The US scraps its plans for Bitcoin mining excise tax! What led to this decision? Read more here -
The Biden Administration’s federal budget proposal to charge a 30% tax on all Bitcoin miners in the United States has been scrapped, a national policymaker confirmed on Sunday.
The bill would suspend the debt limit entirely until January 1, 2025, removing it as an issue going into the 2024 Federal election. On the flip side, it would implement a number of spending cuts including caps on non-defense spending and reductions in IRS funding. that the proposal was gone, and that blocks on Democrat-proposed taxes were among Republicans’ negotiating victories.The proposed tax would have made proof of work cryptocurrency miners pay a 30% tax on all energy spent during the mining process – effectively raising the cost of running a mining business in the United States.
“It’s absolutely important that the development of this technology, as well as Bitcoin mining itself, to occur in the United States,” she said at the time.
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