Markets on a rocky road as Bloomberg reported that Biden is planning to double capital gains tax.
Joe Biden’s crusade against the rich investors
Bitcoin tumbling down below US$50,000 as a report from Biden’s plans went on.
Altcoins (alternative cryptocurrency) also plummeted but only a few percentages as the news was being broadcast to the public. In accordance to a report by Bloomberg, the news publication said that United States President Joe Biden desires to have a stop in the preferential United States tax treatment.
Thus, pertaining to huge investment profitability in which according to them benefits only the wealthy investors and not the overall population of the working citizens of the United States. This might be the time in which the oligarchs can be treated more likely as the regular working class citizen.
By taxing the rich and wealthy investors, more job opportunities, and budget will be available. In addition, benefits such as health care, food, housing projects, and all related fields of improvement shall gain from it. Not only that it benefits all the citizens of the United States but also balances the country’s tax revenue department.
Tweet about Biden’s plan
This manifesto was made by the campaign of Joe Biden on extremes, such as changing the taxation rate for less than 1% of the Americans. In fact less than half of that one percent of the Americans are included.
According to the news, the digital market of cryptocurrency is seeing a significant degradation in terms of its valuation. The cryptocurrency king Bitcoin BTC fell down to a price of US$47,555. This is the first time ever for the most popular digital assets to go down below the price of US$50,000 since the early March of 2020.
Altcoins also reacted a bit to the press release. In addition, Ether and XRP had a negative 3.5% and 6.7%, respectively. Lastly, dogecoin has fallen 20% at US$0.21, according to coin information websites Coinmarketcap and CoinGecko.
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