income tax" or NIIT. The NIIT slaps a 3.8 percentage point surtax on capital gains, dividends, interest, and almost all other yields on investment. That's why our capital gains and dividends rate is 23.8 percent today.
Conclusion
Any reduction in capital gains taxes is a reduction in taxes for Steemit bloggers. If you blog and you must convert your Steem to Bitcoin then you may trigger a capital gain and be required to pay a capital gains tax. A tax cut on capital gains would reduce the amount you would have to pay in capital gains and it could be retroactive.
What if BTS holder don't sell their shares? What if, instead, we borrow bitUSD with BTS as collateral, purchase BTC and immediately cash it out. Technically I haven't sold my BTS and I haven't triggered a capital gain event.
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Screw capital gains, just move to somewhere more free like Germany or Denmark with your Crypto and renounce your American Citizenship.... Its what @jeffberwick has been espousing for years now.
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Nice....I like that idea!
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An increase in the capital-gains tax doesn't really affect Bill Gates. He is rich no matter what and he an pay accountants and attorneys to bypass the increased taxes the rest of us pay.
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Yeah exactly my point. It does effect the blogger on Steemit though who might not even have a lot of income or who might just barely be in the middle class.
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I really fucking hope they lower capital gains taxes this year. If I'm lucky enough to sell my business, it would really help me on the tax bill at the end of the year and allow me to roll more profits into new businesses. It's crazy they don't realize that taking money away from producers only hinders their ability to produce.
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What if BTS holder do not sell their shares? What if, instead, we have a tendency to borrow bitUSD with BTS as collateral, purchase BTC and right away money it out. Technically i have never sold my BTS and that i haven't triggered a financial gain event.
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Fuck the fed, fuck the IRS and fuck the banksters.
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Unless something changed, cryptocurrency profits are taxed at the income tax rate, not capital gains rate. And you can't claim losses in crypto on your returns. So this change won't help us, specifically. I hope I'm wrong and you can correct me on this, though.
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Bill Gate can careless about all the tax Trump want to reduce. let' s wait to see how that will turn out.
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I am not the expert but afaik;
If you hold STEEM for like 2 years and it appreciates it is capital gains tax.
If you earn STEEM or SBD it is income tax.
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Awesome article! Lets all hope this comes to fruition so that we don't get whacked as hard when it comes time to use our crypto to pay for something. And of course Bill Gates not only wants to cut the world's population but he wants us to be poor also.
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