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1934: “Trump Set to Abolish ALL Taxes Including on Bitcoin And U.S. Crypto”
00:43:11
If you make less than $150,000 a year, President Trump wants to abolish your taxes, U.S. Commerce Secretary Howard Lutnick said in an interview with CBS on Tuesday, including ending all Bitcoin capital gains tax.
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JV
Welcome Crypto Fam to number one Daily Bitcoin Pod and Happy Sat stacking Saturday. In today's show we'll be discussing Bitcoin poised to reclaim 90 GS according to the latest derivative metrics. We'll also be discussing rising $219 billion stablecoin supply signals a mid bull cycle, not a market top as well as Sachs VC firm sold 200 million plus worth the crypto and stocks before entering the White House role. We'll also be discussing is Trump intentionally crashing the market right now? Stay tuned. We'll also be discussing Black Rock now holds 567,000 Bitcoin valid at over 47 billion. That's right, they hold more than Michael Stratter Michael Sailor's strategy B. We'll also be discussing Trump's latest tax proposal. No taxes for those earning less than $150,000 according to Howard Lutnick. That's right. We'll also be discussing 0% capital gains tax on Bitcoin and US crypto as well as some bonus tax information coming out of Puerto Rico. We'll also be taking a look at the overall crypto market. All this plus so much more in today's show. Yo, what's good Crypto fam? This is first and foremost a video show. So if you want the full premium experience with video, visit my YouTube chann@crypton News Alerts. Net. Again, that's Crypto News Alerts. Net. Today is Pod episode number 1934. I'm your host JV today is March 15th. We're midway through the month and a couple of weeks left until we put a bow on Q1 2025. Let me know if it lived up to expectations or not. Unfortunately, February was very bearish and set us back quite a bit, but we'll see if we can recover from from those losses. But let's kick it off with our market watch as we do each and every day. You should be able to see coin360 on your screen. Bitcoin in the green on the day, trading above 84,500 at the time of the live stream. Ether up 3/4 of a percent, still below 2,000. XRP up 2%, trading at $2.40. The big gainer on the day is Tun coin which is up 20%. And tun coin is ultimately the cryptocurrency for Telegram. And they launched something in France which was very bullish, hence why it's pumping so unusually. But nonetheless, checking out crypto or the coin market cap.com we're currently sitting at 2.76 trillion. We have 1.6 trillion bitcoin specific market cap, only 51 billion worth of volume for the past 24 hours, which is pretty low. And as far as the bitcoin dominance is concerned, we're at 60.7% with the ether dominance holding on to 8 and a half percent and checking out top 100 crypto gainers past 24 hours. Tun Coin leading the pack, followed by Cake and Adam. Let me know which alt, if any, you're bullish on for the bull. Holla. And checking out the crypto bubbles. We'll start on the daily. Get a visual perspective here. Safe to say 90% of the market in the green and pumping, which we like to see. But zooming out on the monthly puts things back. Yeah, I mean to show that unfortunately the past 30 days has been very corrective overall for the market as everything is in the red. And checking out the crypto green and fear index today we're 46 fear, yesterday at 27, last week at 28 and last month at 50 neutral. And checking out the Sign Shane calendar, we have 16262 blocks into the having of 2028. We're currently on block number 887938 and you can currently exchange one fiat monopoly dollar for 1184 SATs. So pick up the sats, put down the gats, pick up some bitcoin cats from my man Sergio over@bitcoin caps.net and if you don't know. Now you know. Well anyways, so let's just get right into today's TA astrology for the Brosis Headline reads Bitcoin poised to reclaim 90,000 according to derivative metrics and also be pulling up the live charts here shortly. Bitcoin failed to Sustain levels above 85 March 14 despite a 2% gain on the S and P. More importantly, it has been over a week since Bitcoin last traded at 90, prompting traders to question whether the bull market is truly over. None of the OGs believe the bull market is over, however, the Peter Schiffmeisters, the trolls and the haters are going to try to convince you that. But don't be tempted. Family From a druida's perspective, Bitcoin metrics have shown resilience despite a 30 drop from the all time high of 109 which was achieved Inauguration Day Jan.20th. The Bitcoin basis rate, which measures the premium of monthly contracts over spot markets, have recovered to healthy levels after briefly signaling bearish sentiment yesterday March 13. Traders typically demand 5 to 10% annualized premium to compensate for the longer settlement periods. A basis rate below this threshold signals weak demand from leveraged buyers. While the current 5% rate is lower than the 8% recorded two weeks ago, it remains within Are your ulcerative colitis.
