Coinbase CEO Brian Armstrong has proposed eliminating individual income taxes in the U.S., suggesting a radical shift in the tax burden to businesses and alternative revenue sources like sales taxes.
What Happened: Armstrong's call, shared in a series of tweets on Sunday, aligns with his broader vision for reducing government size and enhancing economic freedom.
"It's kind of crazy that we ask every adult in the U.S. to figure out how to pay their taxes," Armstrong tweeted, pointing to the complexity of the current tax code, which spans an estimated 150,000 pages.
He argued that offloading the tax reporting burden from millions of individual Americans to approximately 10,000 of the largest companies would simplify the system significantly.
Armstrong added, "Try to generate equivalent revenue via a sales tax, or on business income, etc."
Also Read: Goldman Sachs Expands Bitcoin ETF Holdings To $710 Million
He also highlighted United States Department of Government Efficiency's unique potential to drive economic freedom in the U.S., describing it as a "once-in-a-lifetime opportunity."
On Nov. 13, Trump officially named Musk and Ramaswamy as leaders of a newly established agency focused on optimizing federal operations through waste reduction, regulatory cuts, and agency restructuring.
He cited the need for systemic reforms, including a potential constitutional amendment capping government expenditure, to curtail what he sees as adverse incentives that expand government size over time.
Armstrong proposed, "Every citizen then has skin in the game," suggesting a U.S. sovereign wealth fund that would provide citizens with shares and dividends from budget surpluses.
What's Next: The debate is particularly timely as the industry prepares for events like Benzinga's Future of Digital Assets conference on Nov. 19, where such disruptive ideas and technologies are set to take center stage.
- Bitcoin, Dogecoin Success Driven By 'Narrative And Momentum,' Report Argues
Image: Shutterstock
