President Joe Biden outlined his vision for a fairer tax system in his speech on Bidenomics in Chicago, Illinois.
“We Will Remove Tax Gaps for Crypto Traders”
He called for the elimination of loopholes for cryptocurrency investors, hedge fund managers and Big Oil companies and a minimum tax on billionaires:
“For example, does anyone here think the federal tax system is fair? raise your hand. It doesn't matter how much money you make. We will make it fair by eliminating loopholes for cryptocurrency traders, hedge fund managers.”
Biden said the federal tax system is unfair and wants to make it fairer by making sure everyone pays their fair share. Biden cited the big oil companies that earned $200 billion last year and said he received $30 billion in tax breaks.
He also criticized the growing wealth gap in the country, noting that the number of billionaires had risen from 750 to 1,000 during the pandemic.
He said average federal tax rates are very low and he wants to impose a minimum tax on them.
*Not investment advice.