Biden admin proposes 30% tax on electricity used for Bitcoin & crypto mining - NY Times

The president spoke in Philadelphia after proposing a new spending plan that has no chance of passing a Republican House, but serves as an opening bid in what will be a fraught budget battle.

Highlights

• President Biden proposes a $6.8 trillion budget that seeks to increase spending on the military and a wide range of new social programs.
• The budget contains some $5 trillion in proposed tax increases on high earners and corporations over a decade, much of which will offset new spending programs aimed at the middle class and the poor.
• It seeks to reduce budget deficits by nearly $3 trillion over that time, compared with the country’s current path.
• The plan was certain to draw swift criticism from Republicans, who are locked in an economically perilous debate with Mr.
• Biden over the borrowing limit, which House conservatives refuse to raise unless he agrees to sharp spending cuts.

---

Read the original article