• US President Joe Biden spoke at the G7 Forum conference in Japan, criticizing wealthy tax cheats and crypto traders for undeserving budget deals.
• The proposed budget slashes spending by $1 trillion and includes a nearly $3 trillion deficit reduction through spending cuts and new revenue.
• President Biden refused to accept the Republicans’ pro-crypto deals, highlighting that they protect wealthy tax cheats while risking food assistance for one million Americans.
Biden Blasts ‘Wealthy Tax Cheats’
US President Joe Biden drew attention to the ongoing budget talks with lawmakers during his speech at the G7 Forum conference in Japan. He blasted wealthy tax cheats and crypto traders, calling them undeserving beneficiaries of Republican lawmakers’ pro-crypto deals on the new budget.
Proposed 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. During this latest forum held in Japan, President Biden spoke about his proposed budget which still under negotiations by Congressional members. It includes a over $1 trillion expenditure cut as well as a nearly $3 trillion deficit reduction through spending cuts and new revenue – however both Democrats and Republicans have yet to reach an agreement before it can move forward.
President Biden Disagrees With Republicans’ Pro-Crypto Deals
The president’s proposed budget also imposes strict taxes on cryptocurrency – something which has been met with resistance from Republican lawmakers. However while comparing the budgets clauses favored by both parties, President Biden refused to accept these deals stating “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” – emphasizing that he would not agree to a deal that protects wealthy tax cheats while risking food assistance for one million Americans.
Proposed Alternatives To Crypto Deal
In addition to rejecting these proposals from Republicans, President Biden suggested alternative ways of increasing revenue such as raising corporate taxes rate or cracking down on corporations who avoid paying taxes altogether as well as further restrictions on deductions available to those earning more than half million dollars annually.
In conclusion it appears that there are still several issues preventing this budget from moving forward which will need further discussion between Democrats and Republicans before any agreement can be reached – however President Biden has made clear he will not agree with any proposal which benefits wealthy tax cheats or crypto traders at risk of food assistance for one million Americans