- Joe Biden is going to make it fair by eliminating the loopholes for crypto traders.
- The US government has lost $18 billion in tax revenue.
The U.S. president, Joe Biden, is gearing up for his upcoming campaign and has made a significant promise related to the crypto market and traders. The rise of the crypto market has presented a unique set of challenges for traditional tax frameworks. Biden stated that he was going to reform the tax system fair by eliminating loopholes for Bitcoin and crypto traders.
According to the official statement, President Biden is going to make it fair by eliminating the loopholes for traders and hedge fund managers. And also, Biden previously tweeted that the loopholes allowed crypto traders to avoid taxes several times, and because of this, the government has lost $18 billion in tax revenue.
Closing Crypto Loopholes to Ensure Fairness
President Biden also mentioned that he wants to close all the crypto loopholes in May. Congress should remove tax loopholes that help wealthy crypto investors, according to a message from his official Twitter account. Moreover, this was expected to result in a loss of tax revenue of around $18 billion.
The loophole refers to the practice of traders selling and repurchasing cryptocurrencies within short timeframes, allowing them to avoid higher tax rates. President Biden has signaled his intent to address this issue and close the perceived loophole in the crypto market.
Throughout his campaign trail, he is expected to outline his plan to crack down on these trading practices. He also mentioned that he has plans that will turn things around incredibly quickly. After Biden’s announcement, most crypto enthusiasts started feeling the United States was making rules unfriendly to crypto traders.
