A bitcoin and cryptocurrency ATM machine in a shop in Union City, New Jersey, May 19, 2021. REUTERS/Mike Segar

Concise insights on global finance.

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ANOTHER DAY, ANOTHER CRYPTO. It’s still rare but some people are paid in bitcoin, including a few U.S. athletes. Last year, National Football League player Russell Okung became the first in his game to get part of his $13 million salary in the digital currency. In April, the Sacramento Kings basketball team said it would provide the option of being paid in bitcoin read more .

The salary itself is taxed like other income. But assuming players are also betting on bitcoin providing them a bonus by going up in value, any profit on a sale would attract tax at a capital gains rate of 20%, far lower than the prevailing top income levy of 37%.

For starters, that wager requires a game face. This month, bitcoin’s value fell 50% over nine days after China banned financial firms from offering digital currency services read more . On top of that, U.S. President Joe Biden wants to nearly double the capital-gains tax rate for people earning millions, making the volatile bet even shakier . (By Gina Chon)

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(Excerpt) Read more Here | 2021-05-21 09:44:00
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