Implementing a blanket 30% federal tax on digital asset mining will kill the sector and wipe out billions of dollars of investor value in the United States, and very likely in Canada as well.
The egregious mining tax is part of Biden's budget proposal for fiscal year 2025, aiming to regulate the industry and address environmental concerns, phased in over three years.
Biden's tax proposal contradicts democratic ideals, contrasting with the pro-crypto stance of former President Trump, causing concerns in the growing cryptocurrency industry.
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