Attending the Group of Seven (G7) Summit in Hiroshima, Japan on May 21, Biden called the Republicans' proposed terms "unacceptable" during a press conference.
"I'm not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk for nearly a hundred — excuse me — nearly 1 million Americans."
The alleged protections for crypto traders refer to tax-loss harvesting.
According to the Washington Post, there's an ongoing discussion between the White House and Republican leaders about blocking that the mechanism for cryptocurrency transactions.
Crypto tax-loss harvesting is a strategy that investors use to reduce their overall tax liabilities.
It involves selling a cryptocurrency at a loss to offset capital gains from crypto profit. To claim a loss, the assets must be sold, and the proceeds must be used to purchase a similar asset within 30 days before or after the sale.
The mechanism is also available for stocks and other assets.
Along with ending tax-loss harvesting for crypto, the White House pitched Republicans a similar proposal that bars investors from deferring taxes on real estate swaps. Both the changes would add about $40 billion in tax revenue for the U.S. government.