{"id":3478,"date":"2021-04-26T08:33:15","date_gmt":"2021-04-26T06:33:15","guid":{"rendered":"https:\/\/walloftraders.com\/blog\/?p=3478"},"modified":"2022-02-14T16:49:36","modified_gmt":"2022-02-14T14:49:36","slug":"bidens-new-tax-hike-whats-your-take","status":"publish","type":"post","link":"https:\/\/walloftraders.com\/blog\/en\/bidens-new-tax-hike-whats-your-take\/","title":{"rendered":"New Tax Hike of Biden : what\u2019s your take?"},"content":{"rendered":"\n<p>Bloomberg has brought a stir on the internet after posting speculation news about a tax hike to be announced by President Biden. <strong>The tax hike aims at doubling the tax to 39.6% <\/strong>on those earning more than $1 million. The tax hike is said to be tougher on New Yorkers as it will reach up to 52% after including Obama care and also those in California where it goes to above 55%.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/images.assetsdelivery.com\/compings_v2\/palinchak\/palinchak1411\/palinchak141100163.jpg\" alt=\"President of USA Joe Biden thinking about the tax hike for rich people\"\/><\/figure><\/div>\n\n\n\n<p>The news has come at a time when it has been all red on Bitcoin and altcoins over the last 24 hours. Bitcoin on Friday was down by over 10% compared to the previous day, while Ethereum was down by 8%. Could the news be a major player in this retracement?<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/walloftraders.com\/blog\/en\/bidens-new-tax-hike-whats-your-take\/#Lets_go_back%E2%80%A6\" >Let\u2019s go back&#8230;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/walloftraders.com\/blog\/en\/bidens-new-tax-hike-whats-your-take\/#All_we_do_is_win\" >All we do is win!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/walloftraders.com\/blog\/en\/bidens-new-tax-hike-whats-your-take\/#Here_is_what_you_should_know_about_the_tax_hike\" >Here is what you should know about the tax hike<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/walloftraders.com\/blog\/en\/bidens-new-tax-hike-whats-your-take\/#Remember_this_about_the_tax_hike\" >Remember this about the tax hike<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"let-s-go-back\"><span class=\"ez-toc-section\" id=\"Lets_go_back%E2%80%A6\"><\/span>Let\u2019s go back&#8230;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/walloftraders.com\/blog\/en\/bears-out-grazing-on-prices\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bitcoin has been red for a week<\/a>, it moved from an all-time high of $64,000 to below $50,000 a price that was last attained in February. Ethereum has been making profits until Friday 23th April where losses were taken. Other coins like Dogecoin, Stellar and Cardano were also on the rally until Thursday when bears came out to graze.<\/p>\n\n\n\n<p>Therefore, the prices have been respecting the rules in the crypto world without any influence from the news. Furthermore, more news came and they didn\u2019t affect the downtrend. For example, the news that Bitcoin Miners are working on renewable sources of energy was supposed to excite people to start buying BTC. Unfortunately, the curve respected its move and continued.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"all-we-do-is-win\"><span class=\"ez-toc-section\" id=\"All_we_do_is_win\"><\/span>All we do is win!<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The news is scary but they don\u2019t have so much effect on the crypto world. <strong>The news will boost crypto lending<\/strong>. Antoni Trenchev, the Co-founder and Managing Partner of Nexo, <a href=\"https:\/\/nexo.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">a crypto bank<\/a>, says people will go the old style of borrowing against to avoid capital gain taxes. Bitcoin is collateral that appreciates so that will save others from the tax hike to be imposed.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"here-is-what-you-should-know-about-the-tax-hike\"><span class=\"ez-toc-section\" id=\"Here_is_what_you_should_know_about_the_tax_hike\"><\/span>Here is what you should know about the tax hike<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to New York Times, <strong>the report is not yet set<\/strong>. It is just a proposal that may be changed even anytime. Media reports say that Biden will next week reveal what he has dubbed \u201cThe American Family Plan\u201d come next week.<\/p>\n\n\n\n<p>Bloomberg has quoted the White House Press Secretary Jen Psaki as one that seems to agree to the existence of the report but the house is still finalising on what the end will look like.<\/p>\n\n\n\n<p>The plan is reportedly said to include some <strong>$1.5 trillion for spending and tax credits<\/strong> which is meant to reduce poverty, lower childcare costs, and reduce or eliminate the cost of certain forms of education.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><strong>Twitter went berserk<\/strong><\/p>\n\n\n\n<p>Some were complaining, like VanEck director, Gabor Gurbacs \u201cWe work hard, get taxed a large percentage on income, then we are forced to invest because fiat money inflates. Then we\u2019d get taxed 50% additional on capital gains. In the meantime central banks just print money. Sounds like a scam!