Biden wants to double capital gains and clamp down on crypto wash sales: Reports

The Biden administration is set to release its fiscal 2024 budget plan which includes closing a certain crypto tax harvesting loophole.

Highlights

The Biden administration is set to release its fiscal 2024 budget plan on Mar.
9.
It is reportedly aimed at reducing the deficit by almost $3 trillion over the next decade.
It also includes changes to crypto tax treatment with the aim of raising around $24 billion.
One of these proposals includes an end to a strategy in which a crypto trader sells assets at a loss for tax purposes, known as tax-loss harvesting, before repurchasing them immediately after.
The Biden budget also proposes to nearly double the capital gains tax rate for investors making at least $1 million to pay 39.6% on long-term investments, up from the current 20% rate.

Read the original article