USA: Cut Down on Capital Gains Tax to Spur Crypto Markets

Cointelergaph reports that POTUS Donald Trump has announced the possibility to introduce cut down on capital gains taxes. This step is regarded by some market experts and traders as positive signal for crypto markets. It might be resulted in significant crypto market rise.

Bloomberg quotes Trump’s words: “We’re looking at also considering a capital gains tax cut, which would create a lot more jobs.”

The US Congress previously set the tax at 20% level. Moreover, the taxation in the sphere is quite complicated the country. Thus, the US Internal Revenue Service does not regard any cryptocurrency as a monetary instrument but as a property. That’s which all gains and losses emerged as a result of any crypto transactions no matter brings it profit or not, must be mandatory reported. Non-observance of any of this complicated requirements cause levying penalties on customers. This fact do not encourage outpacing spur in crypto market.

Since Trump achieves success in pushing this bill in the US Congress, it will become very good news for cryptomarkets. It will improve environment on cryptomarkets not only within the USA but worldwide also and will facilitate crypto transactions.

Be the first to comment

Leave a Reply

Your email address will not be published.