An unrealized capital gains tax would require individuals to pay taxes on the appreciation of their cryptocurrency holdings, even if they have not made a single sale.
The wealth tax would 'address substantial inequities in our tax system,' one White House official responding to the furor told.
The plan would hurt all investors by encouraging a sell-off by larger investors to fund their tax payments.
Prolific bitcoin investors such as Tim Draper, Michael Saylor, and the Winklevoss twins would be slapped with tax bills of up to $1 billion.
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