David Sacks Slams Crypto Tax Proposal: "No New Taxes!" 🚫💰

David Sacks, a key crypto and AI advisor in the Trump administration, has shut down the idea of a 0.01% tax on all crypto transactions. This proposal, originally pitched by entrepreneur Jason Calacanis on the All In podcast, suggested using the tax to build a “crypto reserve” for the U.S.

Why Sacks Thinks It’s a Bad Idea 🚨

Sacks didn’t hold back, calling the tax “burdensome” and warning that even a tiny percentage could balloon into a major financial drain over time. His argument? Look at the U.S. income tax—it started small, but now everyone pays it.

🗣️ "I do not support the idea of new taxes, even if they seem modest." – Sacks

Crypto Community Backlash �*

The crypto world is not happy. The biggest issue? This tax would apply to all transactions, even when people move assets between their own wallets. That’s like getting taxed for transferring money from one pocket to another. Total nonsense.

Meanwhile, tax reform is still a hot topic in the Trump administration. Trump has floated the idea of scrapping federal income tax entirely and replacing it with import tariffs—a move he claims fueled U.S. economic growth in the 19th century.

Sacks’ Influence & The "PayPal Mafia" 🏴‍☠️

David Sacks isn’t just some random guy with opinions—he’s a big deal in tech and crypto:

• OG PayPal exec who helped turn it into a global giant
• Co-founder of Yammer, which Microsoft later bought
• Runs Craft Ventures, a VC firm that backs SpaceX, Uber, Reddit & more
• Part of the legendary “PayPal Mafia” with Elon Musk & Peter Thiel
• Longtime Bitcoin believer, investing as early as 2012

He also helped finance Musk’s $44B Twitter takeover and has been vocal about crypto as the future of money.

What’s Next?

Right now, this tax idea is just a podcast debate, but it’s sparked huge discussions about crypto regulation in the U.S. With the 2024 election over and Trump back in power, crypto policies could see major changes—but if Sacks has any say, new crypto taxes aren’t happening. 🚀

*� TL;DR:

David Sacks isn’t buying the idea of a 0.01% crypto transaction tax, calling it unnecessary and dangerous. The crypto world agrees, seeing it as a threat to financial freedom. Meanwhile, Trump’s administration is focused on bigger tax reforms, including possibly ditching federal income tax altogether.