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The day before, Joe Biden unveiled a comprehensive economic strategy called “Bidenomics.. This policy promises to be a key element of his election campaign.
The president has announced his intentions to cut support for corporations, hedge funds and wealthy investors, including cryptocurrency investors.
“Does anyone here think the federal tax system is fair? We’re going to make it fair by eliminating loopholes for crypto traders and hedge fund managers,” he said.
Biden has already urged lawmakers several times to take away the ability of wealthy crypto investors to avoid paying taxes. Closing this loophole would allow the U.S. to raise about $18 billion for the budget, the president believes;
In May, U.S. authorities changed their mind about levying a 30% excise tax on miners. The DAME excise tax was announced by the Biden administration based on recommendations from the Council of Economic Advisers to the President (CEA). The proceeds were supposed to be used to address climate damage associated with cryptocurrency mining.