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With each passing day, Biden and his party appear to be facing ever more severe political headwinds. Inflation remains elevated, with a new variant threatening to further aggravate supply chain problems. Meanwhile, the (warranted) response to the war in Ukraine has specifically pushed gas prices upwards. Add to this that the Federal Reserve appears eager to throw millions out of work to slow the economy and that some of Biden’s outstanding nominations are in peril thanks to his own, uncooperative co-partisans, and things are undoubtedly looking bleak. 

Inflation, it’s all anyone can seem to talk about. With prices rising at their fastest rate in more than three decades, the White House is understandably looking for ways to get things under control. Rhetorically, they’ve pointed their finger at corporate greed, highlighting the stark contradiction between companies’ claims that price hikes are unavoidable and their record profits (which, by definition, mean they can raise prices faster than their costs are rising). Action to follow that diagnosis, however, has been more muted. That is not because they don’t have options at their disposal.

Crypto is a global phenomenon, and one with a rapidly growing capacity to upend tax administration worldwide. The U.S. has been slow to act to combat this threat, but clever use of extant unilateral and multilateral laws on information sharing and programs that capitalize on expertise and information outside government provide opportunities for much better protection against tax evasion. If Biden and his administration are committed to closing tax loopholes, they must use every tool available.