Biden has proposed to add a 30% tax on cryptocurrency mining electricity as well as a 40% increased capital gains tax. This is a direct target on the crypto industry, and would decrease ROI on all mining profits, and overcomplicate the already complicated cryptocurrency taxes. Earn easy passive income mining with this miner - Evergreen
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In the recent cryptocurrency-related hearings, the United States Government has made it very clear that overall they do not understand blockchain technology or cryptocurrency. They are extremely far behind and rather than try to understand the industry, they are trying to shut it down. There are a few outliers within our Congress and House of Representatives that have become champions of the crypto space, including Congressman Tom Emmer and Senator Cynthia Lummis. President Biden is trying to pass continually negative crypto tax implications that just don’t make sense. Here’s where we stand.
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Biden Crypto Tax - https://twitter.com/BitcoinMagazine/status/1633933119920168965?s=20
Capital Gains Tax - https://twitter.com/KingBlackBored/status/1633956429915729920
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Timestamps!
00:00 New terrible crypto tax laws…
01:06 30% tax on crypto mining electricity
03:17 Why US crypto laws are terrible right now
05:58 Crypto exchanges & US regulatory issues
08:16 Senators aren’t helping the crypto situation
12:58 How to fight these new crypto laws together
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Biden Plans to Tax Cryptocurrency Investors 40% and Miners another 30%
