U.S. President Joe Biden has recently shared an infographic on Twitter,calling to remove;tax loopholes that only help wealthy crypto investors.
The president said cutting these loopholes would cause the government to save $18B.
- The post got both supportive and critical reactions.
- In the tweet, Biden did not specify which loopholes exist and what reforms are required to remove them.
- Dogecoin (DOGE) co-founder Billy Markus has become one of the users who showed a critical approach towards theinfographic, arguing that he gave the government more money than he generated with crypto.;
- Markus has also added that most Americans use crypto since they cannot make ends meet.
- Biden’s latest Twitter post came shortly after the White House published a;new blog post;reiterating the U.S. government’s plans to impose a 30% federal tax for electricity usage from all digital asset mining.
- The president’s fiscal 2024 budget proposal, revealed in March;also suggested;doubling the capital gains tax rate and banning crypto wash sales.