bitcoin tax exempt
Democratic presidential candidate Robert F. Kennedy Jr. has announced two new reform promises using Bitcoin. One is a capital gains tax exemption for Bitcoin, and the other is a step-by-step backing of the US dollar with “hard currencies” including Bitcoin.
Democratic Presidential candidate RFK Jr. has unveiled two groundbreaking #Bitcoin policy proposals aimed at increasing economic prosperity and freedom in the United States
https://t.co/LflPledQsr
— Bitcoin Magazine (@BitcoinMagazine) July 19, 2023
“It is the mission of the Kennedy administration to make America a global hub for crypto assets, especially bitcoin,” said Kennedy, speaking online at a “Heal-the-Divide” Political Action Committee (PAC) event.
Under the administration, the conversion of bitcoin into US dollars will be exempt from capital gains tax. While the policy has its downsides, Kennedy argued that the benefits to the country far outweigh the drawbacks, citing the following examples.
- Promote innovation and investment
- Ensuring the privacy of citizens
- business growth incentives
- Motivating top tech talent to stay in the US
- Making it harder for governments to weaponize their currencies = ensuring freedom of speech
He explained the positive effects of tax exemptions, using the example of the Clinton administration’s 10-year tax exemption policy for e-commerce. At first, the policy caused a great deal of controversy as it would only benefit a select group of people, such as the rich, but as a result, many talented engineers were attracted to the United States, and successful companies such as eBay, PayPal, and Amazon stayed in the United States, creating prosperity in Silicon Valley.
U.S. dollar and government bond backing
Kennedy’s second policy is to back U.S. dollars and U.S. government bonds with “finite” assets: gold, silver, platinum and bitcoin. He claims that Bitcoin is the “hardest liquid asset”.
My plan is to start very small, say 1% of short-term Treasuries issued, backed in hard currency such as gold, silver, platinum or Bitcoin. And depending on the results, the percentage will be increased year by year.
Inflation and rising yields on short-term Treasuries are hurting Americans, especially low-income earners, he said. He says he has seen many cases of local banks that support individual businesses giving up on business because they do not provide liquidity and are reluctant to lend. However, by backing short-term government bonds with bitcoin, etc., it is thought that interest rate rises can be suppressed and liquidity can be provided.
“Ironically, Bitcoin will help save the U.S. dollar,” argues Kennedy.
Kennedy expressed his unwavering faith in and support for Bitcoin at the Bitcoin 2023 conference in May. In this speech, the Kennedy administration promised to encourage the spread and propagation of Bitcoin, and repeated its pledges at the conference (the right to self-manage Bitcoin, the right to operate blockchain nodes, and block CBDC, etc.).
connection:US Presidential Candidate to Accept Bitcoin Donations
Criticism of conspiracy theory support
Robert F. Kennedy Jr. is the nephew of U.S. President John F. Kennedy (JFK), who was assassinated in 1963, and his father is Robert F. Kennedy, who served as Attorney General in that administration. He was also assassinated in 1968.
Born into a politically elite family, Robert F. Kennedy Jr., who experienced the tragedy of losing his uncle and father in assassinations, stepped back from politics until he announced his candidacy for president and devoted himself to protecting the environment and protecting the health of children.
Kennedy alleges the CIA’s involvement in the assassination of President JFK based on undisclosed information known only to those involved. He has also long warned that childhood MMR vaccination is linked to autism. In addition, there is a history of appealing the dangers of the novel coronavirus vaccine based on mRNA technology, which has never been used in the human body.
Kennedy’s arguments, which differ from the generally accepted theory, are often criticized as “conspiracy theories” by the mainstream media.
Most recently, the White House criticized Kennedy for falsely claiming that Jews and Chinese were “most immune” to Covid-19. He said it encouraged anti-Semitism and racial prejudice.
In response to such criticism, Kennedy said the New York Post article referenced by the White House was incorrect. In fact, he argued that he was simply quoting from a research paper and pointing out that “the United States and other governments are developing biological weapons that target ethnic groups,” and that “a 2021 study of the COVID-19 virus suggests that COVID-19 disproportionately affects certain races.” He has asked the New York Post to retract the article and apologize to its author, Levin Jonathan.
He also tweeted that the Jewish community, which is concerned with the matter, understands his remarks.
Grateful for support from the Jewish community. They know I’m no anti-Semite. There is plenty of real anti-Semitism out there — let’s not cheapen the term with false accusations. #Kennedy24https://t.co/Xr5weiwNtf
—Robert F. Kennedy Jr (@RobertKennedyJr) July 19, 2023
We appreciate the support from the Jewish community. They know I’m not anti-Semitic. There is a lot of true anti-Semitism. Please don’t demean the word with false accusations.
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