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Former President Trump floats idea of eliminating federal income tax

According to the most recent Polymarket odds, the former President currently has a 65% chance of winning the Presidential election.

During a recent episode of the Joe Rogan Experience, former President Trump said he was serious about eliminating the federal income tax in the United States and replacing the revenue stream with tariffs on imports.

The 2024 Presidential candidate cited the tariff policies of former US President William McKinley during the 1890s as incredibly prosperous for the country and argued that the same policies should be applied today to fund the government. Trump told Rogan that the tariffs created so much revenue that public officials did not know how to spend the funds:

Critics have argued that imposing tariffs on imports will add a hidden tax in the form of increased prices on goods. However, Trump maintains that tariffs can drive dollar demand while protecting domestic workers and making US exports more attractive.

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Trump’s No-Income-Tax Vision: What America Looked Like Without Income Taxes

Trump’s No-Income-Tax Vision: What America Looked Like Without Income TaxesIn a lively exchange on Fox & Friends this week, former U.S. President Donald Trump floated an intriguing idea: doing away with income taxes entirely. ‘There is a Way’: Trump’s Nostalgic Call for Ending Income Taxes During the television segment, Donald Trump took a nostalgic trip down memory lane, recalling a time when Americans didn’t […]

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Donald Trump Proposes Elimination of US Income Tax, Introduction of Tariffs

Donald Trump Proposes Elimination of US Income Tax, Introduction of TariffsU.S. presidential candidate and former 45th President Donald Trump has been proposing the idea of eliminating the country’s income tax and substituting it with tariffs. Trump Discusses Tariff-Based Revenue System With Republican Lawmakers On June 13, Donald Trump met with Republican lawmakers in Washington and reportedly discussed abolishing income tax. According to sources from several […]

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China Fines Bitmain $3.6 Million for Tax Violations, Report

China Fines Bitmain .6 Million for Tax Violations, ReportChinese authorities have fined leading crypto mining hardware manufacturer Bitmain for tax-related violations, local media reported. The penalty comes amid increasing tax checks in the digital asset sector, according to information from the crypto community. Bitmain Fined for Failing to Pay Income Tax on Behalf of Employees One of the world’s largest producers of devices […]

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‘I anti-endorse these projects’ — Buterin’s shitcoin war sees him sent another 250K

Earlier this week, the Ethereum co-founder sold $700,000 worth of “shitcoins.”

Ethereum co-founder Vitalik Buterin’s latest salvo against “shitcoins” has ended up with him simply being sent more of it.

Only days ago, the Ethereum developer made moves to sell over $700,000 of tokens previously airdropped to him, causing the price of these tokens to fall. 

Buterin has since continued his war on apparent “shitcoins.” In a March 9 post on a small subreddit, Buterin labeled crypto token Bite (BITE) and most of the other coins discussed on the r/Testingtesting62831 subreddit as “shitcoins” that have “no redeeming cultural or moral value, and will probably lose you most of the money you put into them.”

“I anti-endorse these projects to the greatest extent.”
Vitalik Buterin's full post on the Testingtesting62831 subreddit. Source: Reddit

BITE was one of the tokens Buterin sold in his shitcoin selling spree on March 7, selling 3.4 million BITE for around $9,250, according to PeckShield. 

Buterin’s post was also likely prompted by the huge number of posts pushing the BITE token on the subreddit, which he created back in July 2020 and still moderates.

The post set him up for a wave of trolling, however, with other members of the subreddit doubling down on their shilling and creating a number of memes.

One of the posts purportedly trolling the Ethereum co-founder. Source: Reddit

Buterin was even sent 250,000 BITE soon after making the post. The token doesn't appear to be listed on many mainstream crypto price tracking sites, but blockchain records show sales hover around $0.011 per token, making the 250,000 sent to Buterin worth approximately $2,750.

A screenshot of transactions associated with one of Buterin’s wallets. Source: Etherscan

Meanwhile, several Twitter accounts claiming to be affiliated with the BITE token and its community have called the mention by Buterin “BULLISH.”

Related: Vitalik Buterin's philanthropic fund donates 15M USDC to UC San Diego

The Ethereum co-founder had gone on a shitcoin selling spree just two days prior, offloading some $700,000 worth of tokens that were airdropped to him and exchanging them for Ether (ETH).

Buterin initiated a similar offload in May 2021, selling tokens such as Shiba Inu (SHIB) and Dogelon Mars (ELON), causing their prices to tank by 40% and 90%, respectively.

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Income Tax Applies to Crypto Trading in Bosnia, Tax Administration Says

Income Tax Applies to Crypto Trading in Bosnia, Tax Administration SaysIndividuals are expected to pay income tax on gains from cryptocurrency trading, the tax authority of Bosnia has determined. In the absence of dedicated regulations, the federal government in Sarajevo has set up a working group to assess various risks associated with digital assets. Income Tax Is Due on Profits From Crypto Trades, Bosnia Tax […]

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Report: Kenyan Lawmaker Proposes Introducing Crypto Income and Capital Gains Tax

Report: Kenyan Lawmaker Proposes Introducing Crypto Income and Capital Gains TaxAccording to a capital markets amendment bill reportedly sponsored by Kenyan lawmaker Abraham Kirwa, cryptocurrency holders in the country will be obliged to pay taxes on gains. In addition, the bill (if passed into law) would require crypto holders to furnish Kenya’s Capital Markets Authority with details such as “the amount of proceeds from the […]

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India Targets 700 Crypto Investors for Non-Payment of Taxes: Report

India Targets 700 Crypto Investors for Non-Payment of Taxes: ReportIndia’s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. “We have a long list of people who were transacting in crypto assets but were not paying tax,” said an official with the country’s Central Board of Direct Taxation. Indian Tax Authority Going After […]

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Russian Government Eyes $13 Billion in Taxes From Crypto Economy

Russian Government Eyes  Billion in Taxes From Crypto EconomyAuthorities in Moscow expect to collect more than $13 billion as tax payments from the Russian crypto market, according to a government document quoted by media. The estimate comes as Russian institutions are holding discussions on the future of cryptocurrencies in the country. One Trillion Rubles to Enter State Coffers as Crypto Taxes, Russian Analysts […]

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Thailand Relaxes Tax Rules for Crypto Investors, Scrapping 15% Withholding Tax

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