CORRECT: U.S. Democratic presidential candidate RobertKennedyJr vowed to exempt bitcoin from capital gains tax if elected. camomileshumba reports
U.S. Democratic presidential candidate Robert F. Kennedy Jr. unveiled a plan to exempt bitcoin from capital gains tax when it is converted into U.S. dollars and to begin to back the greenback with"real finite assets" such as gold, silver, platinum and bitcoin.
"Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity,". He would start the process, he said,"very, very small, perhaps 1% of issued T-bills" would be backed by hard currencies like gold, silver platinum or bitcoin.
Speaking at a Heal-the-Divide PAC event Tuesday evening, he also echoed commitments he made at a conference in May defending the right to self-custody bitcoin, run blockchain nodes at home and promising industry-neutral energy regulation."The benefits include facilitating innovation and spurring investment, ensuring citizen privacy, incentivizing ventures to grow their business and tech jobs in the United States rather than in Singapore, Switzerland, Germany and Portugal,” said Kennedy.
The Internal Revenue Service treats bitcoin as property and investment rather than currency, which means it is subject to
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