A bill agreed by US President Joe Biden and Speaker of the House of Representatives Kevin McCarthy to raise the national debt limit does not contain references to excise tax Digital Asset Mining Energy (DAME).
In the beginning of May CEA proposed to include in the federal budget a 30% tax on electricity used in cryptocurrency mining. The initiative was positioned as a measure to minimize the impact on climate change.
Experts proposed a phased introduction of the tax over three years: from next year, 10%, then an increase to 20% and 30%. DAME was expected to bring in $3.5 billion over ten years.
Republican Warren Davidson from Ohio in the U.S. House of Representatives called the rejection of the tax a victory.
Yes, one of the victories is blocking proposed taxes.
— Warren Davidson 🇺🇸 (@WarrenDavidson) May 29, 2023
Recall that in March, the CEA submitted a report stating that digital assets do not meet the stated use cases. The experts also pointed to the risks of digital assets for investors and financial stability in general.
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