15 hours ago
BREAKING: White House Rejects Cryptocurrency Transaction Tax Proposal
David Sacks, the White House crypto and AI czar, has rejected the idea of taxing every cryptocurrency transaction to strengthen the U.S. strategic Bitcoin reserve and digital asset holdings.
On a recent episode of the All In podcast, host Jason Calacanis proposed a 0.01% tax on each crypto transaction, to be paid in the asset being transferred, purchased, or sold.
Sacks expressed doubts, pointing out that taxes often begin small but tend to grow over time. He cited the U.S. income tax, which started with a limited scope but later expanded to affect far more people.
Sacks voiced concerns about the potential strain of new taxes, even if they’re initially presented as minor. Crypto investors also criticized the idea, especially the prospect of taxing transfers between wallets owned by the same person.
The White House Crypto Summit held recently didn’t delve into specific tax proposals, though the Trump administration has signaled interest in broad federal tax reform.
President Donald Trump has floated the idea of abolishing the federal income tax, favoring tariffs on imported goods as a revenue source instead. He highlighted the 19th century, when tariffs alone funded the U.S. government, as a time of notable economic success. U.S. Commerce Secretary Howard Lutnick backed this plan, proposing to replace the Internal Revenue Service (IRS) with an 'External Revenue Service.'
#cryptocurrency #Tax #Cryptotax #WhiteHouse #bitcoinreserve
David Sacks, the White House crypto and AI czar, has rejected the idea of taxing every cryptocurrency transaction to strengthen the U.S. strategic Bitcoin reserve and digital asset holdings.
On a recent episode of the All In podcast, host Jason Calacanis proposed a 0.01% tax on each crypto transaction, to be paid in the asset being transferred, purchased, or sold.
Sacks expressed doubts, pointing out that taxes often begin small but tend to grow over time. He cited the U.S. income tax, which started with a limited scope but later expanded to affect far more people.
Sacks voiced concerns about the potential strain of new taxes, even if they’re initially presented as minor. Crypto investors also criticized the idea, especially the prospect of taxing transfers between wallets owned by the same person.
The White House Crypto Summit held recently didn’t delve into specific tax proposals, though the Trump administration has signaled interest in broad federal tax reform.
President Donald Trump has floated the idea of abolishing the federal income tax, favoring tariffs on imported goods as a revenue source instead. He highlighted the 19th century, when tariffs alone funded the U.S. government, as a time of notable economic success. U.S. Commerce Secretary Howard Lutnick backed this plan, proposing to replace the Internal Revenue Service (IRS) with an 'External Revenue Service.'
#cryptocurrency #Tax #Cryptotax #WhiteHouse #bitcoinreserve
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