Is Millix Crypto Capital Gains Exempt? America’s Money Becomes Millix-Powered
by Michaelson Williams, TSX | The MichaelsonEffect
The 47th President of the United States, Donald J. Trump, is reportedly planning to eliminate capital gains tax on cryptocurrencies in the U.S. — at least, that’s the buzz around the crypto community. If this proposal becomes a reality, it could have a massive impact on a variety of crypto platforms, such as Tangled Social, OnTheNode, and others. This move would be especially exciting for current and future crypto holders. After all, the American people are taxed heavily and often, sometimes to the point of financial struggle. Given that cryptocurrency and digital payments are rapidly becoming the norm, the ability to invest, make everyday purchases, and plan for future generations without facing crippling taxes would be a game-changer for many.
Crypto platforms like Tangled Social, and article submission platforms like OnTheNode, both powered by Millix cryptocurrency, are ahead of the curve. Having been around long enough to make a meaningful impact, these platforms stand to benefit significantly if Trump’s proposal goes forward. Under this new plan, users of Tangled would be able to use Millix without worrying about capital gains tax. Since Millix is already used globally, this would reassure users that no matter where they are in the world, their money truly belongs to them and not the government. But Millix is not the only cryptocurrency that would fall under the new proposal. Other digital assets, such as Cardano (ADA), Algorand (ALGO), Ripple (XRP), and even newer ones like GoVoteX (GVX), could also become tax-free for American crypto holders.
What is Capital Gains Tax?
Capital gains tax is a tax on the profit made from the sale of an asset, such as cryptocurrency, stocks, real estate, or other investments. When you sell an asset for more than you paid for it, the difference is considered a “capital gain” and may be subject to taxation.
There are two main types of capital gains:
Short-term capital gains: These apply if you sell an asset you’ve held for one year or less. Based on Trump’s proposal, it could be assumed that if you do not hold your crypto investment for at least one year, you’ll still be responsible for paying capital gains tax. Short-term gains are typically taxed at your ordinary income tax rate, which is often higher than the rate for long-term gains.
Long-term capital gains: These apply if you sell an asset you’ve held for more than one year. Long-term gains are typically taxed at a lower rate. In the U.S., the tax rate on long-term capital gains ranges from 15% to 37%, depending on your income level. This can represent a significant hit to crypto investors’ bottom lines, especially those holding large amounts of digital assets.
If other countries are exempting capital gains tax on crypto investments to attract tourists and investors, it would be unwise for America to not follow suit. The U.S. once led the world in innovation, but it has fallen behind in the rapidly evolving world of cryptocurrency. Maybe it was arrogance or just the difficulty of adapting to new technologies, but America now finds itself playing catch-up. Trump’s proposal seeks to re-establish the U.S. as a global leader in crypto investment by making the country more competitive and appealing to investors. If America were to make capital gains on cryptocurrencies tax-free, it could drive massive adoption, especially among those who have remained skeptical of digital currencies.
A Vision for the Future
Millix founder Price Givens, in a recent live stream on Tangled Social, expressed optimism about the possibility that U.S. residents may never have to pay capital gains tax on Millix. “There is a chance that U.S. residents will never have to pay capital gains tax on Millix,” he said, highlighting the transformative potential of this shift. His statement is a powerful signal for the future of Millix and for the users who invest their time and energy into platforms like Tangled Social.
Tangled Social is already ahead of the competition in the way it rewards its users. Millix payments are sent directly to users for posting content, creating live streams, and interacting with others on the platform. These payments are instantaneous, and the notification bell that signals the transfer of Millix is one of the most exciting features. Every hour, users receive real-time payments from Tangled in addition to their normal activities on the platform, making it one of the most dynamic and rewarding crypto platforms available today.
Millix is Money
Tangled Social users are already familiar with using Millix cryptocurrency as a form of money. Whether for making onsite purchases of badges, tips, donations, or competing in contests and challenges, Millix is an integral part of the ecosystem. The platform thrives on a spirit of natural generosity, making its founder’s name, Price Givens, seem even more fitting. Through Millix and Tangled, Givens and his development team are making it possible for people from all walks of life to do more with less — whether it’s through creating content or simply interacting with others in a positive, rewarding way.
One question remains, though: why should any of this be taxed? Why should positive energy and innovation be dampened by taxes that could be seen as driven by greed? Isn’t there enough to go around? Givens and other crypto pioneers are working hard to prove that there is. They’re not just changing the way we think about money — they’re changing the way we interact with it, too. The Federal Reserve (FED) will not like this move by Trump, but the behemoth money-printing machine will likely have no choice but to go down snorting, kicking, and screaming as more people adopt crypto as their primary form of money.
Conclusion
The future of cryptocurrency and digital assets is unfolding rapidly, and with proposals like Trump’s to eliminate capital gains tax on crypto, the U.S. could be on the brink of a major shift. If platforms like Tangled Social with Millix can facilitate users escaping the clutches of capital gains-tax, it could usher in a new era of financial freedom for investors and everyday users alike. Millix is more than just a cryptocurrency — it’s a movement toward empowering people, globally, to keep more of what they earn and use it as they see fit. As the world watches, we may very well be witnessing the future of money in real-time.
by: Michaelson Williams, TSX
The MichaelsonEffect: Helping People Master Anything They Choose.
Founder and Lead at GoVoteX: Secure People Voting
Resources
https://coinpedia.org/news/tax-free-crypto-in-u-s-donald-trumps-plan-to-eliminate-tax-for-xrp-ada-and-more/
https://www.forbes.com/sites/davidbirnbaum/2024/10/31/bitcoin-exempt-from-capital-gains-bitcoin-becomes-money-in-us/
https://michaelsoneffect.tangled.com/join