In a speech on the economy on Thursday, President Joe Biden sounded another anti-crypto note. Discussing economic fairness, the 80-year-old president announced his plan to close loopholes for crypto traders, hedge fund managers, and Big Oil.
The speech at the Old Post Office in Chicago, which focused on so-called “Bidenomics,” aimed to provide form and substance to a hitherto vaguely articulated economic mission. During the speech, Biden framed his agenda as one that champions the little guy. “Bidenomics is about the future. Bidenomics is just another way of saying: Restore the American Dream because it worked before,” he said.
Biden: I Will Eliminate Crypto Tax Loopholes
When discussing proposed changes to the federal tax system, he described plans to “make it fair.” For Biden, this means getting rid of the loopholes that crypto traders, and hedge fund general partners, have exploited. After specifically naming those two categories of financial player, he continued:
“Big Oil made $200 billion last year and got a $30,000 tax break — $30 billion tax break… 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.”
Biden’s decision to portray reforms to the taxation of crypto trading as pro-American worker is revealing. It also dovetails with his previous comments on how crypto brings little benefit to the broader economy. However, Biden did not elaborate on what changes would be in order, or what the loopholes were.
Read our latest crypto tax guide for the United States: The Ultimate US Crypto Tax Guide for 2023
But, unlike traditional equities, one of the crypto “loopholes” allows traders to sell and repurchase
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Author: Josh Adams
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