David Sacks Warns Against Cryptocurrency Transaction Tax Proposal in Recent Podcast Discussion

COINOTAG News reported on March 9th that during a recent episode of the “All In Podcast,” a suggestion emerged regarding a proposed 0.01% tax applied to every cryptocurrency transaction, assessed on the asset’s current valuation. David Sacks, serving as the White House Cryptocurrency and AI Lead, expressed concerns, stating, “Such taxes often start at a low rate but can expand significantly, reminiscent of initial income tax policies that were promised to only affect a select few. A cryptocurrency transaction tax could impose unnecessary burdens on users. I’m not in favor of new taxes, even with claims of minimal impact.” Furthermore, the recent White House cryptocurrency summit did not detail any specific tax legislation, yet the support for comprehensive tax reform has been echoed by the Trump administration. Notably, Trump has advocated for replacing federal income tax with tariffs on imports, drawing from historical precedents of prosperity through tariff-based funding.