Biden's 30% Tax on Bitcoin Mining Appears Dead Under Debt Ceiling Deal
"A plan by the White House to impose stiff taxes on the sector appears dead in the water following a larger deal between President Biden and senior Republicans to prevent the U.S. from defaulting on its debt."
"While the White House has yet to provide a further update on the tax proposal, Republican Congressman Warren Davidson of Ohio said on Sunday that the mining tax will not take effect."
“Yes, one of the victories is blocking proposed taxes,” Congressman Warren Davidson of Ohio tweeted on Sunday in response to Pierre Rochard of Riot Platforms, who noted the excise tax did not appear in a new bill describing the terms to raise the so-called debt ceiling.
"The legislation appears to have no path forward for now given that another senior Republican has said the debt ceiling deal “blocks Democrat demands for new taxes and reject all $5 trillion of Biden’s proposed tax increases.”"