Skip to main content

Biden Pledges to Eliminate Tax Loopholes for Crypto Traders Vows to Make US Tax System Fair

Biden Pledges to Eliminate Tax Loopholes for Crypto Traders — Vows to Make Federal Tax System Fair

U.S. President Joe Biden has promised to make the federal tax system fair by eliminating loopholes for crypto traders and hedge fund managers. He aims to “achieve tax code fairness” by “ensuring that the burden is shared by the wealthy, super-wealthy, and large corporations while safeguarding the middle class from any tax increases.”

Biden Wants to Eliminate Tax Loopholes for Crypto Traders

U.S. President Joe Biden talked about taxation for crypto traders during his economic policy speech dubbed “Bidenomics” in Chicago on Wednesday.

“Does anyone here think the federal tax system is fair? Raise your hand,” Biden said, adding:

No matter how much money you make. We’re going to make it fair by eliminating loopholes for crypto traders, hedge fund managers.

“We’re going to get billionaires to pay up a little bit, at least a minimum tax … No billionaire should pay a lower tax rate than a schoolteacher, a firefighter, or a cop,” he emphasized. “That’s the next phase of this fight: making the tax code fair for everyone, making the wealthy and the super-wealthy and big corporations begin to pay their fair share, without raising taxes at all on the middle class.”

Many crypto proponents took to social media to comment on Biden’s speech. Gabor Gurbacs, advisor at investment management firm Vaneck, tweeted:

Reminder: The U.S. added $9 trillion in debt in the past ~3 years. The U.S. doesn’t have a revenue problem. It has a government spending problem. Not sure what President Biden is saying about eliminating tax loopholes for crypto traders. There are few to none.

Ryan Selkis, founder & CEO of crypto analytics firm Messari, wrote: “At 80 years old, President Biden is one of the few people in D.C. who’s lived long enough to read through our 70,000-page tax code. But he’s also losing his marbles and seems confused: there are no ‘crypto trader’ tax loopholes, and his policies are destroying capital gains anyway.”

What do you think about Biden’s promise to eliminate tax loopholes for crypto traders? Let us know in the comments section below.



from Bitcoin News https://ift.tt/EJom25V
Labels:

Comments

Post a Comment

Popular posts from this blog

Wallet Bot on Telegram Adds Bitcoin Support to Web Interface Following Tether Integration 

Telegram users can now buy, sell, and send bitcoin, as the leading cryptocurrency has been integrated into the Wallet bot on the popular messaging application. The bitcoin support follows the wallet’s recent tether integration, which enables users to transact with the stablecoin as well. Over a Billion Telegram Users Can Now Transfer Bitcoin in Chats On Friday, April 21, the @wallet bot on Telegram announced the addition of bitcoin (BTC) support to its web interface. The development team explained that previously, the leading cryptocurrency by market capitalization was only accessible in the text bot. “Now, all @wallet users will be able to take full advantage of our web interface,” the announcement on Telegram details. Telegram is extremely popular among cryptocurrency users, and according to a report from April 2023, the messaging app has an estimated 1.068 billion users. Bitcoin.com News confirmed that BTC has been added, as our publication tested the @wallet bot on Telegram...
Post a Comment
Read more

Bitcoin ETFs Snap 10-Day Streak: $93M Flees as Fidelity’s FBTC Takes the Hit

Data compiled Friday revealed a striking reversal for spot bitcoin exchange-traded funds, which snapped a ten-session inflow streak with a $93.16 million exodus—marking their first day of negative movement. Bitcoin ETFs Drain While Ether ETFs Gain The abrupt shift punctuated a previously unbroken stretch of positive momentum for U.S. bitcoin ETFs, culminating in a $93.16 […] from Bitcoin News https://ift.tt/Q1xgKWA
Post a Comment
Read more

Richard Teng Takes Charge as Binance CEO Following Changpeng Zhao’s Exit

After Changpeng Zhao’s exit, Richard Teng has stepped in as the new chief executive officer of Binance, the globe’s largest crypto exchange in terms of trading volume. On Tuesday, Teng made his introduction to the public through social media platform X, assuring that under his stewardship, Binance will “continue to meet and exceed the expectations of stakeholders.” Richard Teng Assumes Binance’s Top Role, Succeeding CZ This week marked a significant event for crypto enthusiasts as they observed one of the largest settlements in the industry’s history. The settlement involved Binance and the U.S. Department of Justice, with Binance incurring fines totaling approximately $4.3 billion. Following this development, the exchange’s CEO, Changpeng Zhao — popularly known as “CZ” — resigned. Post-settlement, on Tuesday, CZ announced via Twitter that Binance’s ex-Global Head of Regional Markets, Richard Teng, has been appointed as the new CEO. Teng brings an extensive history in the financ...
Post a Comment
Read more