President Biden calls proposed US crypto tax cut ‘unacceptable’

The United States is not prepared to take financial risks or lose incoming capital, especially now that its economy is hitting an inflation-dominated roadblock. US President Joe Biden, under these circumstances, is not considering any relaxation of taxes levied on crypto holders and investors in the country. Biden’s stance on crypto tax cuts came to light after Republicans recently presented a proposal to the US government suggesting certain concessions on crypto taxes — which were not seen as an economically viable move according to the American president.

The United States levies a tax of 10% to 37% on short-term capital gains and crypto income, while long-term capital gains are taxed between 0% and 20%.

Biden categorically denied even thinking about the US proposal to reconsider the tax it levied on crypto activities. The US President was speaking at the ongoing G7 summit in Hiroshima, Japan.

“I will not accept a deal that protects wealth tax cheats and crypto traders while jeopardizing food aid for nearly one million Americans,” President Biden said. cited as said in a CryptoSlate report on Monday, May 22.

In the opinion of the American president, the proposal put forward by the Republicans is “very frankly unacceptable”.

The United States is currently reeling from enormous debt pressure. It is estimated that the United States owes a total of $31.5 trillion (about Rs. 26,10,46,800 crore) in government and intra-government debt.

Although the United States has raised interest rates several times over the past five months, the United States would default on its debt by June 1, if the country’s debt ceiling is not met. raised.

Therefore, at this time, Biden does not wish to impede any inflow of capital to the US Treasury by reducing taxes on crypto.

Last month, three traditional crypto-enabled banks collapsed in the United States in a week, scaring investors and the general public.

The Federal Reserve Bank of Chicago (FRBC) in its recent report blamed the downfall of crypto projects like Terra and FTX last year for the ongoing banking crisis in the United States.

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