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Former President Donald Trump recently announced on the Joe Rogan Experience that he is considering repealing the federal income tax and instead funding the government’s revenue with import taxes. Trump cited former US President William McKinley’s tariff policies in the 1890s as an example, arguing that such policies made the country very rich at the time. According to Trump, the revenue generated by import taxes was so high that government officials didn’t know how to spend the money.
However, critics argue that import taxes would create an indirect tax burden by increasing the prices of goods. Trump argues that these taxes could increase demand for dollars, protect domestic workers and make US exports more attractive.
Trump also floated the idea that the US could use Bitcoin to ease its $35 trillion national debt. In a conversation with Maria Bartiromo on Fox News, he hinted that the debt could be “erased” by giving creditors “a little Bitcoin.” Investment manager Bryan Courchesne said the Justice Department could transfer about 200,000 BTC seized through various legal operations to the Treasury and that it is possible to use this asset as a strategic reserve, but he also emphasized that bureaucratic hurdles must be overcome.
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In addition to Trump, former presidential candidate Robert F. Kennedy Jr. has previously suggested creating a Bitcoin strategic reserve to protect the US dollar.
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