Biden Pushes Major Tax on Cryptocurrencies

Biden Pushes Major Tax on Cryptocurrencies

THE SIGNAL

The
cryptocurrency
sector is a multitrillion-dollar industry. But rather than help Americans cash in on it, President
Joe Biden
apparently wants to discourage its growth, first through regulation and now through punitive taxation. The White House just unveiled a
proposal
for a 30% tax on bitcoin mining, which is the complicated digital process by which new bitcoins are “mined” or created.Why? Because, relatively speaking, this process uses a lot of electricity. According to the White House, the federal government needs to heavily tax this economic activity so that miners have “to pay for the full cost they impose on others,” namely the environmental pollution such as carbon emissions that are a byproduct of robust energy consumption.That all sounds nice in theory, but in practice this idea is completely untenable and unworkable.For …

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