A lot of crypto investors talking about the proposed capital gains tax hike, and a ton of misinformation being thrown out.

This is actually something I deal with in my day job, and something I am qualified to speak on. Thread below....

$BTC $vet $eth #vechain #Bitcoin #cryptos
First, and most importantly, unless you have millions of dollars in unrealized capital gains, this likely will not impact your taxes.

This is for people in the highest income bracket(s) and for people who realize more than 1 million in capital gains in a single year.
Second - if you day trade, you are not impacted. You're already paying income tax rates and not capital gains rates. This is only on investments held for longer than 1 year.
Third, even you do end up striking it rich with $vet, and wind up with millions in gains, you will only see this tax rate if you cash in more than $1 million in a year.

That's your redemption amount minus the purchase amount of that investment.
Fourth, if you are one of the lucky few who winds up with Tens or Hundreds of millions in gains, and you do end up cashing out more than a million in gains in each year, it will only be taxed on that amount AFTER THE FIRST MILLION.
Lastly, if you really don't want to pay taxes, I guess you can move. You've got the money to do so if this impacts you.

Or, since you you have tens or hundred of millions of dollars, you could just - ya know - pay taxes and still have tens or hundreds of millions of dollars.
I use some terms here that I realize some newer investors may not be familiar with.

If you have questions about specific terms like Realized vs Unrealized gains, please ask.
Tax preparers, the IRS, Brokers and Financial Advisors all love to use lingo to make it seem like only they can do their job so you feel obligated to pay them to do it for you. Educate yourself, please!

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