CryptocurrenciesMay 10, 2023May 10, 2023

Biden calls to end $18B ‘crypto tax loopholes’

United States President Joe Biden recently shared an infographic on Twitter, calling to end “tax loopholes” that allegedly help wealthy crypto investors. Community members responded to the tweet, questioning the figures shared by the president and if the said loopholes exist.

Cutting such loopholes would save about $18 billion, according to Biden. However, the president did not provide any information on which loopholes existed and what reforms would lead to the potential savings amount the president shared.