He wants to eliminate taxes on American-made cryptocurrencies, also known as crypto assets.
This idea has many people talking because it could change how we think about digital money in the United States.
Trump Argues for Fairness in Taxing American Crypto
Trump believes that taxing crypto is unfair. He stated, “They have them paying crypto tax, and I don’t think that’s right.” He pointed out that if someone uses Bitcoin to buy a coffee, they have to pay a capital gains tax. This means if the value of their Bitcoin has gone up since they bought it, they would owe money to the government when they spend it. Trump thinks this doesn’t make sense. He argues that Bitcoin is just like any other type of money, and using it should not come with extra taxes.
BREAKING: 🇺🇸 Trump Proposes ZERO Tax On American Crypto Assets!
During a recent interview Trump stated —
“They have them paying tax on crypto and I don’t think that’s right. Bitcoin is money and you have to pay capital gains tax if you use it to buy a coffee? I was talking… pic.twitter.com/ntWT82c6fI
— Good Morning Crypto (@AbsGMCrypto) October 29, 2024
During the interview, Trump shared a conversation he had with a friend. His friend said that crypto shouldn’t be taxed at all, and Trump agrees. “Maybe we get rid of taxes on crypto and replace it with tariffs,” he suggested. Tariffs are taxes on goods coming into the country, so instead of taxing crypto, he wants to encourage American-made tokens by taxing foreign ones.
Potential Benefits of a Tax-Free Environment for U.S. Crypto Assets
Trump specifically mentioned that there would be no tax on cryptos created in the United States, like $BTC and $XRP. This means if you buy or sell these American crypto assets, you wouldn’t have to pay any taxes at all.
On the flip side, tokens made in other countries, such as Ethereum, would still be taxed. Trump said, “We want tokens made here at home, we don’t want Chinese tokens. We say get those Chinese tokens out of here.” This shows his focus on supporting American businesses and keeping money within the country.
If this proposal goes through, it could make American crypto assets much more attractive to investors. People might be more likely to use Bitcoin and XRP, knowing they won’t have to pay taxes when they spend or trade them. It could also encourage more companies to create cryptocurrencies right here in the U.S.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