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JV
Trimfireadio.Com neutral territory the B price action has closely tracked the S P, suggesting factors driving investor risk aversion may not be directly tied to Bitcoin. However, this also challenges the idea of Bitcoin as a non correlated asset as its price behavior has aligned more closely with traditional markets, at least in the short term. If the Bitcoin price remains heavily dependent on the stock market, which is under pressure due to the fears of an economic recession, investors are likely to keep reducing exposure to risks on assets and shift towards short term bonds for safety. Who in their right mind shifts the bonds? Good lord. Losers. However, central banks are expected to implement stimulus measures to avoid recession and scarce assets like the biddy are likely to outperform as a result. Precisely. And according to the CME Fed Watch tool, the markets are pricing less than a 40 odds of interest rates in the US below 3.75% from the current 4 1/4% baseline ahead of the July 30th FOMC meeting two weeks out. Nevertheless, Bitcoin should reclaim 90,000level as soon as the S P pars some of its recent 10 losses. But in a worst case scenario, panic selling of risk assets could continue. Let's dive deeper into derivatives showing no signs of stress. Professional traders are not actively using Bitcoin options for hedgin presently, as shown by a 25 Delta school metric. This implies that few market participants expect the biddy price to retest at 76.9level anytime soon, which was the recent bottom. Let me know if you think that bottom is officially in Bullish sentiment typically leads to sell options trading at a 6% or higher discount, but in contrast bearish periods caused the indicator to rise to a 6% premium as briefly seen on March 10th and the 12th. However, the 25 Delta SKU had recently stayed within the neutral range, reflecting healthy derivative markets and I repeat, healthy derivative markets. To better gauge the trader sentiment, examining the bitcoin market is important for the margin. Unlike derivative contracts which are always balanced between buyers and sellers, margin markets let traders borrow stable coins to buy spot Bitcoin. Similarly, bearish traders can borrow Bitcoin to open short positions, betting on a price drop which fy is very risky business to anticipate. Is the price going to drop? Is it going to climb? That's why trading with leverage is extremely risky because typically the market maker will win 100% of the times and liquidate. You mofos be careful out there but we all know the pretty little bitty likely trajectory is going up forever. Laura with that being shared again, welcome everyone joining the stream. Let me pull up some of the live charts for you guys. Do a little live chart action. Jackson Satisfaction and we have over 700 people on the stream. Keep the comments flowing fam. So this is a 1 minute chart zoomed in heavily. We do have a couple of bull targets, one at 84, 890 which would send us up approximately 500 from the current price action. And again this is Trading View via Coinbase checking out the one hour chart. We have a rising wedge formation. We Have a Super bowl target of 109 which would take us right back to Price Discovery. We also have the green bull target and inverted head and shoulders sitting at 92, 682. And we also have a bear scenario on the screen sitting at 75, 185 and zooming out from the one hour. Take a look at the four hour. Four hour says it's going up forever. Laura. Rising wedge formation as well. Two green or bull targets, one at 13702 and one at 109, 221. We also have a bear target on the four hour sitting at 75160, similar to the one hour chart. And zooming out a little further, take a look at the daily. You can see yesterday we had a nice green candle close which is very nice. Let's see if we can continue the upwards momentum into the weekend here. The past several weekends have been extremely bearish, minus the one day, I think it was March 7th when Trump announced, you know, the executive order that was bullish. But then the following day we tanked, closing the CME gap as you guys know. But we still have two bull targets on the daily chart. One all the way at 116 which would be the next leg up after recovering the recent all time high. We also have 113702 bull target. Zooming out from the daily, we take a look at a weekly. The weekly chart. Obviously we had a mega weekly bearish close unfortunately. But that week is almost over. Tomorrow we get a new weekly close and thus far we're in the green. And also don't forget we have 124000 sexy sexy cup and handle target just waiting for us. And zooming out from the weekly, we take a quick look at a monthly. And as you can see, see things have been pretty bearish past couple of months. But you know, things may flip around here. You guys let me know your thoughts. Jam pack session. Happy SAT stacking Saturday. Next story. Let's discuss these stable coins. Headline reads rising 219 billion stablecoin supply signals mid bull cycle meaning not a market Top and shout out. Chris Harvel. Welcome to the HLE Gang Ho gang.
