Biden extols economic progress in Chicago speech, again criticizing “loopholes for crypto traders” in U.S. tax code
'Bidenomics' was framed as conducive to strong economic growth, sparking push back from Republicans.
President Joe Biden has once again commented on the need to close crypto “loopholes” while touting his economic policies. Speaking in Chicago, President Biden shared his economic vision for America in what he claimed had been dubbed by legacy media outlets, “Bidenomics.”
During the speech, he addressed the failures of the trickle-down approach and emphasized his plan to build the economy from the middle out and bottom up.
President Biden highlighted how the Democrats have significantly reduced the deficit, created 13.4 million new jobs, and the U.S. has had the highest global economic growth since the health crisis.
“Just in my first two years in office, my team and I have reduced the deficit by $1.7 trillion — more than any president has just in two years.”
Underlining his commitment to making the federal tax system fairer, he pointed out that his administration had achieved that by eliminating loopholes for crypto traders, hedge fund managers, and “big oil.” He also intends to get billionaires to “pay up a little bit” more than the average 8% rate they currently pay. Biden frequently alludes to actors who do not pay their “fair share” in his public remarks, often including crypto traders among them.
In May, President Biden spoke of ending tax loopholes for wealthy crypto investors – no specific loopholes were stated at that time. However, it was suggested that rules regarding wash trading could be tightened and a 30% rate be applied to crypto mining.
The Digital Asset Mining Energy tax proposal, which sought to charge a 30% rate on energy costs for cryptocurrency miners, was not included in the latest Fiscal Responsibility bill.
Taking to Twitter after the speech, the president posted that Bidenomics refers to:
“an economic vision where we make smart investments in America, educate and empower American workers, and promote competition to lower costs and help small businesses.”
U.S. Representative Marjorie Taylor Greene panned the president’s speech, saying under Bidenomics, Americans are now $1 trillion in credit card debt, prices are 15% higher, and companies are laying staff off.
Similarly, House Speaker Kevin McCarthy said Bidenomics is an economic disaster and is about blind faith in government spending and regulation.