David Sacks, the White House’s crypto and AI advisor, has dismissed the idea of taxing every cryptocurrency transaction as a method to enhance the US strategic Bitcoin reserve and digital asset holdings.
During a recent appearance on the All In podcast, host Jason Calacanis suggested implementing a 0.01% tax on cryptocurrency transactions, with the tax being levied in the asset being transferred, bought, or sold.
Sacks expressed skepticism, noting that taxes typically start small but can expand over time. He drew a parallel to the history of income tax in the US, which initially targeted a small group but gradually broadened its scope. Sacks voiced concerns about the potential burden of new taxes, even if initially promised to be negligible.
The proposal also faced criticism from crypto investors, particularly because it included taxes on transfers between wallets owned by the same person.
