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White House report suggests Bitcoin miners only taxed upon sale to avoid double taxation

Summary: According to The Block, the White House digital asset working group suggested in a 168-page report that the IRS clarify the timing of taxing Bitcoin mining income, or switch to taxing at the time of sale to avoid double taxation of 'mining income tax + capital gains on sale'. BitFuFu CEO Leo Lu stated that ...

According to The Block, the White House digital asset working group suggested in a 168-page report that the IRS clarify the timing of taxing Bitcoin mining income, or switch to taxing 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 proposed similar deferred tax plans such as H.R.8149.

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