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Kamala Harris is endorsing Joe Biden’s 2025 Budget Proposal to introduce a 45% capital gains tax on long-term investments in the US, which would be the highest tax of its kind since 1992.
She’s also backing a 25% tax on unrealized capital gains for individuals with a net worth over $100 million, a measure that critics say would discourage investment and penalize wealth even before it’s converted into cash.
The crypto market reacted negatively to her endorsement of the tax increase, with the sector’s capitalization dropping over 2% in the last 24 hours.
Market leader Bitcoin also fell 3% from an intraday high of $61,396.33 to trade at $59,380.08 as of 1:28 a.m. EST.
Kamala Harris Capital Gains Endorsement Follows Proposed 28% Corporate Tax
Harris’ endorsement of Biden’s capital gains tax proposal comes just a day after the Vice President proposed to increase the corporate tax to 28%.
Crypto Tips co-host Toby Cunningham believes that investors should seek a second citizenship outside of the US following the high tax proposals.
45% CAPITAL GAINS TAX
Kamala Harris proposes 45% long-term capital gains tax – the HIGHEST since 1922.
THIS is just one reason out of 1000 to get a second citizenship before anything else this bull market. This government is out of control and WILL get much worse.
— Toby Cunningham (@sircryptotips) August 20, 2024
He urged his 25.6K followers on X to apply for a second residency and warned that the situation “will get much worse.”
Harris Loses Her Lead Over Trump As Investors Call “Crypto Reset” Bluff
Crypto industry veterans have started to call Harris and her team out for what they call their “crypto reset” bluff.
Some crypto investors who are Democratic supporters are trying to improve Harris’ image within the digital asset community with the “Crypto for Harris” campaign.
However, the Vice President seems to be unwilling to provide support to the nascent crypto industry, with digital assets not being featured in the Democratic Party’s ideals document for the 2024 Presidential Elections.
Harris’ endorsement of the tax ideas in the FY2025 budget has also resulted in her losing her lead on the decentralized betting platform, Polymarket.
After building a comfortable margin between herself and Republican nominee Donald Trump last week, bettors now favor Trump once again.
Trump’s lead in the odds is up to 5%. pic.twitter.com/uDguZkd116
— Polymarket (@Polymarket) August 21, 2024
“Yes” shares for Trump are priced at 52 cents, indicating that the platform’s users see a 52% chance of the former US President winning the election.
Meanwhile, shares in favor of a Harris victory stand at 47 cents, indicating a 47% chance.
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