Biden calls for end to tax loopholes that benefit ‘wealthy crypto investors’ | Keyword Financial

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Biden calls for end to tax loopholes that benefit ‘wealthy crypto investors’

May. 9, 2023

By Mike Dalton

The President cast those opposed to his tax plan as "MAGA Republicans."

U.S. President Joe Biden called for an end to unspecified crypto tax rules on May 9.

On Twitter, Biden posted an infographic that read: “We think Congress should cut tax loopholes that help wealthy crypto investors.”

Such cuts would supposedly save $18 billion, according to the infographic. However, Biden did not specifically state which tax loopholes existed where reforms would produce those savings.

Early accounts of Biden’s tax plan, first advanced in March, suggested that the government could raise $24 billion through crypto tax rules focused on wash trading.

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