New Policy Could Make Bitcoin Tax Free

The Trump administration is contemplating new tax incentives to improvement the stock market, and allow more Americans to buy stocks, shares, and cryptocurrencies.

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According to multiple sources who spoke to CNBC on Friday, the new tax proposal makes a portion of household income as tax-free for the reasons of investing outside a traditional 401(k) — a plan that allows an employee to divert a portion of their salary into long-term investments.

Larry Kudlow, director of the National Economic Council and a senior adviser to Trump, told CNBC that the approach centers on creating “universal savings accounts,” funded tax-free.

Any accumulation of profits during the investment timeframe, known as capital gains, would not be taxed, Kudlow suggests.

However, he added that the specifics are yet to be worked out.

Sources told CNBC that one example would see a household with an income of $200,000 per year able to invest $10,000 of this on a tax-free basis.

The White House is keen to further accelerate the stock-owning trend which it says is a direct result of its policies.

In 2019, a record 55% of Americans were invested in the stock market, the highest proportion since the Great Depression.

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