JUST IN : @EricTrump and @DavidFBailey just let slip in their discord channel that they are looking to possibly announce Friday that there will be no capital gains tax on American based crypto currencies if held for more than 1 year.
Discussion
What qualifies as American-based?
Whatever Ripple has managed to convince the government they are.
fake news
Lmao
That’s already a thing 😒
Short-Term Capital Gains : If you sell an asset that has been held for one year or less, any profit is typically classified as a short-term capital gain. These are usually taxed at your ordinary income tax rates, which can be higher than the rates applied to long-term capital gains.
Long-Term Capital Gains : If you hold an asset for more than one year before selling it and realize a profit, that profit is generally considered a long-term capital gain. Long-term capital gains are often taxed at reduced tax rates compared to ordinary income tax rates. In the U.S., these rates are typically 0%
15% for most people.
Whatever they have to say to get you to sell
I would prefer 0% over 15%. Nothing wrong with taking some profits to buy a house or something. Where I live it's around 45%.
“American-based” what does that even mean