DavidSacks opposes the idea of ​​crypto trading tax

White House Crypto and Ai Czar David Sacks have rejected the idea of ​​taxes for each cryptocurrency transaction as a way to fill US strategic Bitcoin (BTC) reserves and crypto stockpiles with digital assets.

During his recent appearance on All in Podcast, host Jason Calacanis proposed to charge 0.01% tax on all cryptocurrency transactions. Sack responded:

“It's always the beginning of taxes. They're described as being very modest. When income tax began, it only applies like a thousand Americans, and lawmakers vowed that it never applies to middle class people.”

“So, even if they're promised not to have much of an impact, I don't particularly like the idea of ​​a new tax, which sounds like a burden to me,” Sachs continued.

Crypto investors are very critical of the idea, which will also make tax transfers of assets between wallets owned by the same person.

The recent White House Crypto Summit has not mentioned any specific tax policies. However, the Trump administration has shown support for tax sweep reform at the federal level.

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President Trump proposes eliminating income taxes and the Internal Revenue Service

President Donald Trump previously proposed to abolish federal income taxes and replace income tax revenue with tariffs on imports.

Trump said the US federal government was exclusively funded by 19th-century tariffs, which was a time of prosperity that was almost unparalleled for the country.

U.S. Secretary of Commerce Howard Lutnick has repeatedly said the proposal would be replaced by the Internal Revenue Service (IRS) with “external revenue services.”

According to a survey of accounting automation companies' dance numbers, the Trump administration's plan to replace income from federal income taxes could save each US taxpayer at least $134,809.

The company added that if national income taxes are also abolished, lifetime savings could be extended to a maximum of $325,561 per person.

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