Kamala Harris is now proposing raising crypto tax to 28%, according to an announcement she made in a recent campaign in Georgia.
During her recent campaign stop in Georgia, Vice President Kamala Harris proposed raising the tax rate on cryptocurrency investments to 28% for the wealthy.
This move is part of her broader economic policy, which aims to support the middle class and small businesses.
Harris’s economic proposal echoes President Biden’s budget plan, which includes raising taxes on wealthy cryptocurrency investors.
The idea is centered around strengthening the middle class, providing support for small businesses, and tackling student loan debt.
Her approach emphasizes fairness and creating more economic opportunities for everyone.
However, the crypto community says raising the crypto tax to 28% is too much.
In Atlanta, Harris drew a larger crowd than President Biden has this year, highlighting her campaign’s strength in the South.
Her speech featured a notable appearance with rapper Megan Thee Stallion, reflecting a high-profile campaign effort.
In mid-August, Harris is expected to further detail parts of her economic agenda.
“Her platform continues to prioritize support for working families and small businesses, along with her commitment to addressing economic inequality,” reports CoinLive.
It seems the solution to every problem at the moment seems to be ‘higher taxes’.
But higher taxes is only making the government wealthier, no matter the party.
With inflation rising and less purchasing power from Americans due to rising taxes and mass layoffs, is higher taxes really what America needs right now?
Leave your thoughts below.
Also Read: Massive Banks Are Now Accused of Cheating Customers Billions
Other Economy News Today
Massive banks are now accused of cheating customers billions of dollars in interest payments according to financial reports.
According to a new report by Financial Times, several major Wall Street banks, including Wells Fargo, Morgan Stanley, and Bank of America, are accused of defrauding customers out of billions of dollars in interest payments.
The U.S. Securities and Exchange Commission (SEC) is currently investigating these banks to determine whether they intentionally steered clients toward “cash sweep” accounts that provided little to no interest earnings, despite the availability of higher-yielding options.
This alleged practice by the banks would amount to bilking customers out of significant sums of interest income that they should have rightfully earned on their deposits and cash holdings.
The SEC’s probe is aimed at uncovering whether this was a deliberate strategy by the banks to boost their own profits at the expense of their clients.
The report in the Financial Times highlights the concerning allegations of widespread misconduct by some of the largest financial institutions on Wall Street.
If substantiated, this could represent a major scandal involving the potential exploitation of customers through the mismanagement of their cash accounts and interest earnings.
The SEC’s investigation will be crucial in determining the full scope and nature of these alleged practices, as well as any potential enforcement actions or penalties that may be levied against the implicated banks.
The revelations have emerged from new Quarterly filings with the SEC.
In those filings, Wells Fargo says it’s in “resolution talks” with the agency over the issue, Morgan Stanley says the agency began asking questions about it in April and Bank of America confirms it’s currently being scrutinized.
All three banks have declined to comment on the matter.
Other financial firms involved in lawsuits related to cash sweep accounts include LPL Financial and Ameriprise.
LPL Financial says it plans to “vigorously” defend itself against the allegations, while Ameriprise has not released a public statement on the matter.
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Also Read: The US Treasury Direct is Now Freezing Customer Accounts
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