US President Calls To Eliminate Tax Loopholes For Wealthy Crypto Investors

We don’t have to guess what MAGA House Republicans value. They’re telling us. pic.twitter.com/BM6JGMEFeq

— President Biden (@POTUS) May 9, 2023

According to the infographic, such cuts are expected to save $18 billion. However, Joe Biden did not specify which tax loopholes exist where the reforms would generate those savings. It was this that led to comments that disagreed with his opinion.

“what loopholes ser? i gave y’all more money than i made off this stuff, while taking all the risk. You also realize most american crypto users aren’t rich, but are using crypto cuz they don’t feel like they have enough to make ends meet – because of you guys?”

Dogecoin co-founder Bill Markus tweeted about the hype.

Biden also considers opponents of his plan to be Republican supporters.

“We don’t have to guess what MAGA House Republicans value. They’re telling us.”

Initial accounts of Joe Biden’s tax plan, released in March, suggest that the government could raise $24 billion through crypto tax regulations focused on wash trading.

The Biden administration also proposed a 30% tax on cryptocurrency mining, which was raised again on May 2. However, it remains to be seen how much money this tax could generate. This funding and regulation seem to target miners rather than investors. He wants the government to research ways to make crypto innovation more “responsible,” minimizing any negative impacts on the climate.

That has set off alarm bells for policymakers worldwide, with China even banning cryptocurrency mining last year. That move led to an exodus of cryptocurrency miners from the country to the United States and other countries, such as Kazakhstan.

Before that, in early March, Biden signed an executive order on Wednesday calling on the government to consider the risks and benefits of cryptocurrencies. It is a long-awaited directive that has plagued the crypto industry, primarily due to growing regulatory concerns around the world surrounding the nascent digital asset market. The measures focus on six key areas: consumer protection, financial stability, illicit activity, US competitiveness, financial inclusion, and responsible innovation.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Source