Joe Biden Rejects Crypto Trader Debt Guarantee Proposal
Joe Biden, President of the United States, has opposed a debt ceiling deal in relation to Republican leaders that can help crypto traders, as Cointelegraph has reported.
“I’m not going to accept a deal that protects wealthy tax cheats and crypto traders while jeopardizing food aid for nearly a hundred — excuse me — nearly a million Americans,” he said. Biden said.
According to Cointelegraph, Biden gave this view during the Group of Seven (G7) summit held in Hiroshima, Japan on May 21, 2023. Talks are believed to be underway between the White House and the Republican leaders regarding the obstruction of a mechanism based on cryptocurrency transactions. It is understood that crypto tax loss harvesting is a method for investors to ensure a reduction in overall tax liabilities. Apparently, the method is also allowed for stocks and other assets.
Based on information from Cointelegraph, the White House briefed Republicans on a similar proposal that would ban investors from deferring taxes on real estate exchanges. It was estimated that the two changes would add $40 billion in tax revenue to the US government. Sources suggest Republicans rejected the proposals. Kevin McCarthy, Speaker of the House, said the rising US debt is seen as a “spending issue, not a revenue issue.”
Additionally, Cointelegraph noted that Republicans intend to cut the deficit with spending cuts of $4.8 trillion, which would impact federal agency budgets.
(With information from Cointelegraph)
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