- Joe Biden bashes cryptocurrency traders and “wealthy tax cheats,” insisting they are ineligible for tax cuts and similar benefits.
- The comments have fueled speculation among industry executives on the White House’s stance as budget talks resume on May 22.
- Joe Biden reiterated his commitment to making sure the country does not default on its debt to prevent an economic downturn.
The Biden administration has maintained a tough stance against digital assets for years. The first blow fell on the miners and then on the merchants. How far will the administration take this anti-crypto rhetoric?
Joe Biden criticized digital asset traders and rich tax cheat As he wraps up the G7 summit in Japan. Speaking at a press conference, the president stressed that these crypto traders are not eligible beneficiaries of tax cuts proposed by Republicans.
“Let me be clear, I am not going to agree to… a deal that protects wealthy tax cheaters and crypto traders while risking food aid for nearly 1 million Americans,” They said.
“It’s time for Republicans to acknowledge that no bipartisan deal should be made solely on their partisan terms,”” He added.
There have been strong indicators that some Republicans are pushing to support”tax loopholes To assist digital asset investors including miners. In Biden’s $6.9 billion budget plan, the president stresses the importance of restructuring regulations related to digital assets to protect Americans.
The comments come as budget talks intensify ahead of the United States’ deadline to raise the debt ceiling for the first time or risk defaulting on its debt. Joe Biden and House Speaker Kevin McCarthy agreed to resume talks on Sunday”Economic disaster is 11 days away.
DAME tax is only the first kick
This year, the White House released a proposed 30% tax on digital asset miners, along with a report justifying its position. The administration took a decision on the amount of energy consumed in the mining of digital assets, saying it creates a hardship for American communities.
,Firms do not have to pay the full cost that they impose on others. It encourages firms to take better account of the harm they inflict on society. Reads the report.
The proposed DAME tax would go into effect in 2024 and require miners to pay a 10% tax before rising to 30% in subsequent years. The move has been criticized by the digital asset community as an attempt to stifle growth in the sector, with many saying the administration has “Wrong priorities.
With the president’s recent comments, many wonder where the line will be drawn when he proposes new regulations, taxes on miners and traders, and more.