Crypto Influencer Faults US Govt’s $18B Crypto Tax Loopholes Claims
- The crypto enthusiast cited no clear regulatory definition of crypto yet.
- US President has called for Congress to close tax loopholes for wealthy crypto investors.
In response to the recent tweet by U.S. President Joe Biden regarding tax loopholes that benefit wealthy crypto investors, a prominent crypto enthusiast, CryptoWendyO, has called out the government’s claims, describing them as utter falsehoods.
CryptoWendyO claims to have paid around a 40% tax rate on anything crypto-related for the past few years, noting that such a taxation against her does not sound like a loophole.
“How can you have a tax loophole when there are not even clear guidelines defining [what] crypto is,” she argued, expressing that the government’s claim holds no water for lack of regulatory definition.
Furthermore, CryptoWendyO said that taxes are a scam and that she only pays them to avoid being fined or jailed.
In a tweet on Tuesday, US President Joe Biden shared an image calling on Congress to close tax loopholes that benefit wealthy crypto investors, alluding that these loopholes cost the government an estimated $18 billion in revenue.
However, the crypto enthusiast criticized the government’s complaint tax loopholes, accusing them of turning a blind eye to more pressing issues that hurt Americans, such as chemicals and toxins in food substances.
Recently, the U.S. White House introduced the Digital Asset Mining Energy (DAME) Tax to encourage crypto mining firms to “start taking better account of the harms they impose on society.” According to the report, the DAME tax is a 30% levy on firms equivalent to the amount of electricity they use in Bitcoin (BTC) mining.