đRECEIVE $10 NOW When Reading This Article.
On the morning of July 5, Bitcoin dropped below 53,000 USD after news that the US and German governments were dumping bitcoin, working with mt.gox to pay off BTC debt and tax orders on the super rich.
A source familiar with the matter told Reuters that Mr. Joe Biden just announced a series of new proposals, including a plan to nearly double the increased wealth tax to 39.6% for those with income of more than $1 million. . The purpose of the tax increase is to collect $1,000 billion for social security programs such as education, child care, and pay for workers when on leave. The AZ Coin News site says that these "whales " Cryptocurrency will be in the sights of the plan called "Biden Tax". Accordingly, they must pay a surcharge on investment income and additional fees listed after each state law. Millionaire investors in New York and California will be hit the hardest.
For those earning $1 million in high-tax states, capital gains rates can be more than 50%. For New Yorkers, the combined federal and state capital gains rates can be as high as 52.22%. This number could reach 56.7% for California residents. Given this situation, perhaps large investors closed their orders as quickly as possible to avoid paying this incredible tax. If it cannot recover, Bitcoin could fall to $50,000 or even $45,000. Social networks are still in turmoil because of concerns that Mr. Biden's tax increase plan will have a heavy impact on Bitcoin and Ether if he was re-elected, but analysts say the decline is temporary as cryptocurrencies are increasingly accepted by many institutions as a legitimate asset class.