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

BLUR Token Plummets Over 28% in March, Despite Blur’s Dominance in NFT Sales Market

While the non-fungible token marketplace Blur has captured a significant amount of the market share in terms of NFT sales, the market’s native token, BLUR, lost more than 28% in value last month. At present, BLUR tokens are down more than 88% since the crypto asset’s all-time high recorded on February 14, 2023. Blur’s Native Token Slides 28% Against the Greenback in 30 Days The NFT marketplace Blur has captured a majority of the NFT sales over the past month, according to metrics from dappradar.com. Additionally, according to data from Dune Analytics, Blur’s market share in terms of volume over the past week was 71%. The Dune Analytics dashboard, created by @hildobby, shows that over the past week, Blur accounted for 42% of trades, while the NFT marketplace Opensea accounted for 48.3%. In terms of trader count this past week, Opensea outpaced Blur, with over 89,000 traders compared to Blur’s 39,000. While the marketplace has been competitive, Blur’s native token, BLUR , suffered...
Post a Comment
Read more