Crypto Tax? David Sacks Says Not on My Watch! 😂💰

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Well now, gather ’round, folks! It seems our esteemed White House crypto and AI czar, David Sacks, has taken a mighty stand against the notion of taxing every little cryptocurrency transaction. He claims it’s a scheme to fill the US strategic Bitcoin (BTC) reserve and stockpile with digital assets, but I reckon it’s just another way to lighten our wallets! 💸

During a recent chinwag on the All In podcast, host Jason Calacanis had the audacity to suggest a 0.01% tax on every cryptocurrency transaction, which would be paid in the very asset being transferred, bought, or sold. To this, Sacks replied:

“That’s always how taxes start. They are described as being very modest. You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people.”

He continued, “So, 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.” Well, bless his heart! 😅

Crypto investors, bless their souls, were none too pleased with this idea, especially since it would also tax transfers of assets between wallets owned by the same person. Talk about a double whammy! 😲

At the recent White House Crypto Summit, there was nary a mention of concrete tax policies. However, the Trump administration has been waving the flag for sweeping tax reform at the federal level. Sounds like a circus, doesn’t it? 🎪

President Trump proposes eliminating income tax and Internal Revenue Service

Now, let’s not forget our dear President Donald Trump, who once proposed tossing the federal income tax out the window and replacing it with tariffs on imported goods. He claims that back in the 19th century, the good ol’ US of A was funded solely by tariffs, and boy, was it a time of prosperity! 🍀

Howard Lutnick, the commerce secretary, echoed this proposal, suggesting that the Internal Revenue Service (IRS) would be swapped out for an “External Revenue Service.” Sounds like a fancy name for the same old game! 🤔

According to some number-crunchers at Dancing Numbers, the Trump administration’s plan could save each American taxpayer at least $134,809. Now that’s a number that’ll make you sit up and take notice! 💥

And if state-income taxes are also repealed, the lifetime savings could balloon to as much as $325,561 per person. Now, wouldn’t that be a hoot? 🎉

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2025-03-08 22:56