{"id":6419,"date":"2023-05-09T18:19:42","date_gmt":"2023-05-09T22:19:42","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/president-joe-biden-critiques-wealthy-crypto-investors-on-twitter\/"},"modified":"2023-05-09T18:19:43","modified_gmt":"2023-05-09T22:19:43","slug":"president-joe-biden-critiques-wealthy-crypto-investors-on-twitter","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=6419","title":{"rendered":"President Joe Biden Critiques \u201cWealthy Crypto Investors\u201d on Twitter"},"content":{"rendered":"
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US President Joe Biden critiqued \u201cwealthy crypto investors\u201d in a tweet on Tuesday discussing what \u201cMAGA House Republicans\u201d want to cut in the federal budget.<\/p>\n

\u201cWe think Congress should cut tax loopholes that help wealthy crypto investors ($18 billion),\u201d President Biden said. \u201cMAGA Republicans think Congress should cut food safety inspections ($15 billion).\u201d<\/p>\n

MAGA stands for Make American Great Again, a slogan used by former President Donald Trump.<\/p>\n

\u201cWe don\u2019t have to guess what MAGA House Republicans value. They\u2019re telling us,\u201d he said.\u00a0<\/p>\n

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Crypto in Biden\u2019s budget\u00a0<\/h2>\n

This comes after President Biden proposed in his fiscal year 2024 budget what is dubbed the Digital Asset Mining Excise tax, or DAME.\u00a0<\/p>\n

Under that proposal, firms would contend with a tax equal to 30 percent of the cost of the electricity used.\u00a0<\/p>\n

The tax would be implemented next year and phased in gradually over a period of three years at a rate of 10 percent a year to then reach the target 30% rate by the end of 2026, according to previous cryptonews reporting<\/u>.\u00a0<\/p>\n

The White House pushed for that tax recently in a blog post published last week citing concerns over how much electricity crypto-mining uses.\u00a0<\/p>\n

Electricity used in crypto-mining was similar to what is used to power all of the country\u2019s home computers or residential lighting, the White House\u2019s Council of Economic Advisers said.\u00a0<\/p>\n

President Biden has also proposed in his budget<\/u> changing the tax treatment for \u201cwash sales\u201d of digital assets.\u00a0<\/p>\n

The budget proposes applying \u201cwash sale rules\u201d to digital assets.
\u00a0<\/p>\n

Those rules prevent taxpayers from taking a tax deduction for a loss in a wash sale \u2014 when an investor buys a security 30 days before or 30 days after selling an identical or similar security, according to Investopedia<\/u>.\u00a0<\/p>\n<\/p><\/div>\n