Joe Biden tweeted earlier, saying he was planning to close a $18 billion dollar crypto tax loophole. And this tweet really got the crypto community a rilled-up.
$18 billion, that's a big hole
In the tweet from President Biden, he more or less puts the crypto tax loophole or holes against Food Safety Inspections. As apparently, that is something Republicans want to ax, meaning it has no impact on the rich and most likely benefits the poorer Americans. I am just assuming tho based on previous track records. As far as I know tho these things are not mutually exclusive. One could see a world where both coexist, like now. Or both can go away.
However, this tweet from Biden has caused quite a stir in the crypto community. And the biggest talking point appears to be the fact that no one seems to know what these tax loopholes are. And others pointing fingers telling him to go close the real tax loopholes. And the latter statement is one I agree with 100% as well. That said, sure if there are some crypto loopholes, close them as well by all means. But do not go on a crusade going after the small holes while you have gigantic gaping holes elsewhere.
What are your thought on this, do you know of any crypto tax loopholes? Or have you perhaps used one of them? If so please share your experience or thoughts on this with me and everyone else.
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Picture provided by: https://twitter.com/POTUS