President Joe Biden Pledges To Eliminate The Loopholes For Crypto

Key Points:

• President Joe Biden proposed “Bidenomics” to tax the wealthy for national development.
• He aims to eliminate loopholes for crypto traders and hedge fund managers.
• The White House considers imposing taxes on crypto mining due to environmental concerns.

According to the Daily Mail, US President Joe Biden gave a key economic policy address in Chicago on Wednesday, threatening to target crypto traders and hedge fund managers but also encouraging all billionaires to pay more taxes to finance economic development.

The speech was touted as an effort to propose a roadmap for American middle-class prosperity. “Bidenomics” is the new term for a strategy to tax the wealthy in order to invest in important national security industries such as semiconductors, educate workers in order to extend the middle class, and boost economic development in order to cut expenses.

He said that the first step is to ensure that everyone pays their fair amount of taxes.

“We are going to make it fair, eliminating loopholes for crypto traders, hedge fund managers.”

Earlier in May, the White House was rumored to be contemplating putting a punitive tax on encryption mining firms, with a ratio of 30% of encryption mining companies’ energy expenses, an extraordinary industry-specific penalty that might endanger such companies’ earnings.

According to the White House Council of Economic Advisers (CEA), crypto mining corporations do not now have to pay the full expenses they generate, such as local environmental damage, higher energy prices, and the effect of increasing greenhouse gas emissions on the climate. Although other energy-intensive enterprises would not be taxed in the same way, the CEA claims that crypto mining does not produce the same local and national economic advantages as comparable electricity-consuming firms.

The Biden administration suggested a franchise tax for the first time in a paper posted by the US Treasury Department on March 9. The tax may generate up to $3.5 billion in income during the following ten years.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News