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JV
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JV
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JV
Endorsement by bank of America Corporation Copyright 2025 Huddle Gang. We appreciate your membership to the Channel brother. The current crypto market correction is merely the middle of the bull cycle, not the top based on the steadily growing stablecoin supply which may signal more incoming investment. According to the analysts, the cumulative stablecoin supply surpassed 219 billion, suggesting the current cycle is still far, far far from the top. Now historically stablecoin supply peaks have aligned with crypto cycle tops. According to the post by Crypto Intelligence platform Into the Block who shared here. In April 2022 supply hit 187 billion just as the bare market started. Now it's at 219 billion and still rising, suggesting we are likely still mid cycle. Increasing stablecoin inflows to crypto exchanges can signal incoming buying pressure and growing investor appetite as stables are the main investor on ramp from fiat to the crypto world. Still, Ether price is down 52% over the past three months after it peaked above 4,100 December 16, 2024. And I think the current all time high was achieved back in November when Bitcoin hit the 69,000 all time high. Previous cycle Ether surged to about 4,500, so it has yet to eclipse the previous cycle all time high. So keep that in mind. So analysts are eyeing another decline below 1900 for ether, the robust demand zone that may bring more investment into the world's largest crypto. But despite the rising stablecoin supply, the crypto market may continue to lack direction ahead of the next FOMC meeting. Next week's meeting will be decisive for the crypto markets. Quoting analysts here, Bitcoin's movement below the key technical levels mirroring the S P trajectory highlights the market's cautious tone as traders await key economic data for direction, including U S retail sales and the FOMC meeting. All eyes are set for next Wednesday's FOMC meeting. Apparently the predictions come days ahead of the FOMC meeting scheduled for March 19th. So four more days. Famous markets currently pricing in a 98% chance the Fed will keep the interest rate steady, according to the CME Groups Fed Watch tool, which is typically pretty accurate. And despite the potential for short term volatility, investors remain optimistic for the rest of the year. We have Van E, the major asset manager, predicting a 6,000 cycle for ether's price and $180,000 bitcoin price for this year why so bearish? That's my sentiment. But anyways let me know your thoughts with some of that. Let's continue with the news fam. We discussed the stable coins. Now let's discuss Mr. David Sachs. He allegedly sold 200 million plus in crypto plus stocks before having his role here at the White House. So here's the latest White House memorandum reveal. David Sachs and his venture capital firm sold more than $200 million worth of crypto and crypto related stocks before he assumed his role at the White House. As the AI and cryptos are shout out to the Oracle sent a super she wrote they are shooting the H o u s. It looks like they are doing it with the Yemeni government's approval. Wow. So apparently there's some war stuff going on right now. Thanks for keeping us informed and prayers go out to everyone and their families. She's Louise but anyways reading them this here, UN Craft Ventures have divested over 200 million of positions related to digital asset industry of which 85 million is directly attributable to you according to the memorandum. It also said significant steps were taken to reduce potential conflicts of interest before Sachs began his tenure as White House AI and crypto czar in which a major part of his role is to help create a legal framework for the crypto industry. Sachs offloaded all the liquid crypto in his portfolio as well as Craft Ventures portfolio, the investment firm he co founded in 2017 including holdings in Bitcoin, Ether Solana before US President Trump's inauguration on January 20th. You can see the memorandum right here. And since Trump's inauguration, the crypto market has seen a major decline amid the broader market downturn which many blaming Trump's proposed tariffs and uncertainty over the US interest rates. And while bitcoin tapped a new all time high of 100 nine hours before Trump was sworn in Inauguration Day January 20, the 47th US President it recently dipped below 80,000 touching a bottom of like 76 and some change. Let me know if you think the bottom is in. Sax also divested from publicly traded crypto related firms including Coinbase, Robin Hood and stakes and private digital asset companies. Now considering how much they make with the official, you know, job at the White House, you'd kind of be shocked for someone to dump all of their crypto. I mean if I had 200 million in crypto and I believed in it and I believe it's going to 5x this cycle, that's going to make me a billionaire. Hypoth speaking. So why take a role working for probably, I don't know, maybe a hundred thousand a year. I'm speculating. I have no idea what these people make, but that doesn't really make sense unless he's somehow making significant amount of money. This episode is brought to you by Indeed. When your computer breaks, you don't wait for it to magically start working again. You fix the problem. So why wait to hire the people your company desperately needs? Use Indeed sponsored jobs to hire top talent fast. And even better, you only