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- 🚗 #GateSquareCommunityChallenge# Round 1 — Who Will Be The First To The Moon?
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The White House report recommends avoiding double taxation, and Bitcoin miners may only be taxed upon sale.
PANews August 5 news, according to The Block report, the U.S. White House Digital Asset Working Group recommended in a 168-page report that the IRS clarify the tax point for Bitcoin mining revenue, or switch to taxing at the time of sale to avoid "double taxation" of "mining income tax + capital gains tax on sale." BitFuFu CEO Leo Lu stated that this move could significantly reduce the tax burden on miners and accelerate the popularization of Bitcoin. Congress has already proposed similar tax deferral plans such as H.R. 8149.