Joe Biden Targets $42 Billion Revenue with Crypto Taxes in Budget

U.S. President Joe Biden‘s proposed budget for the next fiscal year outlines a series of regulatory measures. These aim to tap into the burgeoning digital asset market. Among the highlights are the administration’s implementation of wash trading rules, a crypto mining tax, and additional regulations. Officials estimate they could rake in close to $10 billion in revenue by 2025. Over the next decade, the figure could soar above $42 billion.

美国总统乔·拜登提出的下一财年预算概述了一系列监管措施。这些旨在进军新兴的数字资产市场。其中的亮点包括政府实施清洗交易规则、加密货币采矿税和其他法规。官员们估计，到 2025 年，他们的收入可能会接近 100 亿美元。在接下来的十年里，这个数字可能会飙升至 420 亿美元以上。

The budget, unveiled on Monday, sets its sights on closing crypto tax loopholes. These predominantly favor the wealthy and major corporations. The document mentions several initiatives. These include applying wash sale rules to digital assets and imposing information reporting requirements. It also involves setting foreign crypto account reporting rules. The plan integrates crypto into mark-to-market rules and introduces an excise tax on crypto mining.

周一公布的预算旨在堵住加密货币税收漏洞。这些主要有利于富人和大公司。该文件提到了几项举措。其中包括对数字资产应用洗售规则以及实施信息报告要求。它还涉及制定外国加密货币账户报告规则。该计划将加密货币纳入按市价计价规则，并对加密货币挖矿征收消费税。

Unpacking the Crypto Tax Strategy

解密加密货币税收策略

The proposals breakdown reveals that including digital asset transactions in wash sale rules could generate over $1 billion in the 2025 fiscal year alone. Adding cryptocurrencies to mark-to-market rules is projected to contribute over $8 billion. Over a decade, these measures are expected to bring in $25 billion and $7.3 billion, respectively. Furthermore, an excise tax on crypto mining could cut down the national deficit by approximately $7 billion in the same period.

提案细目显示，将数字资产交易纳入洗售规则中，仅在 2025 财年就可以产生超过 10 亿美元的收入。将加密货币纳入按市价计价规则预计将贡献超过 80 亿美元。十多年来，这些措施预计将分别带来 250 亿美元和 73 亿美元的收入。此外，对加密货币挖矿征收消费税可以同期减少约 70 亿美元的国家赤字。

Wash trading rules, a focus of this budget, traditionally prevent investors from exploiting a quick buy-back strategy to claim tax losses. The proposed changes seek to eliminate this loophole for crypto investors. This harmonizes the tax treatment of digital assets with that of traditional securities. The goal is to modernize the tax code to address the unique challenges posed by the crypto market.

清洗交易规则是本预算的重点，传统上它会阻止投资者利用快速回购策略来索赔税收损失。拟议的变更旨在消除加密货币投资者的这一漏洞。这使得数字资产的税收处理与传统证券的税收处理相协调。目标是使税法现代化，以应对加密货币市场带来的独特挑战。

Repeated Efforts Amidst Political Landscapes

政治格局中的反复努力

This is not the first trial in introducing the mining excise tax or addressing the loophole of wash sales trading by the Biden administration. Similar initiatives were incorporated in last year‘s budget. Nonetheless, they failed to pass through Congress in the final budget bills. Biden’s announcement follows shortly after his State of the Union address. It is important to note that digital assets were not mentioned in his speech.

这并不是拜登政府首次尝试征收矿业消费税或解决洗售交易漏洞。去年的预算中也纳入了类似的举措。尽管如此，他们最终的预算法案未能在国会获得通过。拜登在发表国情咨文演讲后不久就宣布了这一消息。值得注意的是，他的演讲中并未提及数字资产。

The context of this proposal is the political landscape up to the 2024 U.S. general election. After Super Tuesday, it seems that both Biden and former President Donald Trump have clinched their partys nominations. This introduction of such regulatory measures is an attempt to resolve the complexities of the digital economy. It also focuses on a concentrated approach aimed at harnessing the crypto market for monetary gains.

该提案的背景是2024年美国大选之前的政治格局。超级星期二之后，拜登和前总统唐纳德·特朗普似乎都获得了党内提名。此类监管措施的出台是为了解决数字经济的复杂性。它还侧重于旨在利用加密货币市场获取货币收益的集中方法。