&#8221;<\/p>\n\n\n\n<p>Some people just were on the up for backlash on some who were complaining saying some of those complaining will not even be affected by the tax hike. Others just mentioned issues with the government where tax money is used to fund wars in other countries while people struggle to pay those taxes.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"remember-this-about-the-tax-hike\"><span class=\"ez-toc-section\" id=\"Remember_this_about_the_tax_hike\"><\/span>Remember this about the tax hike<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>The plan is not out yet<\/strong>. The whole thing was news posted on Bloomberg. It doesn\u2019t make it real. Let people wait until the real report comes out and see if it has effects. What do you think is in the report? In the meantime put on some laser eyes and hope for a Bitcoin rally before it looks like it is about to break to pieces.<\/p>\n\n\n\n<div class=\"swp_social_panel swp_horizontal_panel swp_flat_fresh  swp_default_full_color swp_individual_full_color swp_other_full_color scale-100  scale-\" data-min-width=\"1100\" data-float-color=\"#ffffff\" data-float=\"none\" data-float-mobile=\"none\" data-transition=\"slide\" data-post-id=\"3478\" ><div class=\"nc_tweetContainer swp_share_button swp_twitter\" data-network=\"twitter\"><a class=\"nc_tweet swp_share_link\" rel=\"nofollow noreferrer noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/intent\/tweet?text=New+Tax+Hike+of+Biden+%3A+what%E2%80%99s+your+take%3F&url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fbidens-new-tax-hike-whats-your-take%2F&via=WallOfTraders\" data-link=\"https:\/\/twitter.com\/intent\/tweet?text=New+Tax+Hike+of+Biden+%3A+what%E2%80%99s+your+take%3F&url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fbidens-new-tax-hike-whats-your-take%2F&via=WallOfTraders\"><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_twitter_icon\"><\/i><span class=\"swp_share\">Tweet<\/span><\/span><\/span><\/span><\/a><\/div><div class=\"nc_tweetContainer swp_share_button swp_facebook\" data-network=\"facebook\"><a class=\"nc_tweet swp_share_link\" rel=\"nofollow noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.facebook.com\/share.php?u=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fbidens-new-tax-hike-whats-your-take%2F\" data-link=\"https:\/\/www.facebook.com\/share.php?u=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fbidens-new-tax-hike-whats-your-take%2F\"><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_facebook_icon\"><\/i><span class=\"swp_share\">Share<\/span><\/span><\/span><\/span><\/a><\/div><div class=\"nc_tweetContainer swp_share_button swp_linkedin\" data-network=\"linkedin\"><a class=\"nc_tweet swp_share_link\" rel=\"nofollow noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.linkedin.com\/cws\/share?url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fbidens-new-tax-hike-whats-your-take%2F\" data-link=\"https:\/\/www.linkedin.com\/cws\/share?url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fbidens-new-tax-hike-whats-your-take%2F\"><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_linkedin_icon\"><\/i><span class=\"swp_share\">Share<\/span><\/span><\/span><\/span><\/a><\/div><div class=\"nc_tweetContainer swp_share_button swp_pinterest\" data-network=\"pinterest\"><a rel=\"nofollow noreferrer noopener\" class=\"nc_tweet swp_share_link noPop\" href=\"https:\/\/pinterest.com\/pin\/create\/button\/?url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fbidens-new-tax-hike-whats-your-take%2F\" onClick=\"event.preventDefault(); \r\n\t\t\t\t\t\t\tvar e=document.createElement('script');\r\n\t\t\t\t\t\t\te.setAttribute('type','text\/javascript');\r\n\t\t\t\t\t\t\te.setAttribute('charset','UTF-8');\r\n\t\t\t\t\t\t\te.setAttribute('src','\/\/assets.pinterest.com\/js\/pinmarklet.js?r='+Math.random()*99999999);\r\n\t\t\t\t\t\t\tdocument.body.appendChild(e);\r\n\t\t\t\t\t\t\" ><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_pinterest_icon\"><\/i><span class=\"swp_share\">Pin<\/span><\/span><\/span><\/span><\/a><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg has brought a stir on the internet after posting speculation news about a tax hike to be announced by President Biden. The tax hike aims at doubling the tax to 39.6% on those earning more than $1 million. The tax hike is said to be tougher on New Yorkers as it will reach &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"New Tax Hike of Biden : what\u2019s your take?\" class=\"read-more button\" href=\"https:\/\/walloftraders.com\/blog\/en\/bidens-new-tax-hike-whats-your-take\/#more-3478\" aria-label=\"More on New Tax Hike of Biden : what\u2019s your take?\">Read more<\/a><\/p>\n","protected":false},"author":6,"featured_media":3548,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[194],"tags":[],"class_list":["post-3478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Tax Hike of Biden : what\u2019s your take? - The Crypto Trading Blog<\/title>\n<meta name=\"description\" content=\"Biden has decided of a new tax hike. 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