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Description

Released White House Digital Asset Mining Energy (DAME) Excise Tax proposal

On 2 May 2023, the White House Council of Economic Advisors released a proposal on Digital Asset Mining Energy (DAME) excise tax, following its inclusion in the FY2024 Biden Administration's budget proposal in March 2023. The proposal provided further details and justifications for the tax, which would be imposed on cryptocurrency mining companies to internalise the negative impacts on the environment, quality of life of local communities, and the pressure on local electricity grids. The tax would be set at 10% and incrementally increased by 10% annually over the next three years until it reaches 30%.

Original source

Scope

Policy Area
Taxation
Policy Instrument
Indirect taxes
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies), other service provider
Implementation Level
national
Government Branch
executive
Government Body
central government

Complete timeline of this policy change

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2023-03-09
under deliberation

On 9 March 2023, US President Joseph Biden unveiled his Budget Proposal for 2024. One of the propos…

2023-05-02
adopted

On 2 May 2023, the White House Council of Economic Advisors released a proposal on Digital Asset Mi…