{"id":78529,"date":"2023-05-10T11:37:20","date_gmt":"2023-05-10T08:37:20","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78529"},"modified":"2025-09-11T05:43:23","modified_gmt":"2025-09-11T02:43:23","slug":"biden-flags-tax-loopholes-for-wealthy-crypto-investors","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/biden-flags-tax-loopholes-for-wealthy-crypto-investors\/","title":{"rendered":"Biden flags &#8216;tax loopholes for wealthy crypto investors&#8217;."},"content":{"rendered":"<p>The president of the United States, Joe Biden, said that Republicans in the House who support Donald Trump do not want to close &#8216;tax loopholes that help wealthy crypto investors&#8217;.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">We don\u2019t have to guess what MAGA House Republicans value. They\u2019re telling us. <a href=\\\"https:\/\/t.co\/BM6JGMEFeq\\\">pic.twitter.com\/BM6JGMEFeq<\/a><\/p>\n<p>\u2014 President Biden (@POTUS) <a href=\\\"https:\/\/twitter.com\/POTUS\/status\/1655988502079602690?ref_src=twsrc%5Etfw\\\">May 9, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cWe don&#8217;t have to guess what matters to the <span data-descr=\\\"Make America Great Again \u2014 the main slogan of former U.S. President Donald Trump.\\\" class=\\\"old_tooltip\\\">MAGA<\/span> Republicans. They&#8217;re telling us,\u201d Biden wrote.<\/p>\n<\/blockquote>\n<p>The president&#8217;s message on Twitter came in support of his 2024 budget plan, which has yet to win approval due to a large number of opponents in the House of Representatives.<\/p>\n<p>He noted that Republicans prefer to cut &#8216;programmes that are crucial for seniors, the middle class and working families&#8217;, in particular the proposal to tighten food-safety checks.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cA crypto investor, unlike an equity or bond investor, can sell digital assets at a loss to reduce their tax burden, and then buy back the same cryptocurrency the next day,\u201d the Biden budget plan says.<\/p>\n<\/blockquote>\n<p>He says it is necessary to amend the tax code so that it applies to cryptocurrencies just as it does to traditional assets. According to the president, the amendments <a href=\"https:\/\/forklog.com\/en\/news\/media-biden-proposes-to-raise-24bn-in-taxes-from-crypto-investors\">will help return $24 billion<\/a> to the federal budget.<\/p>\n<p>The plan also includes a <a href=\"https:\/\/forklog.com\/en\/news\/biden-administration-proposes-30-tax-on-electricity-used-for-cryptocurrency-mining\">30% tax<\/a> on the electricity used to mine cryptocurrencies.<\/p>\n<p>In March 2023, the Biden administration <a href=\"https:\/\/forklog.com\/en\/news\/white-house-flags-risks-cryptocurrencies-pose-to-citizens-and-the-financial-system\">unveiled a report<\/a>, which stated that digital assets do not meet their claimed use cases. Economists likewise highlighted the risks of digital assets for investors and financial stability more broadly.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The president of the United States, Joe Biden, said that Republicans in the House who support Donald Trump do not want to close &#8216;tax loopholes that help wealthy crypto investors&#8217;.<\/p>\n","protected":false},"author":1,"featured_media":78530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1449,842,558,26],"class_list":["post-78529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-joe-biden","tag-politics","tag-taxes","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78529","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=78529"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78529\/revisions"}],"predecessor-version":[{"id":78531,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78529\/revisions\/78531"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/78530"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=78529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=78529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=78529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}