The U.S. Treasury Department proposed a 30% excise tax on crypto mining facilities Thursday as part of President Joe Biden's 2024 budget proposal rollout. nikhileshde reports
The U.S. Treasury Department has proposed a 30% excise tax on the cost of powering crypto mining facilities.,” its list of tax proposals and explanations for the U.S. President’s budget proposal, would create a phased-in excise tax based on the costs of the electricity used in crypto mining, imposed on the companies “using computing resources” to mine cryptocurrencies.
The provision explicitly makes the case that this type of tax may lower the overall number of mining machines in the U.S. The House of Representatives and Senate have to pass a budget which includes these types of revenue-generating tax rules before they can be implemented. The Republican-led House is unlikely to adopt the Democratic president’s proposal as-is. Still, the proposal indicates Biden's fiscal priorities as he prepare to announce his bid for a second term as U.S. President.on Thursday, highlighting a separate provision that would close a so-called wash sale loophole in the tax code.
“The proposal would amend the securities loan nonrecognition rules to provide that they apply to loans of actively traded digital assets recorded on cryptographically secured distributed ledgers, provided that the loan has terms similar to those currently required for loans of securities,” the document said.2021 Infrastructure Investment and Jobs Act’s crypto tax reporting provision
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