Trump’s Proposed Tax Cut Could Be A Win For Crypto Industry
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Trump’s Proposed Tax Cut Could Be A Win For Crypto Industry

August 13, 2020      Vandana Malik

The economy of the US is going through quite a tough phase due to the COVID-19 pandemic. Because of this, the administration is taking some significant measures to deal with the situation. Recently, President Donald Trump said in a news conference that his administration is considering capital gains tax cuts. It is being assumed that this proposed tax cut by  President Trump administration could prove to be a big win for the crypto industry. 

The proposed tax cut could create more jobs

As per President Trump, if the proposed tax cut will be passed, then it is going to create a lot more jobs. Even though the president seems to be quite confident about this tax cut but a debate is going on over this.

All the Americans are required to report both profit and loss that they have incurred from crypto transactions. According to the Internal Revenue Service (IRS), cryptocurrency is a property and not a currency. This is the reason why crypto users will have to report everything related to their crypto. Any person who fails to notify the necessary information regarding their crypto is entitled to penalties and higher interest. The regulator has also specified that if an employee is getting paid by cryptocurrency, that is a direct subject to federal income.

IRS is tracking crypto taxes and getting stricter

For the past few months, it has been seen that the IRS has been actively tracking crypto taxes and becoming stricter in this matter. Now, it has been assumed that if President Trump gets successful in implementing his proposed tax cut, then it is going to be of great relief for the crypto users. Through this, the crypto users will be able to keep an extra gain from their cryptocurrency even after completing the total paperwork.

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.