Donald Trump's first 100 days in office were marked by significant policy changes and proposals. One notable proposal was the Tax Cuts and Jobs Act (TCJA), which aimed to reduce corporate and individual tax rates.
In his 2024 presidential campaign, Trump proposed eliminating capital gains taxes on certain cryptocurrencies, promoting their use in everyday transactions.This plan would apply exclusively to U.S.-made cryptocurrencies, potentially giving them a competitive edge.
Some key aspects of Trump's crypto tax plan include:
- *Zero Capital Gains Tax*: Eliminating capital gains taxes on U.S.-made cryptocurrencies to promote their use in daily transactions.
- U.S.-Made Tokens Only: The proposal would only apply to cryptocurrencies made in the United States, excluding international projects.
- 30% Tax on Non-U.S. Tokens: Non-U.S.-based crypto projects would face a 30% capital gains tax, making it harder for them to compete.
Trump's proposal has sparked debate, with some arguing it could boost innovation and investment in the U.S. crypto market, while others raise concerns about revenue losses, market volatility, and potential legal challenges.