Biden calls to end $18B ‘crypto tax loopholes’ — community begs to differ

Pseudonymous crypto researcher FatMan reacted, stating that Bidens “truths are off.” The crypto expert highlighted that the crypto market diminished by $1.4 trillion in 2022 while business profits in the U.S. were at $11.8 trillion. “The crypto market is both much smaller sized & & fell heavily. We both understand where the loopholes truly are,” FatMan tweeted. Dogecoin (DOGE) co-founder Billy Markus likewise responded to Bidens tweet. Markus asked which loopholes existed and declared he offered the federal government more money than he made in crypto, “while taking all the risk.” Markus then mentions that a lot of American crypto users are not rich but are attempting to use crypto because they cant make ends meet.Meanwhile, another community member was relatively annoyed, calling out the administration for pursuing crypto while getting funding from the previous FTX CEO Sam Bankman-Fried. Community member asking President Biden to give back the cash received from FTX. Source: TwitterWhile others are unsure what crypto tax loopholes the president is tweeting about, Redditors thought that it may be the Internal Revenue Service (IRS) wash sale guideline– which restricts selling securities at a loss and reacquiring it within 30 days– not being applied to crypto yet. Related: White House quiet on whether it will return $5.2 M in donations from SBFAn example of this would be MicroStrategys transfer to offer Bitcoin (BTC) in December 2022. On Dec. 21, MicroStrategys subsidiary MacroStrategy sold 704 BTC at an average price of $16,776 per BTC. The business likewise highlighted its intent to decrease its tax costs. On Jan 3, 2023, tax lawyer and accounting professional Selva Ozelli broke down the sale and described that its a typical method called tax-loss harvesting, where investors pick to lower capital gains by selling their digital possessions at a loss. Magazine: $3.4 B of Bitcoin in a popcorn tin: The Silk Road hackers story

United States President Joe Biden just recently shared an infographic on Twitter, calling to end “tax loopholes” that allegedly help rich crypto financiers. Cutting such loopholes would save about $18 billion, according to Biden. We both understand where the loopholes really are,” FatMan tweeted. Neighborhood member asking President Biden to offer back the money received from FTX.

United States President Joe Biden just recently shared an infographic on Twitter, calling to end “tax loopholes” that apparently assist wealthy crypto investors. Cutting such loopholes would save about $18 billion, according to Biden. We do not have to guess what MAGA House Republicans worth.