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News Explorer — Biden's Budget Seeks to Close Crypto Tax Loophole, Raise $24 Billion

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Mar 9, 5:26 am
Coindesk

Biden's Budget Seeks to Close Crypto Tax Loophole, Raise $24 Billion

U.S. President Joe Biden's proposed budget, set to be unveiled Thursday, will include a provision to close tax loss harvesting on crypto transactions. This would reduce wash sales trading by crypto investors and is expected to raise $24 billion. The budget would need to pass through the House of Representatives and the Senate before going to the president's desk for his signature. The U.S. Treasury Department has yet to publish formal guidance on the matter.

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