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Biden Criticizes ‘Wealthy Crypto Investors’ on Twitter”

 

Biden in a tweet on Tuesday discussing what “MAGA House Republicans” want to cut in the federal budget,

US President Joe Biden criticized “wealthy crypto investors.”

Currently, taxpayers are not allowed to take a tax deduction for a loss in a wash sale, which occurs when a investor buys a security 30 days before or after selling an identical or similar security.

President Biden suggested that Congress should cut tax loopholes that benefit wealthy crypto investors,

which he estimates to be worth $18 billion. On the other hand, according to Biden, “MAGA Republicans” propose

cutting food safety inspections that are worth $15 billion in the federal budget.

Biden added that he believes the priorities of “MAGA House Republicans” are evident and do not need to be

guessed, as they have made their values clear.

“President Joe Biden Criticizes ‘Wealthy Crypto Investors’ on Twitter” On the other hand, according to Biden, “MAGA Republicans” propose

President Biden recently proposed the Digital Asset Mining Excise tax, or DAME, in his fiscal year 2024 budget.

Under this proposal, cryptocurrency mining companies would be subject to a tax equal to 30% of the cost of the electricity used.

Biden Crypto Included in Biden Budget

 

Currently, taxpayers are not allowed to take a tax deduction for a loss in a wash sale, which occurs when a

investor buys a security 30 days before or after selling an identical or similar security.

President Biden recently proposed the Digital Asset Mining Excise tax, or DAME, in his fiscal year 2024 budget.

Under this proposal, cryptocurrency mining companies would be subject to a tax equal to 30% of the cost of the electricity used.

The tax rate would start at 10 percent and increase by 10 percent annually, reaching the target rate of 30 percent by the end of 2026.

The White House posted a blog last week stating that the proposed tax aims to address concerns about the significant amount

of electricity used in cryptocurrency mining, which contributes to carbon emissions and poses a threat to the

country’s climate change goals.

The electricity used to mine cryptocurrencies is comparable to the amount of electricity used by all the country’s
residential lighting or to power all the households’ computers,” according to a report by the White House’s
Council of Economic Advisers.

 

As part of his budget proposal, President Biden has suggested a change in the tax treatment for “wash sales” of

digital assets.

President Biden’s proposed change to the tax treatment for “wash sales” of digital assets would apply the same

rules to cryptocurrencies as currently apply to stocks and other securities.

Currently, taxpayers are not allowed to take a tax deduction for a loss in a wash sale, which occurs when an

investor buys a security 30 days before or after selling an identical or similar security.

The proposed change is part of the Biden administration’s efforts to increase tax compliance in the

cryptocurrency industry.

 

 

 

 

 

 

 

 

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