While the debates between Republican leaders and Joe Biden continue, the US President, Joe Biden, speaking at the G7 negotiations held in Japan, announced that the US would not accept any agreement that protects tax evaders and cryptocurrency investors during the debt default discussions.
“I will not accept any agreement that protects wealthy tax evaders and cryptocurrency investors at the expense of food assistance for Americans.”Joe Biden
BREAKING: President Joe Biden speaking on the final day of the G7 summit— Sky News (@SkyNews) May 21, 2023
"I'm not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistants at risk."https://t.co/q2ATjj9RFh
📺 Sky 501, Virgin 602, Freeview 233 and YouTube pic.twitter.com/PIf0O5tKXq
Cryptocurrency mining will be subject to a 30% tax on energy usage!
It is mentioned that President Biden’s proposed budget for the upcoming year suggests changing tax policies in the cryptocurrency space by eliminating tax deductions on losses from the sale of crypto assets. Additionally, there is a goal to impose a 30% tax on the energy used in cryptocurrency mining.
The USA is experiencing a cash shortage!
During a period when the United States is facing potential cash shortages and seeking to prevent a potential default on June 1st, we can see that President Biden’s approach towards cryptocurrency is highly resolute. The President emphasizes that he will not accept any agreement that grants privileges to wealthy tax evaders and cryptocurrency investors, instead focusing on the government’s efforts to fulfill its debt obligations.
“The US debt issue is not solely a revenue problem but also a spending problem. This is attributed to the Biden administration’s excessive spending during the pandemic period.”Speaker of the House Kevin McCarthy
Biden’s move indeed indicates an effort to increase government revenue and address the US debt deficit by taxing cryptocurrencies. It appears that he is highly determined when it comes to implementing regulations regarding the taxation of cryptocurrencies and crypto mining.