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Biden's Budget Proposal Includes Crackdown on Crypto Wash Sales and Doubling of Capital Gains Tax for Certain Investors
U.S. President Joe Biden's fiscal 2024 budget plan proposes a crackdown on crypto wash sales and a doubling of the capital gains tax for certain investors, which could raise $24 billion. The proposed changes to crypto tax treatment aim to reduce the deficit by nearly $3 trillion over the next decade. The budget proposal seeks to eliminate the tax-loss harvesting strategy used by crypto traders, which allows them to sell assets at a loss for tax purposes before immediately repurchasing them. The proposal also aims to raise the capital gains tax rate for investors making at least $1 million to 39.6%.
White House Expects to Raise over $10b in Revenue under New Crypto Tax Rules
The White House would bring in significantly more revenue over the next decade if the Biden Administration’s budget plan approved to ramp up the national budget.
Hong Kong's 2020 Budget: Digital Assets May be Incorporated into Regulatory Framework but not Blockchain
Financial Secretary of Hong Kong, Paul Chan been under intense pressure from lawmakers to dip into the government’s fiscal reserves to help the city get out of an economic slump. After months of anti-government protests and the emergence of the coronavirus epidemic, Hong Kong residents aged over 18 will receive a cash handout of HK$10,000. The budget also highlighted the forecast of an all-time high deficit of HK$139 billion for the coming fiscal year.