US President Donald Trump's proposed tax cut could be a big win for cryptocurrencies if passed. In a White House press conference earlier this week, President Trump said that his staff is very seriously considering a capital gains tax cut. "We're also considering cutting the capital gains tax, which would create a lot more jobs," - said Donald Trump, President of the United States There is debate over how much President Trump will cut the tax. The long-term capital gains tax rate is 20% and is primarily regulated by Congress. So in order to carry out a large reduction, he would need to get agreement from the legislative body. Alternatively, so-called inflation-indexed bonds could be used to lower tax bills. In this case, the original purchase price of the asset is adjusted when it is sold so that no tax is paid on the inflation-linked increase in value. However, this would be much less favorable to traders. The current state of the tax system in the United States Taxation in the United States is a minefield. Americans are required to report gains and losses on every cryptocurrency transaction, whether or not they made that gain. The Internal Revenue Service, or IRS, identifies cryptocurrency as property, not currency, so it must be reported every time. Failure to report income from the sale of digital assets can result in penalties and interest on unpaid taxes. The IRS also states that wages paid to employees in the form of cryptocurrencies are subject to federal income and payroll taxes. The IRS is increasingly courting taxpayers in the cryptocurrency industry. The U.S. tax authorities are trying to keep their finger on the pulse and keep up with the growth of the industry. The upcoming introduction of Etherium 2 rates will have an adverse effect on the capital of exchange players. They will have to record the amount they deposit and the amount of rewards each time they are awarded. If Donald Trump succeeds in introducing his proposed capital gains tax cut, players will keep more of their profits for themselves. Tags cryptocurrencies cryptocurrencies taxes united states cryptocurrencies
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