Senate Republicans balked at the idea of closing a tax loophole for crypto investors in ongoing debt limit and budget talks after President Joe Biden floated the proposal.
Biden tweeted Tuesday that Democrats think Congress should cut “tax loopholes that help wealthy crypto investors” as opposed to slashing funds for other government functions. The loophole, known as a “wash sale,” allows crypto investors to claim losses by quickly selling and repurchasing their digital assets. The rule prohibiting that practice doesn’t currently apply to virtual currencies.
“When we’ve had our menu of available options that there’s been a lot of support ...
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