TechFlow news — On March 9, according to Cointelegraph, David Sacks, the White House's cryptocurrency and artificial intelligence director, opposed a proposal to tax every cryptocurrency transaction during a recent episode of the All In Podcast. The proposal was originally intended to raise funds for a U.S. strategic Bitcoin and cryptocurrency reserve.
Podcast host Jason Calacanis suggested levying a 0.01% tax on each crypto transaction based on the value of the transacted assets. In response, Sacks said: "Taxes always start this way. They're initially described as very mild. When income tax first started, it only applied to about a thousand Americans, and lawmakers swore it would never be applied to the middle class." He added, "Even if promised to have minimal impact on people, I don't like the idea of new taxes. To me, that sounds burdensome."
In the meantime, the Trump administration is exploring significant reforms in taxation, cryptocurrency, and executive governance. Trump previously proposed eliminating federal income tax and replacing the lost revenue with tariffs on imported goods. Notably, while the recent White House cryptocurrency summit did not mention specific tax policies, the Trump administration has expressed support for comprehensive tax reform at the federal level.
