Biden Proposes New 30% Crypto Mining Electricity Tax to Raise Billions, Drawing Criticism
- Biden proposed a 30% tax on electricity used for crypto mining, phased in over 3 years
- Tax aimed to generate $10B next year and $42B over next decade
- Critics say tax would destroy US crypto mining industry
- Biden has previously sought to curb mining operations
- Other crypto tax proposals include wash sale rules, reporting requirements, and foreign account rules
