The post Trump Pushes for No Capital Gains on Bitcoin – What It Means appeared on BitcoinEthereumNews.com.

Donald Trump has pledged to eliminate capital gains taxes on Bitcoin and U.S.-linked cryptocurrencies. Trump’s plan aims to boost U.S.-made cryptocurrencies by removing taxes on them while only taxing American-made tokens. President-elect Donald Trump has pledged to eliminate capital gains taxes on Bitcoin and U.S.-linked cryptocurrencies. The crypto-friendly plan would encourage the wider use of digital currencies for everyday transactions while bolstering crypto firms based in the United States.  In his recent interview, Trump recounted a conversation with a friend about the U.S. tax system, leading him to question the fairness of the taxation policy that was being imposed on the digital asset trades. “They have them paying tax on crypto, and I don’t think that’s right,” Trump said. “Bitcoin is money, and you have to pay capital gains tax if you use it to buy a coffee? I was talking with a friend. He said, ‘It really shouldn’t be taxed,’ and I agree. Maybe we get rid of taxes on crypto and replace it with tariffs.” Under the present regulations, utilizing Bitcoin to buy a good or service can trigger capital gains taxes if its value has appreciated since it was acquired. The complexity deters anyone from using digital assets for everyday expenses. Trump’s proposal looks toward removing this obstacle and releasing the use of cryptocurrencies in daily commerce. Trump’s Tax-Free Push for U.S.-Made Cryptocurrencies Trump’s plan aims to boost U.S.-made cryptocurrencies by removing taxes on them while only taxing American-made tokens. He stated: No tax on crypto but only on tokens made in the USA. We want tokens made here at home, we don’t want the Chinese tokens. We say get those Chinese tokens out of here. The move fits into his larger goal of backing American companies and cutting down on foreign digital dependency. That proposal has…

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Filed under: News - @ November 16, 2024 4:16 am