Source: Cointelegraph Original: "{title}"
The White House's head of cryptocurrency and artificial intelligence, David Sacks, rejected the idea of taxing every cryptocurrency transaction as a way to bolster the United States' strategic reserves of Bitcoin and cryptocurrency assets.
In a recent episode of the "All In Podcast," host Jason Calacanis proposed a 0.01% tax on every cryptocurrency transaction, which would be valued based on the assets being transferred, purchased, or sold. Sacks responded, "Taxes always start this way. They are initially described as very modest. You know, when income tax first came about, it only applied to about a thousand Americans, and lawmakers swore it would never be levied on the middle class."
"I’m not a fan of the idea of imposing new taxes, even if someone promises that these new taxes won’t have a significant impact on people. To me, it just sounds troublesome," Sacks continued.
Cryptocurrency investors have criticized this idea, as the tax plan would also impose taxes on asset transfers between different wallets owned by the same person.
The recent White House cryptocurrency summit did not mention specific tax policies. However, the Trump administration has indicated its support for comprehensive tax reform at the federal level.
David Sacks discusses Bitcoin's strategic reserves and cryptocurrency asset repositories. Source: "All In Podcast"
Trump proposed abolishing income tax and replacing it with tariffs on imported goods.
President Trump previously proposed eliminating federal income tax and replacing income tax revenue with tariffs on imported goods.
Trump stated that the U.S. federal government relied entirely on tariffs for funding in the 19th century and considered that to be a period of unparalleled prosperity for the United States.
Commerce Secretary Howard Lutnick reiterated this proposal, stating that the IRS would be replaced by an "external tax service agency."
According to research by accounting automation company Dancing Numbers, the Trump administration's plan to replace federal income tax revenue with other income could save each American taxpayer at least $134,809.
The company also added that if state income tax were also abolished, the amount each person could save over a lifetime could reach up to $325,561.
Related: Bitcoin volatility surges amid U.S. cryptocurrency reserve and tariff panic.
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