DOGE creator pours criticism on US taxation system, sparking a wave of discussions about the fairness and efficiency of the current financial landscape. Billy Markus, famously known as Shibetoshi Nakamoto on social media, is not just the creator of DOGE but also an active commentator on various financial matters, particularly on cryptocurrencies. His recent critique of the US taxation system has drawn significant attention.
Markus Criticizes the Taxation of Already Taxed Wealth
Markus recently responded to a post by the @unusual_whales account, which highlighted Federal Reserve data indicating that Americans aged 65 and above, representing 17% of the country’s population, own half of the nation’s wealth. This wealth, according to the post, is subject to gradual extraction through taxation. Markus’s criticism of this system was sharp, as he stated that “The government is salivating over getting to re-tax the already taxed money when they die.”
Markus’s Stance on Crypto Taxation
Earlier in October, Markus expressed his disapproval of the taxation on crypto sales. He argued that if the government does not believe in the inherent value of crypto, then it should not tax crypto sales. “Then return all the taxes y’all made me pay for receiving it you horrific evil hypocrites,” Markus tweeted, expressing his frustration with the system.
Markus’s Views on Crypto’s “Realness”
In a surprising twist, Markus’s opinion about the “realness” of crypto is that it is transitory. Despite admitting his liking for Bitcoin and Ethereum, Markus remains skeptical about ERC20 tokens based on Ethereum. His belief that crypto prices fluctuate randomly has led him to compare investing in crypto and NFTs to mental illnesses. However, it’s worth noting that Markus himself creates and sells non-fungible tokens.
Earlier this year, Markus shared that he had to sell some of his Ethereum to cover taxes for selling NFTs in 2022. The irony was not lost on him as shortly after he sold his Ethereum, the price of the cryptocurrency surged by approximately 20%.
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While the debate about the fairness of the US taxation system continues, one thing is clear: Markus’s critiques are contributing to important discussions about the intersection of traditional finance and the burgeoning world of cryptocurrency.
