2024

Donald Trump

As the 2024 U.S. presidential election approaches, the tax and economic policies proposed by candidates Donald Trump and Kamala Harris are drawing attention, particularly from crypto investors. With potential tax cuts and incentives that could boost the crypto market, high-income-focused tax increases could deter investments in digital assets. 
<a href="https://www.qubetics.com/?utm_source=TNYR&amp;utm_medium=postBANNER" target="_blank" rel="noopener nofollow"><img loading="lazy" decoding="async" class="size-full wp-image-24541 aligncenter" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/Qubetics-is-728x90-1-1.jpg" alt="Qubetics is 728x90 1 1" width="728" height="90" title="Trump and Harris' Tax Policies May Impact Crypto Market Post-Election 40"></a> 
With just hours until election day, the potential shifts in U.S. tax policies and economic regulations loom large, carrying implications for financial markets. ARK Invest CEO Cathie Wood recently weighed in, suggesting that if Trump were re-elected, his economic plans—like eliminating income taxes and revising tariffs—could spark significant changes in the crypto market. 
<h2 id="trump-s-tax-and-income-policies">Trump’s Tax and Income Policies</h2> 
Trump’s campaign emphasizes income and corporate tax cuts. He proposes to maintain the tax reductions from 2017, aiming to lower the highest tax rate from 39.6% to 37%, benefiting high-income groups. Trump also advocates for removing the cap on state and local tax deductions, providing more financial advantages for wealthy Americans. These cuts could direct high-income investors toward cryptocurrencies, fueling market growth. 
<blockquote class="twitter-tweet"> 
 ARK CEO/CIO <a href="https://twitter.com/CathieDWood?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@CathieDWood</a> and ARK’s Chief Futurist <a href="https://twitter.com/wintonARK?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@wintonARK</a> discuss the market implications of the upcoming election on a brand new episode of “In The Know.” They also break down the jobs report and other economic data. Watch it here. <a href="https://t.co/0jsyZYV5al" rel="nofollow" target="_blank">https://t.co/0jsyZYV5al</a> 
 — ARK Invest (@ARKInvest) <a href="https://twitter.com/ARKInvest/status/1852531321710555529?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">November 2, 2024</a>
</blockquote> 
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<h2 id="harris-wealth-focused-tax-plans">Harris’ Wealth-Focused Tax Plans</h2> 
In contrast, current Vice President Kamala Harris proposes raising the top tax rate back to 39.6% and instituting new taxes on individuals with a net worth exceeding $100 million. Her plan includes a 25% tax on idle capital gains, projected to generate around $516 billion over a decade. Harris’ wealth-focused tax policies may slow the flow of capital into crypto assets, potentially affecting market growth. 
On child tax credits, Trump plans to continue the $2,000 tax credit per child, while his running mate, Senator JD Vance, supports increasing this amount. Harris, however, offers broader support: $6,000 for newborns, $3,600 annually for children under six, and $3,000 annually for those under 18. This extensive support program is estimated to cost $1.5 trillion over the next decade. Such financial support could result in increased crypto investments by middle-income households with more discretionary funds. 
For middle-income earners, Trump proposes to exempt tips and overtime income from taxes, estimated to cost $107 billion over ten years. Harris, meanwhile, plans to offer similar exemptions only in the entertainment and hospitality sectors, with an estimated cost of $62 billion. Middle-income households with higher disposable income due to these policies may show more interest in crypto investments. 
The potential outcomes of Trump and Harris’ tax policies could have lasting implications for crypto investors. As the crypto community looks toward post-election economic strategies, <a href="http://turkishnyradio.com" target="_blank" rel="noopener">Turkish NY Radio</a> will continue to provide insights on how these shifts could shape the crypto market.

Trump and Harris’ Tax Policies May Impact Crypto Market Post-Election

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