bitcoin

White House backs amended hostile bill imposing tax on Crypto Miners and Developers

The White House is siding with a controversial amendment to the infrastructure bill recommended by two US Senators, Mark Warner (D-VA) and Rob Portman (R-OH).

Exemptions are included in the Warner-Portman bill for miners and developers who work on proof-of-work systems, ultimately giving Bitcoin the advantage over other networks that use other methods like proof-of-stake.

Senators Ron Wyden (D-Or), Pat Toomey (R-Pa) and Cynthia Lummis (R-Wy) jointly submitted another proposal that excluded a larger portion of miners and developers from tax obligations.

Faced with two choices, the Biden-led administration opted for the Warner-Portman bill arguing that it “strikes the right balance” and sets the tone for stricter tax enforcement and compliance.

Last week, legislators modified the US bipartisan infrastructure bill to cover crypto taxes with hopes of raising as much as $28 billion to partially finance the proposed $500 billion investment funds meant for transportation and power.

NEXT POST: Philipp Plein wants to support Crypto as means of payment

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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