David Sacks opposes taxing crypto transactions to build US Bitcoin reserve

From Cointelegraph

March 8, 2025 2:33:40 pm:

White House crypto and AI czar David Sacks rejected the idea of taxing each cryptocurrency transaction to fill the US strategic Bitcoin reserve. Critics were against the proposal, which would also tax transfers between wallets owned by the same person. The recent White House Crypto Summit did not mention concrete tax policies.

President Trump proposed eliminating federal income tax and replacing it with tariffs on imported goods. Howard Lutnick, US commerce secretary, supported the proposal, suggesting replacing the IRS with an “External Revenue Service.” Research suggests the plan could save each American taxpayer at least $134,809, with potential lifetime savings of up to $325,561 per person.

Read more at Cointelegraph: David Sacks pushes back against idea of crypto transaction tax