US President Joe Biden Says There Are Tax Loopholes for Wealthy Crypto Investors

In a tweet, President Joe Biden has expressed his disapproval of the House Republicans who support former President Trump, saying that they are opposed to closing “tax loopholes to help wealthy crypto investors.”

He has added that the Republicans have made clear what is important to them, which is cutting essential programs that benefit the elderly, middle class, and working families, such as the food safety inspection initiative.

Biden’s financial plan proposes revising the tax code to make it applicable to cryptocurrencies as it does to traditional assets, as well as imposing a 30% tax on electricity used for cryptocurrency mining.

This, he believes, would bring $24 billion back to the state budget.