US President Joe Biden said Trump-supporting House Republicans do not want to close “tax loopholes to help 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
“We don’t have to guess what’s important to Republicans MAGA. They tell us themselves,” Biden wrote.
The president’s Twitter message was in support of his budget plan for 2024which has not yet received approval due to the large number of opposition members in the House of Representatives.
He noted that Republicans prefer to cut “programs that are critical for the elderly, the middle class and working families,” in particular the food safety inspection initiative.
“A crypto investor, unlike an investor in stocks or bonds, can sell digital assets at a loss to reduce their tax burden and then buy back the same cryptocurrency the very next day,” Biden’s financial plan says.
He considers it necessary to amend the tax code so that it “applies to cryptocurrencies in the same way as to traditional assets.” According to the President of the United States, the amendments will help return $24 billion to the state budget.
His plan also includes a 30% tax on electricity used in cryptocurrency mining.
Recall that in March 2023, the Biden administration submitted a report arguing that digital assets do not meet the stated use cases. Economists also pointed to the risks of digital assets for investors and financial stability in general.
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