{"id":1926302,"date":"2023-05-07T22:13:19","date_gmt":"2023-05-08T02:13:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-pushes-major-tax-on-cryptocurrencies\/"},"modified":"2023-05-07T22:16:00","modified_gmt":"2023-05-08T02:16:00","slug":"biden-pushes-major-tax-on-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-pushes-major-tax-on-cryptocurrencies\/","title":{"rendered":"Biden advocates significant crypto tax."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">10<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-pushes-major-tax-on-cryptocurrencies%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1926302&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Say No to Biden&#8217;s Proposed Bitcoin Mining Tax<\/h2>\n<h3>The Problem with Biden&#8217;s Proposal<\/h3>\n<p>The cryptocurrency industry is worth trillions of dollars, but President Joe Biden&#8217;s latest proposal could discourage its growth. The White House has suggested a 30% tax on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bitcoin-plunges-12-after-elon-musk-says-tesla-will-stop-accepting-the-coin-wipes-365-billion-off-cryptocurrency-market\/\" title=\"Bitcoin PLUNGES 12% After Elon Musk Says Tesla Will Stop Accepting The Coin, Wipes 5 Billion Off Cryptocurrency Market\">bitcoin mining<\/a>, citing the environmental pollution caused by the energy consumption required for the process. However, this idea is unworkable and could have unintended consequences.<\/p>\n<h3>Why the Proposal Won&#8217;t Work<\/h3>\n<p>Bitcoin mining can be done from anywhere in the world, so the most likely outcome is that mining relocates to other countries without a 30% tax. This means the projected revenue will never materialize, and the US will lose out on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fed-found-economy-is-recovering-much-faster-than-officials-expected\/\" title=\"Fed Found Economy Is Recovering Much Faster Than Officials Expected\">economic activity<\/a> in an innovative industry. Additionally, the tax could <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-pushes-major-tax-on-cryptocurrencies\/\" title=\"Biden advocates significant crypto tax.\">increase global carbon emissions<\/a>, defeating the point from an environmentalist perspective.<\/p>\n<h3>The Impact on Renewable Energy<\/h3>\n<p>Bitcoin mining incentivizes <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/joe-biden-knows-he-messed-up-on-fracking-at-debate-and-is-now-doing-damage-control-the-daily-wire\/\" title=\"Joe Biden Knows He Messed Up On Fracking At Debate And Is Now Doing Damage Control | The Daily Wire\">renewable energy<\/a> generation, making it more economically viable. It helps provide consistent demand for energy when renewables produce more energy than is needed at certain times. Pushing bitcoin mining out of the US would discourage the development of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/outdated-solar-panels-wind-turbines-electric-car-batteries-will-clog-landfills-with-hazardous-waste-according-to-new-report\/\" title=\"Outdated Solar Panels, Wind Turbines, Electric Car Batteries Will Clog Landfills With Hazardous Waste According To New Report\">renewable energy sources<\/a>.<\/p>\n<h3>Conclusion<\/h3>\n<p>Biden&#8217;s proposed tax would raise little revenue, push economic activity outside the US, discourage the development of renewable energy, and almost certainly increase global carbon emissions. It&#8217;s time to say no to this proposal and find a better solution.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SLOVENIA &#8211; December 27, 2018: Bitcoin tax and capital gain or loss for trading on dollat bills The cryptocurrency sector is a multitrillion-dollar industry. But rather than help Americans cash in on it, President Joe Biden apparently wants to discourage its growth, first through regulation and now through punitive taxation. The White House just unveiled<\/p>\n","protected":false},"author":1,"featured_media":1926303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[4445,3620,6987,8360],"class_list":["post-1926302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-advocates","tag-biden","tag-crypto","tag-tax"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1926302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1926302"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1926302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1926303"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1926302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1926302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1926302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}