The bill to raise the national debt limit, agreed by US President Joe Biden and Speaker of the House of Representatives Kevin McCarthy, does not contain a mention of 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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