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“#Biden plan to double capital-gains taxes will hurt economy to fuel giveaways to Dem special interests” President Joe Biden has already vowed to slam the recovering US economy by hiking taxes on higher earners and raising corporate tax rates. Now comes news he wants to double the capital-gains tax rate — to drop yet more…
“# 5 reasons Bitcoin and Ethereum plummeted 15% in a single day ” The price of Bitcoin (BTC) and Ether (ETH) fell by 15% and 20%, respectively, on April 23 as the cryptocurrency market became engulfed in a major correction. Five factors likely caused the price of Bitcoin and Ether to steeply drop in a…
“#Bitcoin drops below $50K as Biden eyes capital gains tax hike” Bitcoin investors are nursing their losses amid reports that President Biden is planning to raise capital gains taxes on the richest Americans. The volatile cryptocurrency’s price plunged nearly 10 percent on Friday to just above the $49,000 mark, hitting its lowest level since early…
“# Seoul government seizes $22M worth of crypto from tax evaders ” The city government of South Korea’s capital Seoul has announced the seizure of cryptocurrencies worth 25 billion won ($22 million) from individuals and company heads. According to a report by The Korea Times, the confiscated crypto came from people identified as tax delinquents…
“#Stocks drop on Biden plan to double capital gains tax for wealthy” Stocks tumbled Thursday on a report that President Biden is mulling a plan to nearly double what wealthy people pay on their investment gains. A Bloomberg News report that Biden wants to raise the capital gains tax to as much as 39.6 percent…
“# Norwegian authorities urge crypto users to declare earnings on upcoming return ” The Norwegian Tax Administration has issued a warning to crypto traders in advance of Norway’s April 30 deadline to file tax returns. According to a notice from the Norwegian Tax Administration on Wednesday, the government agency advises all taxpayers who owned or…
“# More IRS summonses for crypto exchange account holders ” The United States Internal Revenue Service has been hunting crypto vigorously for more than five years now, and the pace is getting faster. A couple of decades ago, the IRS was after offshore accounts, and that effort was among the most successful in the IRS’…
“# The crypto FBAR: Implications beyond ” The United States Department of Treasury is again sharpening its sword upon crypto. In January 2021, the Department of Treasury’s Financial Crimes Enforcement Network issued Notice 2020-2. The Notice states that FinCEN intends to amend its regulations concerning the reporting of foreign financial accounts to include digital currency…
“#U.S. sues Trump ally Roger Stone for alleged unpaid taxes” The U.S. Department of Justice on Friday sued Roger Stone, saying the close ally of former President Donald Trump owes about $2 million in unpaid federal income taxes, according to a court document seen by Reuters. The civil lawsuit, filed in federal court in Florida,…
“# Miami commissioner wants to let residents pay taxes in Bitcoin ” A Miami-Dade County commissioner is backing a new resolution to allow residents to use cryptocurrencies like Bitcoin (BTC) to pay local taxes. According to a Thursday document acquired by The Miami New Times, county commissioner Cohen Higgins has brought a resolution to Miami-Dade’s…