Biden calls to end $18B ‘crypto tax loopholes’ — community begs to differ
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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.
We don’t have to guess what MAGA House Republicans value. They’re telling us.
An example of this would be MicroStrategy’s move to sell Bitcoin (BTC) in December 2022. On Dec. 21, MicroStrategy’s subsidiary MacroStrategy sold 704 BTC at an average price of $16,776 per BTC. The company also highlighted its intent to reduce its tax bill.
On Jan 3, 2023, tax attorney and accountant Selva Ozelli broke down the sale and explained that it’s a common strategy called tax-loss harvesting, where investors choose to reduce capital gains by selling their digital assets at a loss.
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