U.S. President Joe Biden’s upcoming budget proposal has a few surprises for crypto traders and investors, including a proposed doubling of capital gains and a crackdown on crypto wash sales.
The Biden administration is set to release its fiscal 2024 budget plan on Mar. 9 which 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, according to reports.
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, according to the WSJ.
President Biden’s 2024 budget plan will seek to save hundreds of billions
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