Following major sell-offs in cryptocurrency markets amid reports of United States President Joe Biden’s capital gains tax rise proposal last week, the Biden administration defended nearly doubling tax levies for only the “very, very richest.”
A senior Biden administration official claimed that only 0.3% of taxpayers in the U.S. would be affected by higher levies on their investments under the new capital tax plan.
“There’s increasing evidence that over recent years in fact many, many of the returns at the very top are what they call above-market rates of return, rents, and so on. Taxing the people who are doing extremely well in the economy is one way of asking somewhat more from that,” the Biden administration official said in a Monday interview with the Financial Times.