pay for results. There's no need to wait. Speed up your hiring with a $75 sponsored job credit@ Indeed.com podcast. Terms and conditions apply behind closed doors. I'm just thinking out loud, you guys. Let me know your thoughts there. Additionally, he sold his limited partner interest in Solana and crypto focused venture capital Blockchain Capital. So he allegedly got rid of anything connected to cryptocurrency to take this role. As the cryptos are it's kind of crazy. The memorandum is dated one day before Massachusetts Senator Elizabeth Warren urged sacks in a March 6 letter to prove he no longer holds digital assets. Interesting. Despite your public statements via X, it remains unclear, Warren says, when you personally divested from bitcoin, Ether and Solana, when Craft Ventures divested from Bits Wise, and whether people close to you may have held positions. That's actually a good point. Maybe his dog is holding all his bitcoin and he no longer holds it. I'm just saying again, thinking outside the box here. Since Sachs started in the White House for the crypto role, he has been a vocal advocate on various issues of the crypto industry, from the importance of a strategic bitcoin reserve to not over taxing the crypto industry. Sachs recently shut down the idea of crypto transaction taxes, and kudos to him on that. Some idiot on this podcast is like we should just have special taxes on all crypto transactions and give it to the White House. And he's like, what are you paraphrasing? Obviously, but no, we're not doing that. That's always how taxes start. They're described as being very modest and then they get out of control. You know, when income taxes started it only applied to like a thousand Americans and the legislators swore up and down it would never be applied to the middle class people. And here we are. So. And if you don't know now, you know, headline here reads is Trump intentionally crashing the market? You guys let me know in the comments and I'll read your comments as soon as I'm done reading this the odds of a recession are rising, markets are crashing and Trump is forging ahead with tariffs. This volatile playbook is eerily similar to Trump's first term which started with a bang, bang, bang like the B52 before giving way to one of the biggest bull markets in recent history. However, this time Trump seems to have dropped the stock market as one of his favorite barometers of success, opting instead to focus on the long term health of the U. S economy. Trump has promised to usher in America's next golden age. But before that happens, the economy might need a painful dose of medicine. That's right, that herbal medicine. Happy 420 Proskis. There is growing speculation Trump is purposely stoking growth fears and crashing the market to force the Fed to lower their interest rates. Let me know if you think that's true. It might sound crazy, but there may be a method to Trump's apparent madness. Let's discuss a coordinated crash. For decades there was unspoken rule in Washington that the President must remain tight lipped about the Fed policy. However, Trump threw that conviction out the window when he publicly stated the Fed should consult the President on interest rates. In February, Trump took to social media and shared interest rates should be lowered. When the central bank refused to play ball, the Trump Admin took matters into their own hands by crashing asset prices in an attempt to force J PAL to cut the interest rates. And this is according to Anthony Pompliano. Pompliano and others say that the Trump Admin is intentionally crashing the stock market to bring borrowing costs down before the US government needs to refinance 7 trillion in debt over the next six months. The plan appears to be working with the 10 year yield plunging nearly 60 basis points from its peak earlier this year. And while the Fed isn't expected to cut interest rates at the upcoming meeting in March, the odds of a May cut rate are now above 50%. Now recession odds spiked to 40% according to JP Morgan. But we don't listen to what banksters or central banks or Jamie diamond has to say. I, you know take anything they say with a grain of salt. Also we have black rocks build enters Defi B U I D L that is their real world asset tokenization company. And if you don't know their ultimate goal is to to tokenize the world of black rock as the largest asset manager in the world. And they're now obviously doing big things with Bitcoin. As you can see in this headline, their Bitcoin is now valued at over 47 billion. But that's our next story. So let me catch up, read the comments and we'll continue. Welcome everyone joining the stream. But anyways, let's continue with the news. Next story of the day, we discussed the Trump crash. Now let's discuss Black Rock's accumulation of 567,000 Bitcoin valid at over $47 billion. Ironic. Trump is the 47th President of the United States of America. Coincidence? I think not. And I wish I had the. What is it called? The Twilight Zone theme. I can play that right there. That would have sounded good. BlackRock, the world's largest asset manager, approximately has 11.6 trillion and assets under management. Ultimately they control the world, currently holding over 567000 Bitcoin. That's like 67000 more Bitcoin than Michael Sailor's company and making it the asset manager with the largest holding of bitcoin in the world. And according to ARCAM intel, the asset manager's most recent Bitcoin acquisition occurred in March 14 when a Coinbase prime wallet transferred 268 BTC validate over any vehicle.
