Biden budget proposal aims to reduce deficit by $74M in 2024 via energy tax on crypto miners

U.S. President Joe Biden’s budget and associated tax proposals could impact cryptocurrency miners, according to the White House’s 2024 budget paper.

The budget specifically proposes imposing a “digital asset mining energy excise tax” in one line of its summary tables. The addition is projected to decrease the country’s deficit by $74 million in 2024, $1.38 billion by 2028, and $3.50 billion by 2033.

Earlier reports suggest that the proposal will also target wash trading.

It is expected that the budget will see significant opposition from the Republican party. As such, it is not guaranteed to come into effect in its current form.

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