There Ain’t Nothing Like a “DAME”
January 30th, 2024
The Biden Administration’s proposed fiscal 2024 budget included a new proposal for the Digital Asset Mining Energy (DAME) excise tax with a goal of taking 30 percent of the cost of electricity used in cryptocurrency mining for the federal treasury. While the proposal failed to win support last year, it remains a goal of the Biden Administration.
But a new report from the Competitive Enterprise Institute urges the White House to “Don’t Depower Crypto.” The report concludes that the DAME tax would do more harm than good, stifling innovation and consumer well-being. And, given the rapid pace of change in the fledgling industry, the tax would make almost no real-world sense.
A Biden press release had boasted that the tax would bring in $3.5 billion in revenues over a 10-year period. It would also punish the crypto industry for “the harms they impose on society” through environmental pollution, higher energy prices, and increased greenhouse gas emissions. To some in Washington, it seems, cryptocurrencies are the new fossil fuels.
https://www.cfact.org/2024/01/30/there-aint-nothing-like-a-dame/?utm_source=rss&utm_medium=rss&utm_campaign=there-aint-nothing-like-a-dame&utm_source=rss&utm_medium=rss&utm_campaign=there-aint-nothing-like-a-dame
