The budget proposal to be explicitly put forward by US President Joe Biden has brought some surprises to foreign exchange traders and investors, including proposals to double the capital gains of some investors and severely crack down on login password clean-up market sales.

The Biden administration will release its budget for fiscal year 2024 on March 9, which is understood to be aimed at reducing losses by nearly $3 trillion over the next decade. According to news reports, it also includes changes to encrypted tax pay in order to raise about $24 billion.

According to the Wall Street Journal, one of the recommendations includes stopping a countermeasure to log in password traders to sell property at a loss for tax purposes, so-called tax loss gains, and then repurchase immediately.

Under existing selling standards, such strategies are prohibited when it comes to bonds. However, encryption is not under this standard at this stage, because digital currency is not classified as securities.

Now, the US government seems to be looking to change that.

In an interview with Cointelegraph, Danny Tarva, from Koinly, an encrypted tax software company, commented:

It would be inevitable for the US to consider that, if implemented, it would be on a par with other jurisdictions such as Australia and Australia, which can be sold using encryption to clean up the market.

He added: "if this requirement is implemented, the opportunity will be crucial because many login password holders who re-enter the login password field at the peak of the 2021 sales market are suffering huge losses."

The Biden budget also proposes to nearly double the income tax rate of 39.6% paid by investors with a minimum income of $1 million in long-term investments from the current 20%. It also plans to increase corporate income tax on companies and wealthy Americans, according to Bloomberg News.

UTC upgrade at 4:19 on March 9: explain that the increased income tax rate applies to specific investor groups, according to Bloomberg News.