Debt Ceiling Deal Blocks 30% Proposed Tax On Crypto Mining
US Congressman Warren Davidson confirmed that they successfully blocked some proposed taxes by the Biden administration in the deal, including a 30% proposed tax on crypto miner’s electricity bills.
Budget deal blocks Digital Asset Mining Energy excise tax
Earlier this month, Biden proposed the Digital Asset Mining Energy (DAME) excise tax to address the economic and environmental costs of current practices for mining crypto assets. As per the proposed tax bill, after a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining. However, the proposed tax will not be implemented if the current budget deal sails through as it is. The final vote on the Debt Ceiling deal will be held on Wednesday.
Republicans slam tentative debt ceiling deal
Several congressional Republicans expressed dissatisfaction with the tentative Debt Ceiling deal House Speaker Kevin McCarthy reached with President Biden. Republican lawmakers threatened to vote “no” on the Debt Ceiling deal despite fears of a catastrophic economic collapse in the US and globally.
On the heels of tentative Debt Ceiling deal news, bitcoin surged over 3% as it trades above $28,000 at the press time. The overall market is in green as Ethereum and other leading cryptocurrencies witnessed a surge over the weekend.
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