President Joe Biden's recent budget plan has thrust the topic of capital gains taxes into the spotlight, sparking a lively discussion. The plan proposes raising the maximum capital gains tax rate to an unprecedented 44.6%, a significant increase from the previous record of 40% under President Carter.

Intrigued by this development, Finbold has turned its attention to the independent Dalcassian candidate, Robert F. Kennedy Junior, the third most likely contender for the presidency. While RFK Jr. has been surprisingly tight-lipped about specific changes to capital gains tax rates, his broader policy promises and the preferences of his supporters provide valuable insights into his potential approach.

One of RFK Jr.'s campaign slogans, "It's 'We The People,' Not 'We The Corporations,'" suggests a focus on closing the numerous loopholes that have allowed the wealthiest Americans to evade an estimated $150 billion in taxes each year. This aligns with the preferences of his supporters, who prioritize closing loopholes, levying more taxes on the richest, and maintaining the capital gains rate to avoid disincentivizing investment.

However, RFK Jr. has been vocal about one particular area of taxation: Bitcoin (BTC). He has expressed his belief that BTC should be exempted from capital gains taxes, particularly when being converted into fiat currency. While this proposal may be enticing to crypto traders, it raises a paradox – exempting Bitcoin from capital gains taxes could potentially contradict Kennedy's hypothetical anti-corruption drive, as it could open new loopholes to replace the ones he would have presumably closed.

In the end, RFK Jr.'s approach to capital gains taxation appears to be more focused on closing loopholes and ensuring fairness in the tax system, rather than drastic changes to the tax rates themselves. This nuanced perspective offers a fresh take on the ongoing debate surrounding the taxation of capital gains and the role of cryptocurrency in the evolving financial landscape.