US President Joe Biden criticized “wealthy crypto investors” in a tweet on Tuesday, discussing what “MAGA House Republicans” want to cut in the federal budget.
“We think Congress should cut tax loopholes that help wealthy crypto investors ($18 billion),” President Biden said. “MEGA Republicans Think Congress Should Cut Food Safety Inspections ($15 Billion).”
MAGA stands for Make American Great Again, a slogan used by former President Donald Trump.
“We don’t have to guess what MAGA House Republicans value. They are telling us,” he said.
Crypto in Biden’s budget
This comes after President Biden proposed in his fiscal year 2024 budget what has been dubbed the Digital Asset Mining Excise Tax, or DAME.
Under that proposal, companies would oppose a tax equivalent to 30 percent of the cost of electricity used.
The tax will be implemented next year and will gradually increase at a rate of 10 percent per year over a three-year period to reach a target rate of 30 percent by the end of 2026, according to previous cryptonews reporting,
The White House recently pushed for that tax in a blog post published last week, expressing concern over how much electricity crypto-mining uses.
The White House’s Council of Economic Advisers stated that the electricity used in crypto-mining was the same as the electricity used for all home computers or residential lighting in the country.
President Biden has also proposed in his Budget Changing the tax treatment for “wash sales” of digital assets.
The budget proposes to introduce “wash sale rules” on digital assets.
Those rules prevent taxpayers from taking a tax deduction for losses in wash sales – when an investor buys a security 30 days before or 30 days after he sells the same or similar security. Investopedia,
