Originally published on: October 26, 2024
During a recent appearance on the Joe Rogan Experience, former President Trump made waves by suggesting the elimination of the federal income tax in the United States. Instead, he proposed funding the government through tariffs on imports, inspired by the successful policies of former US President William McKinley in the 1890s.
Trump passionately argued that these tariffs could generate substantial revenue, enough to stump even public officials on how to manage the funds. While critics raised concerns about the potential rise in prices on goods due to import tariffs, Trump remained firm in his belief that this strategy could boost dollar demand, protect domestic workers, and make US exports more competitive on the global stage.
This bold proposal is just one of many revolutionary ideas floated by Trump, who also sees Bitcoin as a potential solution to the staggering $35 trillion national debt. During a conversation with Fox News’ Maria Bartiromo, Trump suggested using Bitcoin to repay creditors, wiping away the massive debt in one fell swoop.
Asset manager Bryan Courchesne supported the idea of establishing a Bitcoin strategic reserve for the US government, pointing to the approximately 200,000 BTC seized through law enforcement actions as a starting point. However, he highlighted bureaucratic challenges that could hinder the implementation of this vision.
Trump’s innovative approach to economic policies is gaining attention and sparking debates among experts and fellow politicians. With proposals ranging from eliminating federal income tax to utilizing Bitcoin for debt repayment, Trump continues to push the boundaries of conventional financial systems.
Subscribe to our newsletter for more groundbreaking insights on cryptocurrency laws and regulations to stay informed and make wise decisions for your crypto ventures. Join us in exploring the future of finance and stay ahead of the curve.
