U.S. President Joe Biden expressed opposition to a proposal that could result in low taxes for crypto investors, The Hill reported on May 21.
Biden wants to cut crypto tax loopholes
Following a G7 summit in Hiroshima, Japan, Biden said:
“I’m not going to agree to a deal that protects wealth tax cheats and crypto traders while putting food assistance at risk for nearly 1 million Americans.”
Those comments relate to two competing government spending cut proposals. On May 9, the Biden administration said that it wants to eliminate cryptocurrency tax loopholes in order to save $18 billion. The administration said that Republicans, by contrast, prefer to make cuts to food safety inspections in order to save $15 billion.
Biden said today that Republican proposals are “quite frankly, unacceptable” and that party members should move away from their “extreme positions.”
He added that Republicans should “accept that there is no bipartisan deal” that can be made on the partisan terms they have suggested.
Biden suggested that failure to reach an agreement could increase the risk that the United States government defaults on its debt — something that the U.S. Treasury has warned could occur by June 1 if the government does not raise its debt ceiling. He said that all four major congressional leaders agree that the U.S. must not default on its debt.
Details of proposed cuts are still unclear
It is still unclear how potential savings from either plan have been calculated, and it appears that negotiations are largely private.
The Washington Post said on May 15 that White House officials have negotiated with Republican party members by phone in recent weeks. The paper reported that about approximately one dozen plans have been considered and rejected during those calls.
The Hill reported today that Biden will continue discussions with Kevin McCarthy (R-Calif.) as he returns to the U.S. from today’s G7 event.
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