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JV
22 million with the asset manager's IBIT wallet. As you can see here tracking on chain funds to and from blackrock. This is all their interactions. Data from ARCAM also shows the asset manager holds over 1.2 million ether valid at 2.3 billion and roughly 70 million of the USDC Stablecoin and a long list of the altcoins. Interesting. The Bitcoin ETFs are widely cited as the most successful ETF launch in history. That's a fact as asset managers like Black Rock drive tens of billions in liquidity to the crypto markets and distribute the cyclical capital rotation that characterizes crypto investment. And here's a list of their assets. Bitcoin clearly their largest holding valid at 47 billion ether 2.3 billion USDC stablecoin 70 mil KI I never even heard of this MOFO 69 what is that? 69,000? Virtually nothing though these coins SPX 29,000 TUA what is that? The Hawk Tua coin 8,000. Jeez Louise. So they actually own the Tua, coin, UB, XS 6,000 and art and never heard of any of these. But anyways, crypto ETFs experienced four consecutive weeks of outflows in February and early March due to the macroeconomic uncertainty and fears over the prolonged trade war. And according to Coin shares outflows from the recent market downturn total 4.75 billion with the week of March 9th recording a total 876 million of outflows. IBIT experienced 193 million in outflows for the week of March 9th with all Bitcoin E tests released recording 756 million in month to date outflows virtually almost a billion 3/4. Despite the heightened volatility of the macroeconomic uncertainty, Black Rock added IBIT to its model portfolio in February. Black Mox model portfolios are preset investment plans that feature a range of diversified financial instruments and different risk profiles. The portfolios are prompted to asset managers are promoted to them to pitch present investment plans to investors. The inclusion of an ETF or an asset in the model portfolio consistent significantly boost inflows into the asset by attracting fresh capital. In the case of ibit, including the ETF and a present or preset investment portfolio will expose investors who may take more passive approach to Bitcoin without those investors having to self custody the digital asset or make any on chain transactions. And if you don't know now you know. There you have it you now for our feature story of the day, Trump's latest tax proposal. No taxes for those earning less than $150,000 which is the majority of the people. Let's make America great again. That's right. Also push for Trump to D Annex Puerto Rico gaining momentum in D.C. this was published today or just recently. Yeah, today, March 15th on Infowars. And being I live in Puerto Rico, this is actually pretty significant. So I'm going to be sharing some insider insights here as well. And we'll also be discussing the 0% capital gains Bitcoin and cryptos made in the US proposal from the Trump administration as well. So again welcome everyone. If you make less than 150000 a year, Trump wants to abolish your taxes. And this is according to the U. S Commerce Secretary Howard Lutnick. In fact I watched the interview he gave speaking that on CBS on Tuesday. This is what he says. I know what his goal is. No tax for anybody who makes less than 150000 per year. That that's his goal. That's what I'm working for now. That's actually interesting because so many people from the opposing party, the Dems, say Trump only cares about the rich. He's only going to protect the rich. He's going to give the tax breaks to the rich and make the poor the poor. The poor, we pay in the lion's share. The boom. That would just basically destroy every thought from that camp, would it not? If you didn't have to pay any taxes because you earn less than 150,000 a year, which is virtually all the poor people. I don't think you can be considered poor and be making more than 150, 000 a year. Correct me if I'm wrong. Maybe with today's inflation, I don't know. But let me know your thoughts there. Lutnick also mentioned Trump's plans to eliminate taxes on tips, overtime pay and Social Security. Good point, because who claims their tips as income? Nobody. Or, you know, not many people I would assume. For example, let's say you're a waitress at Hooters and you're making $3 an hour on the books and you're making all your money in tips. Are you really going to claim every dollar of cash you received in tips? Probably not. So overtime to pay Social Security. Other tax proposals that Trump floated in 2024 and earlier this year include creating a tax deduction for interest payments on car loans and easing the income tax. Yeah, here, here's a, here's a thought. Just eliminate taxes altogether. We don't need them. Taxation is theft. Let me know if you agree on that. Trump has also talked about eliminating the irs. Yes, let's go in favor of the External Revenue Service to collect money from the foreign sources. And since taking office in January, he's hit some of the U. S biggest trading partners with a slew of tariffs.
