• Dogecoin Foundation Shares Message Against Trump's Tax Favoritism For US Crypto Firms

    المصدر: Buzz FX / 25 نوفمبر 2024 00:25:15   America/Chicago


    The Dogecoin Foundation, a non-profit building open-source projects for the Dogecoin (CRYPTO: DOGE) ecosystem, reshared an X post calling for equitable treatment for community-driven projects amid speculations of President-elect Donald Trump slashing capital gains tax on U.S.-issued cryptocurrencies.





    What Happened: The Dogecoin Foundation shared arguments by a user called “junior developer,” who stated that the policy should be extended to all community-driven and open-source coins, not only those generated by U.S. companies.





    “If I started a U.S. company to hardfork Dogecoin and the fact there’s a company behind it gives tax preference where classic Doge doesn’t get the same treatment, the Trump admin has chosen a network winner based on policy and preference. I reject that idea,” the user wrote.











    Junior developer added that penalizing cryptocurrencies backed by communities instead of companies could promote “crony capitalism.”





    “And, this is bait, but if you’re railing against the global financial system doing exactly that with central banks, I think you should rail against a government doing it even if you like the government or parts of this policy,” he stated.





    The Dogecoin team didn’t immediately respond to Benzinga’s request for additional commentary on this development.





    See Also: Michael Saylor Reveals MicroStrategy Is ‘Making $500M A Day’ With Bitcoin: ‘May Very Well Be The Most Pro





    Why It Matters: The pushback comes in response to media reports that Trump could potentially transform the U.S. into a tax-free crypto haven for tokens created by U.S. companies. However, no formal confirmation has come as yet.





    For U.S. taxpayers, short-term capital gains on cryptocurrencies held for less than a year are taxed at regular income rates, ranging from 10-37% depending on income and tax bracket, while long-term gains for coins held over a year are taxed at a reduced rate of 0-20%.





    Tanya Solati, vice president of business development at real estate transaction platform Propy, pointed out that current tax laws, which impose a capital gains tax on every crypto-to-fiat transaction, make daily use impractical and are a significant barrier to broader adoption.





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    Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.


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