President Joe Biden has sparked discussions about taxes, particularly capital gains taxes, with his proposed budget plan. The plan proposes increasing the maximum capital gains tax rate to 44.6%, reaching an all-time high. Previously, the rate has fluctuated throughout history, staying at 7% initially, then increasing to 12.5% with the introduction of the Revenue Act in 1921, and peaking at 40% during the Carter administration.
In addition to the higher tax rate, Biden's proposal includes a new element of an unrealized gains tax that would impact investors with a worth exceeding $100 million.
Instead of speculating about what a potential Trump tax plan would look like, Finbold turned its attention to independent candidate Robert F. Kennedy Junior as the third likely candidate for president. RFK Jr. has remained mostly quiet about potential changes to capital gains tax rates despite emphasizing his focus on closing loopholes and prioritizing people over corporations throughout his campaign. This could suggest that his tax policy would focus more on closing existing loopholes rather than changing tax rates.
One aspect where Kennedy has been clear is his stance on Bitcoin. He believes BTC should be exempt from capital gains taxes when converting it into dollars or another fiat currency. While this exemption would benefit crypto traders, some experts argue that it could introduce new loopholes and contradict Kennedy's goal of anti-corruption efforts.
Overall, RFK Jr.'s tax plan may prioritize loophole closures and fairness in taxation based on his campaign promises and voter preferences as compiled by iSideWith.
