David Sacks opposes cryptocurrency transaction tax

Odaily Planet Daily News David Sacks explicitly opposes the proposal to tax crypto transactions to supplement the United States' strategic Bitcoin reserves, believing that such taxes often start with "moderate" but are easy to gradually expand to a wider range, such as income tax initially only for a minority of groups. Although the Trump administration has proposed replacing federal income tax with import tariffs, Sacks still warned that crypto transaction taxes may increase the burden on users - the existing plan recommends a 0.01% tax rate on each transaction, even covering transfers between the same user addresses, which has aroused strong criticism from investors. According to research data, the abolition of income tax may save more than $130,000 per person, but the details of the tax reform were not clarified at the recent White House Crypto Summit. (Cointelegraph)