Biden Blasts 'Wealthy Tax Cheats' At Group of Seven
Speaking at the G7 Forum conference in Japan, US President Joe Biden drew attention to the ongoing budget talks with lawmakers.
President Biden blasted wealthy tax cheats and crypto traders, calling them undeserving beneficiaries of Republican lawmakers’ pro-crypto deals on the new budget.
During a closing press conference, Biden noted that his proposed budget slashes spending by over $1 trillion.
While highlighting the budget negotiations, Biden said he would not agree to the Republicans' deals to protect crypto traders, whom he called “wealthy tax cheats.”
Biden Budget Highlights
The Group of Seven (G7) Forum is a political intergovernmental forum comprising seven powerful countries, Japan, the UK, the US, Italy, France, Canada, and Germany.
These countries come together for multilateral discussions and negotiations.
During the latest forum held in Japan, President Biden spoke about his proposed budget, which is still under negotiations by Congressional members.
Biden said the US government could default on its upcoming debt payments on June 1 without the new budget.
The president noted that besides the over $1 trillion expenditure cut, his administration had proposed a nearly $3 trillion deficit reduction through spending cuts and new revenue.
However, the Republicans and Democrats have yet to reach a bipartisan agreement, without which the budget cannot move forward.
President Biden Disagrees With Republicans’ Pro-crypto Deals
President Biden's new budget imposes strict tax bills on cryptocurrency, which the Republicans have kicked against.
However, while comparing the budget clauses favored by the Democrats and the Republicans, President Biden refused to accept the deals.
"I've done my part…now it's time for the other side to move from their extreme positions because much of what they've already proposed is simply, quite frankly, unacceptable," he said.
President Biden emphasized that he would not agree to a deal that protects wealthy tax cheats and crypto traders while risking food assistance for nearly one million Americans.
He listed other unacceptable trade-offs, including the $30 billion in tax breaks for the oil industry and $200 billion in excess payments for the pharmaceutical industry.
The president said he would rather preserve Medicaid or jobs of 100,000 school teachers or 30,000 law enforcement officers.
According to Biden, It's time for Republicans to accept that there's no bipartisan deal to be made solely on their partisan terms.
Biden's remarks follow previous tweets claiming that MAGA House Republicans support tax loopholes that help wealthy crypto investors and oppose food safety inspections.
In the newly proposed $6.9 billion budget, Biden emphasized the need to amend rules, including those for crypto assets.
He plans to apply wash sales rules to digital assets and address related party transactions so that crypto assets follow the same rules as traditional investments.