Topic: Biden resurrects 30% crypto mining tax in new budget proposal - page 6. (Read 1257 times)
Trump could at least probably do more than tax more than necessary. Biden is facing a comparable opponent for the second time, so if he wants the votes of the Bitcoin community then the decision he made today was the wrong one. Currently dealing with US policy is very difficult, strict and has too many rules, miners need to move if they want to get relief.
The only thing these governments are good at is, taxing people for everything they could think of and this will happen globally because we have already seen how Indian government has applied 30% tax of crypto profits and also 1% TDS on every trade and eventually banned foreign exchanges who cannot implement this and now Biden admin has planned this 30% crypto mining tax, though people will say it won't be that much considering the discounts they get but it's an additional cost for us and income for government which doesn't even support Bitcoin.
30% of miner's electricity cost? It's not small, even considering miner usually get bulk/discounted price. Unless electricity company in U.S. can offer even cheaper rate within few years, we'll see miner leaving America.
Biden is a wannabe dictator. This idiot should know that he cannot unilaterally make the tax laws. That is the job of Congress.
When the miners threatened to sue his sorry ass for trying to force them to disclose private information they threatened to sue and he was forced to back down.
This harebrain idea will never get through the Congress or the courts.
When the miners threatened to sue his sorry ass for trying to force them to disclose private information they threatened to sue and he was forced to back down.
This harebrain idea will never get through the Congress or the courts.
due to how asic farms do deals with power companies. they already get discount compared to normal residential/industrial rates.. so a 30% tax is not that much... especially when smart asic farms can just file yearly gains/losses of mining when bitcoin bear markets post the 2025 ATH.. thus can offset losses against tax and thus not have to pay tax
as for the rest of the hobby miners that get caught mining from home, well yes they have to declare their hobby as a business and pay tax, but that will just push underlying costs of mining up for some which will strengthen the underlying value of bitcoin support to never drop below $##k again
so biden effectively gives bitcoin more value by making it more expensive for some to mine bitcoin
the actual repercussions is not the tax cost... but the declarations of sources of income, where power companies will be more likely to become reporting agencies of high use residents, sending agents to peoples homes to investigate reasons for high use of energy (much like they did when weed farming was illegal and authorities used energy bills as suspicions of running a weed farm)
as for the rest of the hobby miners that get caught mining from home, well yes they have to declare their hobby as a business and pay tax, but that will just push underlying costs of mining up for some which will strengthen the underlying value of bitcoin support to never drop below $##k again
so biden effectively gives bitcoin more value by making it more expensive for some to mine bitcoin
the actual repercussions is not the tax cost... but the declarations of sources of income, where power companies will be more likely to become reporting agencies of high use residents, sending agents to peoples homes to investigate reasons for high use of energy (much like they did when weed farming was illegal and authorities used energy bills as suspicions of running a weed farm)
I'm starting to like Trump more and more. Although he is a Republican. 
Good luck, America! God help us all.
Good luck, America! God help us all.
To be more accurate with the proposal. At least they still have a lot time to prepare, so they could find a safe country that has a cheap electricity cost https://www.cable.co.uk/energy/worldwide-pricing/
Biden must read this project to know the reality instead of falsely accuse Bitcoin for using a lot energy and causing climate change https://bitcoincleanup.com/
The proposal would be effective for taxable years beginning after December 31, 2024. The
excise tax would be phased in over three years at a rate of 10 percent in the first year, 20 percent in the second, and 30 percent thereafter.
excise tax would be phased in over three years at a rate of 10 percent in the first year, 20 percent in the second, and 30 percent thereafter.
Biden must read this project to know the reality instead of falsely accuse Bitcoin for using a lot energy and causing climate change https://bitcoincleanup.com/
https://cointelegraph.com/news/crypto-mining-tax-united-states-budget
United States President Joe Biden has revived the idea of a 30% tax on electricity used by crypto miners in his budget proposal for 2025.
Lets just admit it. Biden is never going to try and stop taxing people involved in bitcoin.
Anyone that uses bitcoin here in the usa is directly accountable to the IRS even more than someone that owns a room full of firearms. enough said.
United States President Joe Biden has revived the idea of a 30% tax on electricity used by crypto miners in his budget proposal for 2025.
Lets just admit it. Biden is never going to try and stop taxing people involved in bitcoin.
Anyone that uses bitcoin here in the usa is directly accountable to the IRS even more than someone that owns a room full of firearms. enough said. Jump to: