David Sacks, White House advisor on cryptocurrency and AI, has rejected the suggestion of taxing every crypto transaction as a means of bolstering the US strategic reserve of Bitcoin and accumulating digital assets.
In a recent episode of the All In podcast, host Jason Calacanis suggested imposing a 0.01% tax on every cryptocurrency transaction, which would be paid for by the asset being transferred, bought or sold. Sacks responded by saying:
"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."
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The recent White House Cryptocurrency Summit did not delve into specific tax policies. However, the Trump administration has expressed support for comprehensive tax reform at the federal level.