A proposed tax on electricity used by cryptocurrency miners in the U.S. has been scrapped in the deal between U.S. President Joe Biden and House Speaker Kevin McCarthy to raise the country’s debt ceiling , according to Republican congressman Warren Davidson.
See related article: Biden administration pushes for 30% electricity tax in swipe at crypto miners
Fast facts
Davidson on Sunday tweeted a link to the “Fiscal Responsibility Act of 2023,” a draft bill that would allow the U.S. to raise the debt ceiling to prevent a national default.
Davidson said in a following tweet the bill didn’t include a tax on cryptocurrency miners equal to 30% of the cost of the power they use – a levy the Biden administration has been campaigning for.
“Yes, one of the victories is blocking proposed taxes,” Davidson tweeted, in response to a separate tweet from Pierre Rochard, vice president of research at Bitcoin mining firm Riot Platforms, who asked for confirmation that the energy excise tax had been ditched.
Yes, one of the victories is blocking proposed taxes. — Warren Davidson
See related article: Biden administration pushes for 30% electricity tax in swipe at crypto miners
Fast facts
Davidson on Sunday tweeted a link to the “Fiscal Responsibility Act of 2023,” a draft bill that would allow the U.S. to raise the debt ceiling to prevent a national default.
Davidson said in a following tweet the bill didn’t include a tax on cryptocurrency miners equal to 30% of the cost of the power they use – a levy the Biden administration has been campaigning for.
“Yes, one of the victories is blocking proposed taxes,” Davidson tweeted, in response to a separate tweet from Pierre Rochard, vice president of research at Bitcoin mining firm Riot Platforms, who asked for confirmation that the energy excise tax had been ditched.
Yes, one of the victories is blocking proposed taxes. — Warren Davidson