Biden, McCarthy Debt Ceiling Deal Spares Bitcoin Miners From 30% Tax, Says Congressman
Portfolio Pulse from Mehab Qureshi
President Joe Biden and House Speaker Kevin McCarthy reached an agreement on the U.S. debt ceiling, which blocked several proposed taxes, including the 30% Digital Asset Mining Energy (DAME) excise tax on cryptocurrency mining firms. The exclusion of the DAME tax from the deal is seen as a win for those opposing the Biden Administration's proposed tax hikes.
May 30, 2023 | 4:34 am
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POSITIVE IMPACT
The exclusion of the 30% DAME excise tax on cryptocurrency mining firms from the Biden-McCarthy debt ceiling deal is a positive development for Riot Platforms.
The Biden-McCarthy debt ceiling deal blocked the proposed 30% DAME excise tax on cryptocurrency mining firms. As Riot Platforms is a cryptocurrency mining company, the exclusion of this tax from the deal is a positive development for the company, potentially reducing its tax burden and allowing it to continue its operations without the additional financial pressure. This could lead to a short-term positive impact on Riot Platforms' stock price.
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