During a recent appearance on the All In Podcast, host Jason Calacanis proposed charging a 0.01% tax on every cryptocurrency transaction, which would be denominated in the asset that is transferred, bought or sold. Sacks responded:
“That’s always how taxes start. They are described as being very modest. You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people.”
“I don’t particularly like the idea of new taxes, even if it is promised that they won’t affect people very much. That sounds burdensome to me,” Sacks continued.