Debt Ceiling Deal Excludes 30% Proposed Tax On Crypto Mining, Confirms Congressman

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The potential debt ceiling deal prevents the implementation of a 30% tax on cryptocurrency mining, which was proposed by the Biden administration.

On Saturday night, President Joe Biden and House Representative Kevin McCarthy reached a preliminary agreement to increase the debt limit of the US government. After several months of negotiations between political parties, the debt ceiling deal still needs to be officially approved.

US Congressman Warren Davidson has confirmed that certain proposed taxes by the Biden administration were blocked in the deal. One of the taxes that was successfully blocked is the 30% proposed tax on the electricity bills of crypto miners.

Budget Deal Excludes Proposed Energy Tax on Digital Asset Mining

Biden’s proposed tax on crypto mining electricity costs, known as the Digital Asset Mining Energy (DAME) excise tax, may not be implemented if the current budget deal is approved. The tax, which would amount to 30 percent of electricity costs for crypto mining, aims to address economic and environmental concerns. The final vote on the debt ceiling deal is scheduled for Wednesday.

Also Read This Related:  Biden Reached ‘Tentative’ Agreement Regarding The US debt Ceiling : Report

Republicans Criticize Tentative Debt Ceiling Deal

Some Republican lawmakers are unhappy with the preliminary debt ceiling agreement between House Speaker Kevin McCarthy and President Biden. They have threatened to vote against the deal, even though there are concerns about potential economic collapse in the US and worldwide.

After news of the tentative debt ceiling deal, the price of bitcoin rose by more than 3%, reaching a value of over $28,000 at the current time. The entire cryptocurrency market experienced a positive trend, with Ethereum and other top cryptocurrencies also seeing a significant increase over the weekend.

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Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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