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JV
That's right. But specific details for many of Trump's tax proposals are few and far in between. Without knowing more of the proposed tax cut for those earning 150,000 or less is difficult to assess how that plan would work, so we're yet to hear more on that. I'm not very hopeful about the way it is presented as the broad based cut. According to this guy by the name of Carl Johnson, certified public accountant. I mean random. But anyways, the idea of eliminated taxes for those earning 150,000 or less may Refer solely to income taxes and likely wouldn't eliminate the payroll taxes. We have so many different types of taxes. Good point there. And the taxes for the U. S. Workers pay towards Social Security, Medicare. Majority of the taxpayers earning less than 200, 000 pay more in payroll taxes than income taxes, according to a report by the tax foundation in 2019. Meanwhile, Congress is currently debating the extension of the Tax Cuts and Jobs Act. The sweeping legislation, initially enacted in 2017 during Trump's first term, brought about lower income tax rates, near doubling of the standard deduction, and a much more generous child tax credit, amongst other changes. All of the provisions are set to expire at the end of the year. And what about no taxes on Social Security income? During the Trump campaign for his administration, he proposed many initiatives to cut taxes for Americans. For example, Trump said he wants to eliminate taxes on Social Security retirement benefits for seniors. I'm in the camps. Just eliminate them altogether. So, yes. And while retirees with low incomes generally don't owe taxes on their Social Security benefits, those who receive income from other sources, such as wages or rental income, may own income tax up to 85% of their benefit. Imagine that. Imagine paying 85% of your income in taxes. How does that. Like, why would you even live in the United States at that point? You know, I mean, and according, I mean, and I'll speak from my own perspective here in a moment. As I live in Puerto Rico and I moved to Puerto Rico, part of the reason was for some of the tax benefits. I'll dive that into that here shortly. But according to the Tax Policy Center, a plan to eliminate taxes on Social Security benefits would benefit beneficiaries earning between 63 and $200,000 the most. However, tax cuts for Social Security will come at a price. According to experts, exempting Social Security benefits from the income tax would increase the budget deficit by 1. So I'm not a, a fan of, like, into that thinking, like, but if we don't pay more taxes, there's not going to be any money to pave the roads. I don't buy into that because we had plenty of hundreds of billions of dollars to send to the Ukraine, right? So that was our tax money, was it not? Or where was all that money accumulated from? Over $300 billion. So if they have that kind of money for war, do they really need our tax dollars? I think not. So let me read into this breaking news coming, which was published from Infowars. This is. According to the Daily Mail, Donald Trump is being lobbied to make Puerto Rico an independent nation. As you know, it's currently a territory of the United States or a commonwealth as they call it here, and save American taxpayers $617 billion. Let's go. Daily Mail learn at least two congressional officers are in possession of the seven page draft executive order on how the US can help the island territory transition its independence. One individual familiar with the Dr. Document origin said at least two members of Congress have a copy of the draft. Let's go. Currently under review and according to one source, the document is also in the possession of Secretary of State Marco Rubio, Director of National Intelligence Tulsi Gabbard and White House Chief of Staff Susie Wiles and Republican Tom McClintock and potentially other Cabinet secretaries. And meetings have already been held and scheduled about the document and apparently this document was drafted by a Congressional office and leaders of Puerto Rico something Efforts with the White House it is clear efforts to apply pressure on the White House to transition Puerto Rico out of its current status as a U.S. territory. Although Trump has not indicated that he wants to rid the US of this territory, nevertheless the document has the format of an Executive order as it were authorized by the President himself. It even has a blank for Trump signature and a March 2025 date with a blank for the day. It's a way of drafting a document so all Trump has to do is sign it. Make it as easy as possible for the POTUS. The document stipulates a 21 month transition period lasting through December 21, 2026, at the end of which any baby born on the island of Puerto Rico would not be a U S citizen. This Plan results in 617 billion in savings for the U S while providing Puerto Rico with the necessary resources for economic self sufficiency. According to the proposal, the draft sets up Puerto Rico Transition Fund which would give the island $36 billion every year for 20 years. That might sound like a lot, but it's a lot less than the 1.37 trillion predicted to be spent on Puerto Rico in the next 50 years. It also says the Administrator shall be a Puerto Rico national dociled in Puerto Rico and shall not be or have been a member of the government of Puerto Rico. The rationale behind this document is explained thus, rather than perpetuating indefinite territorial dependence, this approach eliminates wasteful spending, establishes a clear exit strategy and redirects this is.
