Recently, U.S. Democratic presidential candidate Robert F. Kennedy revealed a plan to exempt Bitcoin from capital gains tax when the cryptocurrency is converted into U.S. dollars. RFK Jr. also stated he would begin to back the U.S. dollar against “real finite assets,” such as commodities like gold, silver, and even Bitcoin.
Kennedy claimed anchoring U.S. currency to a real asset would help restore the U.S. dollar’s value and improve the average American’s financial status. “Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity,” said Kennedy. Although RFK Jr. indicated, the plan would start out small, maybe with 1 percent of issued treasury bills.
The Democratic presidential candidate also recently spoke on his plan at the Heal-the-Divide PAC event, where he made claims about defending the right to self-custody bitcoin, running blockchain nodes at home, and discussing industry-neutral energy regulation.
“The benefits include facilitating innovation and spurring investment, ensuring citizen privacy, incentivizing ventures to grow their business and tech jobs in the United States rather than in Singapore, Switzerland, Germany and Portugal,” said Kennedy.
The Internal Revenue Service currently handles cryptocurrency as an investment or property instead of a currency. Thus, it is subject to capital gains tax which hinders the cryptocurrency’s ability to be utilized to its full potential.
Kennedy weighed in on the government’s involvement in cryptocurrency, stating, “It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere. Biden’s proposed 30% tax on cryptocurrency mining is a bad idea.”
Robert F. Kennedy Jr. has also taken firm stances on various other issues in the political realm. The American Tribune recently reported on RFK Jr. appearing at a hearing in the House of Representatives, where he called out the dangers of government censorship. The Democratic hopeful claimed censorship was the “beginning of totalitarianism.”
Kennedy addressed the matter when prompted by Rep. Kat Cammack of Florida, who asked the presidential candidate about the dangers of being unable to criticize the federal government’s weaponization. Kennedy then noted that throughout history, the “good guys” are typically never the ones who are censoring and repressing opinion.
“A government that can censor its critics has license for every atrocity. It is the beginning of totalitarianism. There’s never been a time in history when we look back, and the guys who were censoring people were the good guys,” Kennedy said.
RFK Jr. continued to note that the best authors of the 20th century who wrote about totalitarianism said censorship is always the beginning of one of these repressive regimes. “All of us grew up reading Arthur Koestler, Robert Heinlein, Aldous Huxley, George Orwell, and they were all saying the same thing: once you start censoring, you’re on your way to dystopia and totalitarianism,” Kennedy stated.
Kennedy has often been in the news for his political stances drawing harsh criticism from the left, despite running on the democratic platform. There has even been some speculation Trump could select him to run as his vice president in 2024.
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