Biden Budget Proposes New Crypto Taxes to Raise Over $40 Billion

President Biden proposed a crypto mining excise tax and wash sale rules for digital assets in new budget, projected to generate over $42B in next decade.

Wash sale rules would prevent crypto investors from selling at a loss to reduce tax burden then quickly rebuying.

Including crypto in mark-to-market rules could generate over $7B over next 10 years.

Excise tax on mining could remove $7B from deficit over next decade.

Proposals similar to last year's budget which weren't taken up by Congress, unveiled days after State of the Union and securing party nomination.