Last month, the President released his Budget for Fiscal Year 2024, building on progress over the past two years to make critical investments to grow the economy, lower costs for families, protect and strengthen Medicare and Social Security, and reduce the deficit.
One new proposal in this year’s Budget, the Digital Asset Mining Energy (DAME) excise tax, is an example of the President’s commitment to addressing both long-standing national challenges as well as emerging risks – in this case, the economic and environmental costs of current practices for mining crypto assets (cryptomining, for short). After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in cryptomining. Read More.