U.S. Tax Code Under Fire: Coinbase CEO Pushes For Reform
Coinbase CEO Brian Armstrong has sparked debate with his proposal to eliminate individual income taxes, shifting the tax reporting burden to businesses.
Sharing his thoughts on X, Armstrong suggested generating equivalent revenue through sales or business taxes, arguing this approach would simplify tax compliance and reduce stress for millions of Americans.
Criticizing the U.S. tax code’s massive complexity—spanning 150,000 pages and requiring 6.5 billion hours of annual taxpayer effort—he called for a system overhaul. His remarks align with the newly formed Department of Government Efficiency (DOGE), co-led by Elon Musk and Vivek Ramaswamy, which aims to streamline federal processes.
The idea has drawn mixed reactions, balancing hopes for simplicity with concerns about fairness and economic impacts.
Clever Robot News Desk 19th November 2024
