Joe Biden apparently wants to put a ‘climate change tax’ on cryptocurrency mining now.
Does anyone believe that Biden even knows what cryptocurrency is or how it works? And furthermore, what does it have to do with climate change?
It’s almost like Democrats are just looking around at everything under the sun for an excuse to collect more taxes. Almost.
From Yahoo News:
Biden proposes 30% climate change tax on cryptocurrency mining
The White House is trying to persuade Congress to pass a 30% tax on the electricity used in cryptocurrency mining in the next federal budget in order to minimize the nascent industry’s impact on climate change.
“Cryptominers’ high-energy consumption has negative spillovers on the environment, quality of life, and electricity grids where these firms locate across the country,” the president’s Council of Economic Advisers (CEA) argues in a blog post that will appear on the White House website on Tuesday, to which Yahoo News gained advance access. The post will lay out the case for the Digital Asset Mining Energy (DAME) excise tax, which the CEA writes is an “example of the Administration’s efforts to fight climate change and reduce energy prices.”
“Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate,” the CEA writes in its post. “The DAME tax encourages firms to start taking better account of the harms they impose on society.”
Burning fossil fuels to create electricity accounts for 25% of annual U.S. greenhouse gas emissions and releases harmful air pollutants such as nitrogen oxides and particulate matter.
Critics of the proposed tax say the crypto mining industry is being unfairly targeted. “This puts a clear line in the sand that they do not like the industry. They are looking for ways to hamstring it,” Tom Mapes, director of energy policy at the Chamber of Digital Commerce, told Yahoo News. “This is just a way to go after the industry which they do not support.”
Doesn’t this all sound kind of dumb?
These kinds of anti-capitalist wacko policies are going to end up driving everything related to crypto overseas, which would be the equivalent of driving all Internet-related firms out of the US in 1980. It's another sign the country is headed towards disaster. https://t.co/VAsv37QbVE
— John Hawkins (@johnhawkinsrwn) May 3, 2023
So incredibly sick of this administration’s stupid agenda. 😡 https://t.co/EnzS7anipq
— St. Clair Newbern IV (@scn4) May 2, 2023
I’m fairly confident Biden can’t explain this. https://t.co/6PAYpCCMr7
— Jay Dilks (@DilksJay) May 2, 2023
This government just wants more of your money and they’ll get it any way they can.