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White House Crypto Report Suggests Avoiding Double Taxation, Bitcoin Miners to Be Taxed Only Upon Sale
BlockBeats News, August 5th, the U.S. White House's Digital Asset Work Group suggested in a 168-page cryptocurrency report that the IRS clarify the taxation timing of Bitcoin mining income, possibly changing it to be taxed at the time of sale to avoid double taxation of "mining income tax + capital gains on sale."
BitFuFu CEO Leo Lu stated that this move could significantly reduce miners' tax burden and accelerate the mainstream adoption of Bitcoin. Congress has already seen bills such as H.R. 8149 proposing similar tax deferral schemes.
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