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CryptoIntelligence 2024-03-14 05:30:00

Biden Administration Proposes 30% Tax on Crypto Mining Electricity to Shape Fiscal Year 2025 Budget

Biden Administration Proposes 30% Tax on Crypto Mining Electricity to Shape Fiscal Year 2025 Budget

In his budget proposal for 2025, President Joe Biden is revisiting the concept of imposing a 30% tax on the electricity consumption of cryptocurrency mining operations. This initiative is outlined in the “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals,” a document from the U.S. Department of the Treasury. The document criticizes the lack of current legislation specifically addressing the taxation of digital assets, aside from broker and cash transaction reporting. To rectify this, the Biden administration proposes an excise tax on the electricity used in the mining of digital assets, akin to taxes on physical goods like

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