Why you shouldn’t be worried about this scary tax news
Today was nuts. Everything was up. ETH was hitting record highs and everyone was celebrating, and then we get news about the potential insane tax hikes.
Next thing you know, stocks AND crypto tank.
I’m not going to get into the nuances of the tax bill, but here’s why you shouldn’t be worried:
It’s not even based off a press conference or anything. Just a rumor Bloomberg published. Yes, I know Biden said he wanted 38%, but he’s a puss and also said “he’s open to negotiation”
We haven’t even seen the details (again, because it was a rumor)
If it IS true, it’d have to pass the house. There’s a decent chance it’d pass the house IMO, but there’s also a chance the super progressive members would want more from the bill.
EVEN IF it passes the house, do you think Joe Manchin will go for it? The guy who just turned town a minimum wage increase for the whole counter? LOL
Listen, the progressive in me hopes the tax thing goes through IF they’re going to actually use the money properly.
But the realist and investor in me knows that this country runs on capitalism, and that’s where the power is.
As someone from Las Vegas, I give this whole fiasco a 3% probability of actually happening. There’s a 97% chance everyone is freaking out over nothing.
This isn’t financial advice, but all I know is that I got some cheap ass coins today.
Edit: some people think I should have mentioned the tax hike only affects millionaires. I didn’t find that necessary for this post because my point is that it’s probably not going to pass anyways because the millionaires are in control.