Robert F. Kennedy Jr. – a democrat hopeful who’s thrown his hat into the 2024 presidential ring and who’s hoping to take the nomination from Joe Biden – has stated he wants to get rid of crypto capital gains taxes should he win the White House next November.
Robert Kennedy Providing More Support for Crypto
Kennedy has come out many times over the past several months and shared his ongoing thoughts regarding crypto, which he seems to greatly respect, but there is some controversy surrounding his campaign right now given that he offers positive sentiment towards crypto while claiming to not be an investor.
However, not long ago, his name appeared to be attached to more than $100K in bitcoin and crypto funds, though it’s being argued by those working on his campaign that the investments belong to his wife.
The investment was discovered after he made a speech this year at the Miami Bitcoin Conference, a speech in which he told the audience that he wasn’t there to give investment advice. A spokesperson for the Kennedy campaign mentioned in a statement:
Mr. Kennedy’s investments in bitcoin were made AFTER he made his speech and BEFORE the June 30th reporting deadline. There is no conflict.
One of the big issues surrounding crypto is that of taxation. As it stands, crypto transactions are subjected to capital gains taxes, meaning if you sell any of your crypto holdings, you need to pay taxes on the transactions as crypto is considered property in the eyes of the Internal Revenue Service (IRS) rather than money.
This has caused many people to wind up losing cash on their investments, while others have straight up not reported their transactions and taken chances that they could be found out or attacked down the line by financial agencies. Kennedy says if he becomes president in the coming future, he will do away with all capital gains taxes to allow crypto traders to simply enjoy their portfolios. He said the same thing for the U.S. dollar and mentioned that such taxes are not constitutional and deprive people of financial rights.
Backing Up All Money
Also, he says he wants to back the U.S. dollar with finite assets like gold, silver, platinum, and… you guessed it… bitcoin. He commented that he wants America to be the biggest global hub for crypto, particularly for bitcoin, and that he wants crypto and blockchain companies to set up shop in the U.S. like nobody’s business.
Kennedy joins a large slew of presidential hopefuls that would like to see crypto gain a stronger reputation in the U.S. Another individual that stands out is Vivek Ramaswamy, who recently commented that he wants to give crypto miners tax incentives should he become president at the end of 2024.
