Comments continue to come in on US President Joe Biden’s plans to tax cryptocurrency mining.
Biden’s plan to tax crypto mining aims to reduce greenhouse gas emissions. Commenting on the plans, the commentators offer tips on how this plan will progress.
Will Biden’s Crypto Mining Tax Plans Prevent Greenhouse Gas Emissions?
US President Joe Biden’s tax plan aims to reduce greenhouse gas emissions, electricity costs and local environmental pollution. However, this was not welcomed by the crypto community.
US-based cryptocurrency miners could soon face a tax equal to 30 percent of the cost of the electricity they use if the budget proposed by President Joe Biden for fiscal year 2024 is approved by Congress.
The plan to tax cryptocurrency miners has met with backlash from crypto miners. Biden’s tax plan actually aims to reduce greenhouse gas emissions. However, it includes taxing 30 percent of the income of miners originating in the USA.
Biden’s Council of Economic Advisors (CEA) uses the following statements in its statement on the subject:
“The primary purpose of the DAME tax, which is estimated to generate revenues of $3.5 billion over 10 years, is to enable crypto miners to pay their fair share of the costs imposed on local communities and the environment.”
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