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The Coin Rise 2025-03-09 08:53:25

White House Crypto Czar Dismisses Transaction Tax for Bitcoin Reserve

White House Crypto Czar Dismisses Transaction Tax for Bitcoin Reserve

David Sacks, the White House’s crypto and AI czar, has pushed back against the idea of taxing every cryptocurrency transaction to fund a U.S. Bitcoin reserve, calling it a “burdensome” approach that could easily spiral into a broader tax regime. Speaking on the All In Podcast, Sacks was asked about a proposal from host Jason Calacanis, who suggested a 0.01% tax on all crypto transactions. If implemented, this would be applied directly in the asset being transferred, whether it was Bitcoin, Ethereum, or any other cryptocurrency. Against Micro Tax Proposal Sacks was quick to reject the idea, arguing that taxes often start small but inevitably expand. “That’s always how taxes start. They are described as being very modest,” he said. Drawing a historical parallel, Sacks pointed out that when the U.S. introduced the income tax, it initially applied to only a small number of Americans, but it gradually evolved into a much broader system affecting the middle class. “I don’t particularly like the idea of new taxes, even if it is promised that they won’t affect people very much. That sounds burdensome to me,” he added. Crypto investors and industry advocates were also quick to criticize the proposal, especially given that the tax would apply even to wallet-to-wallet transfers made by the same person. Trump’s Overhaul Plans Gain Momentum The recent White House Crypto Summit did not include any mention of such transaction taxes, reinforcing the Trump administration’s broader stance on reducing tax burdens. Instead, Trump has signaled support for sweeping tax reforms, which could reshape how the U.S. government collects revenue. One of the most radical proposals under discussion is eliminating federal income tax altogether and replacing it with tariffs on imported goods . Trump has previously noted that the U.S. government was primarily funded through tariffs in the 19th century, a period he argues was marked by economic prosperity. Commerce Secretary Howard Lutnick echoed this sentiment, proposing a complete restructuring of tax collection that would replace the Internal Revenue Service (IRS) with an “External Revenue Service.” According to research from accounting automation firm Dancing Numbers, replacing income tax with tariffs could save each American taxpayer at least $134,809 over their lifetime, with potential savings reaching $325,561 if state income taxes are also repealed. The post White House Crypto Czar Dismisses Transaction Tax for Bitcoin Reserve appeared first on TheCoinrise.com .

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