Home CryptocurrencyBitcoin U.S. President Again Proposes Crypto Mining Tax, ‘Wash Sale Rule’ for Digital Assets in New Budget

U.S. President Again Proposes Crypto Mining Tax, ‘Wash Sale Rule’ for Digital Assets in New Budget

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According to a summary table, the administration projects it could generate over $1 billion in the 2025 fiscal year by including digital asset transactions in wash sale rules alone, and north of $8 billion by including cryptocurrencies in mark-to-market rules. Over a 10-year period, these two rules could generate $25 billion and $7.3 billion, respectively (the budget seems to expect the mark-to-market rules adding to the national deficit after 2025). An excise tax on mining could remove some $7 billion from the national deficit over the next decade, the file said.

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