Biden calls for end to tax loopholes that benefit ‘wealthy crypto investors’ News ▸ US ▸ Regulation
Biden calls for end to tax loopholes that benefit ‘wealthy crypto investors’
The President cast those opposed to his tax plan as "MAGA Republicans."
1 min read
Updated: Jul. 13, 2023 at 3:19 am UTC
Gage Skidmore / CC BY-SA 2.0 / Wikimedia. Remixed by CryptoSlate
U.S. President Joe Biden called for an end to unspecified crypto tax rules on May 9.
On Twitter, Biden posted an infographic that read: “We think Congress should cut tax loopholes that help wealthy crypto investors.”
Such cuts would supposedly save $18 billion, according to the infographic. However, Biden did not specifically state which tax loopholes existed where reforms would produce those savings.
Early accounts of Biden’s tax plan, first advanced in March, suggested that the government could raise $24 billion through crypto tax rules focused on wash trading.
The Biden administration also proposed a 30% tax on crypto mining, which was advanced again on May 2. However, it is unclear how much funding this tax might generate, and this rule is seemingly aimed at mining firms rather than investors.
Biden also cast those opposed to his plans as supporters of the Republican party, writing: “We don’t have to guess what MAGA House Republicans value. They’re telling us.”
Biden’s infographic also said that Republicans want Congress to cut food safety inspection to save $15 billion, likely in reference to proposals advanced around April 26.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Joe Biden, byname of Joseph Robinette Biden Jr., is an American politician and the 46th and current president of the United States.