[The White House considers imposing punitive taxes on crypto min
U.S. President Joe Biden is considering imposing punitive taxes on cryptocurrency mining operations because "they cause harm to society," the White House Council of Economic Advisers (CEA) said in a bulletin on Tuesday. The government has proposed a tax equivalent to 30% of the cost of energy for mining companies, an unusual industry-specific penalty that could threaten such companies' profits. The CEA said that currently crypto mining companies do not need to pay the full costs they have caused, including local environmental pollution, higher energy prices and the impact of increased greenhouse gas emissions on the climate. While other energy-intensive industries would not be subject to a similar tax, the CEA argues that "crypto mining does not generate the same local and national economic benefits as similar electricity-consuming businesses." The Biden administration first proposed a franchise tax in a document released by the U.S. Treasury Department on March 9. The tax could raise as much as $3.5 billion in revenue over the next 10 years, it said.
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