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JV
National priorities and domestic programs. This solution ensures Puerto Rico's successful transition to sovereignty while upholding the America first policy. And let's also touch upon the zero percent bitcoin taxes and all taxes on US Cryptos. This was, you know, rumored, actually. The speculation started last year. We had Eric Trump or Trump Jr. Talking about it. We had Trump touching upon it. We were hoping to get the big update from the first White House crypto summit, which was literally one week ago on the 7th. But unfortunately they didn't even dive any deeper into it. But that's the talk. And I think if Trump really wants to make America great again, a great start would be to abolish taxes and eliminate all capital gains taxes, especially on cryptocurrency, especially with such a pro crypto cabinet in which we have never had before. The previous administration had a war on crypto. So if you want to create a lot of good faith and have everyone in crypto absolutely love you, just eliminate the taxes altogether and let's make America great again. Now, touching upon the Puerto Rico thing, that's pretty significant. There's mixed thoughts here. Locals on the island, part of them want it to become independent from the US and then there's others that like it being a territory because they get to benefit from it. For example, if you're born in Puerto Rico currently, you're still considered U. S. Citizen because Puerto Rico is a territory of the United States. So I understand both perspectives now. Also, for those that don't know, Puerto Rico is also considered to be the crypto mecca of the United States. And let me explain why that is. There's something currently called Act 60. And if you qualify for Act 60 as a US resident, let's say you're from the mainland, hypothetically, say you're from California and you're like, california taxes are insanity. I can't do this any longer. And so you relocate from California to Puerto Rico, you get your Act 60, you qualify, and a part of the qualification process, this has to be your primary residence on the island, meaning you have to stay here at least six months, months out of the year, which is 183 days or longer to be exact. And if you qualify you can also tap into 0% capital gains tax on all investments which include cryptocurrency. That's why a lot of folks involved in crypto move to this island. They don't want to pay the capital gains tax. Also, besides zero capital gains tax under Act 60, you could also benefit for no federal income taxes. Instead you would pay a a 4% local corporate tax. And I'm not a tax professional. This is not tax advice. Of course. Seek out, you know, a professional tax expert if you're going to go this route. But I'm just telling you the little bit that I do know or understand or at least how I perceive it and understand it as I moved out to Puerto rico back in 2018 after the 2016, 2017 bull run to position myself to take advantage to pay less taxes. Because at that time I was paying six figures in taxes to the U. S Government because I had a very successful business and in Florida and which is where I moved from, moved from Clearwater to be here in 2018. Taxes are very high, somewhere between 30 and 40%. So a hypothetical, for every hundred thousand dollars of profit in a business, you're responsible for paying like 30 to 40,000 in federal income taxes. And if you're a million dollar income earner, it's extremely significant. Imagine earning a million dollars net profit in your business and let's hypothetically say you're in freaking California. And then California is going to say up, you got to pay 400000 to the government of that 1 million, which is probably ballpark accurate. And however, if you were in Puerto Rico, you'd only pay $40,000 in local state taxes for every million dollars of income, which is profit. So it's a huge significance and that's why so many successful companies are here, including big pharmaceutical companies. It's to reduce their tax liability. And one of the other advantages, you can still live elsewhere. You just have to be on the island 183 days out of the year. And if you don't know, now you know. And so I'm just letting you guys know there are benefits here in Puerto Rico. But just to be clear, Puerto Rico is not bitcoin country. There's a big difference between Puerto Rico and El Salvador. There's only one bitcoin country which is El Salvador. That's why I define Puerto Rico as the crypto mecca. Crypto mecca, not bitcoin mecca. Crypto mecca of the United States. And with that being shared, welcome everyone to the q A segment of the live stream and don't forget to check out cryptonewsalerts.net for the full premium experience with video and to participate participate in our live Q A. And I look forward to seeing you on tomorrow's episode. Hoddle.