WHITE HOUSE TAKES AIM AT MINERS

Recent updates from the Council of Economic Advisers (CEA) indicate that the White House is advocating for a Digital Asset Mining Energy (DAME) tax due to concerns over environmental damage. This proposed tax has sparked a lot of backlash from those in the industry. Dennis Porter, the CEO of Satoshi Action Fund, called it "unfair and discriminatory". He warned that a 30% tax could drive most Web3 jobs and growth out of the U.S., even though the country currently leads in Bitcoin hash rate. "Just think if we had slapped a 30% tax on internet companies back in the '90s," Porter pointed out. "That would have made sure all the jobs and economic progress happened somewhere else."

You mean the politicians currently occupying the White House. There are others who have a very different perspective on the issue:

Well that was kind of expected! Since last couple of months, the way FED and enforcement agencies are creating issues for the crypto companies, a harsh tax treatment was quite expected. This move might expedite the recession in US as more job cuts are becoming evident. Asian countries will surely be benefited out of this move as the crypto miners and web3 companies may move out to crypto friendly countries along with their jobs.

the U.S. govt is relentlessly trying to rip off its citizens' money....if the U.S Govt officially imposes a 30% tax on miners for unreasonable reasons (harmful impact of mining on the environment) then RIP for the bitcoin mining business in the U.S and bitcoin mining businesses outside the U.S such as China, Russia and maybe Latin America will be blessed with this news.

30% tax is too much for the white house to impose on bitcoin users in there region,though the law will be implemented in there next year budget,maybe before then the 30% may be reduce.we never know,but it will really be worry some when the law is implemented.

Does the white house make laws and regulations strict and must be obeyed by Bitcoin miners, I think there are many ways miners avoid the 30% tax. What if this happened. And what if this challenge actually happened. What can the white house/american government do, are they going to change the tax law to 10%. Weird, America actually knew it was going to happen. We'll see later, whether the 30% tax actually happens or......!

Unfortunately they policy makers have no idea of what they were doing and that is why US is sinking now and possibly lose the influence too in very few years. Unfair rates will never encourage the business to be operated so either they will move to another country or will operate under the radar and paying no taxes at all so they are creating a revenue loss with unfair tax rates. But this is just from one agencies and other may have different view especially who understands the potential growth of blockchain technology in the future.

Looks like you have no idea what you are talking about, you posted a link about Ted Cruz who is a Republican who is serving as a senator and White house is held by the Democratic Party and the president is one of the most intelligent person the world could produce as a leader (Sarcastic), forced to write a disclaimer as majority might not be following world politics. The Democratic party is against energy usage and following the WOKE agenda, if you want to see changes follow the Republicans at the moment and hopefully they will win the next time. Disclaimer: I have nothing to do with US or its politics, i am continents away from them but following global politics as some of the policies will have an impact globally.

This law will be a big blow to the bitcoin section and some states that rake high income from miners will be negatively affected. Although these states are bitcoin-friendly they will be powerless. Based on the legal doctrine of preemption the federal government has the power to reduce and eliminate any state law that conflicts with federal laws. But these states can challenge this unfavorable law in court. They can file a lawsuit seeking to pray the court to declare such a law unconstitutional. If the law is enforced, the best option for miners will be to leave the US territory to other lenient countries. Africa would have been a good destination if not for the lack of basic infrastructure such as constant and cheap power supply.