David Sacks opposes cryptocurrency transaction tax

ChainCatcher news, according to Cointelegraph, David Sacks explicitly opposed the proposal to tax cryptocurrency transactions to supplement the U.S. strategic Bitcoin reserve, arguing that such taxes often start at a "moderate" level but can easily expand to a broader scope, similar to how income tax initially targeted only a small group.

Although the Trump administration proposed replacing federal income tax with import tariffs, Sacks still warned that a cryptocurrency transaction tax could burden users—existing proposals suggest a tax rate of 0.01% on each transaction, even covering transfers between the same user addresses, which has drawn strong criticism from investors. According to research data, eliminating income tax could save over $130,000 per person, but the White House did not clarify tax reform details at the recent cryptocurrency summit.