President Joe Biden Pledges To Eliminate The Loopholes For Crypto
According to the Daily Mail, US President Joe Biden gave a key economic policy address in Chicago on Wednesday, threatening to target crypto traders and hedge fund managers but also encouraging all billionaires to pay more taxes to finance economic development. The speech was touted as an effort to propose a roadmap for American middle-class prosperity. “Bidenomics” is the new term for a strategy to tax the wealthy in order to invest in important national security industries such as semiconductors.
Earlier in May, the White House was rumored to be contemplating putting a punitive tax on encryption mining firms, with a ratio of 30% of encryption mining companies’ energy expenses, an extraordinary industry-specific penalty that might endanger such companies’ earnings. According to the White House Council of Economic Advisers (CEA), crypto mining corporations do not now have to pay the full expenses they generate, such as local environmental damage, higher energy prices, and the effect of increasing greenhouse gas emissions on the climate. Although other energy-intensive enterprises would not be taxed in the same way, the CEA claims that crypto mining does not produce the same local and national economic advantages as comparable electricity-consuming firms.
Source
https://t.me/Crypto_Bitcoin_Blockchain
