Tax-free Bitcoin Investments?
As the days of the presidential election coming close, Donald Trump is implementing various policies to benefit middle-class families. Now, the White House is putting forward a new proposal to encourage tax-free buying of shares and stocks. This could also spur the buying of digital assets- such as Bitcoin.
The proposal based on the tax-saving structure will result in the formation of saving accounts by households. The Director of the National Economic Council Larry Kudlow proposed that each saving account will comprise of health care, retirement, and education savings.
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According to the proposal suggested by the government, taxpayers are able to get account free of tax and can invest in the stocks with tax cuts. If a household is earning up to $200k, then, they could invest up to $10,000 without paying any tax.
Flexible Environment for Bitcoin Investment
The flexible environment for investment could also expand the investment arena for cryptocurrencies including bitcoin. Per the proposal statement, one can make freely investments in bitcoin with no tax cuts as long as the money remains in the saving accounts. This would promote a friendly trigger among investors to buy Bitcoin. As a result, the crypto community can see a boom in the price value.
Vice President Mike Pence is optimistic for the package and believes that new cuts are “one of the reasons why we’re going to focus so much energy on making sure that we get President Donald Trump four more years in this White House,”’ he said during an interview with Fox Business Network.
Pence said while giving view about the coming election,’’ But we’re going to make sure that we reelect a Republican Senate and elect a Republican House of Representatives.’’
The investment ratio in the Trump time has reached an unprecedented level as 55% of the household took part in stock’s investments in 2019- peak value since the great recession.
On the other hand, the U.S Treasury Secretary Steven Mnuchin signaled that strict regulation policies are coming for cryptocurrency as the US Treasury and the Financial Crimes Enforcement Network (FinCEN) are working on this.