DOGE Creator Criticizes US Taxes

Billy Markus, also known as Shibetoshi Nakamoto on the X social media app, one of the creators of the original meme coin DOGE in 2013, is an active user on X, sharing his insights on various topics related to DOGE and the broader cryptocurrency space.

Markus recently voiced his concerns about the U.S. taxation system, marking the second time he has commented on the topic. The first occasion was related to cryptocurrencies.

Billy Markus, also known as Shibetoshi Nakamoto on the X social media app, one of the creators of the original meme coin DOGE in 2013, is an active user on X, sharing his insights on various topics related to DOGE and the broader cryptocurrency space.

Markus recently voiced his concerns about the U.S. taxation system, marking the second time he has commented on the topic. The first occasion was related to cryptocurrencies.

1- DOGE Founder Expresses Concerns About US Taxation

Markus responded to an X post by the @unusual_whales account, which referenced Federal Reserve data indicating that 55.8 million Americans, constituting 17% of the population and aged over 65, own “half of America’s wealth.” The government could potentially access this wealth through taxation. Markus criticized this approach, highlighting the issue of double taxation, stating, “The government is salivating over getting to re-tax the already taxed money when they die.”

On October 9, Markus commented on the U.S. government’s stance on cryptocurrencies. He suggested that if the government does not consider cryptocurrencies to have intrinsic value, they should not impose taxes on crypto sales. In a tweet, Markus wrote, “Then return all the taxes y’all made me pay for receiving it you horrific evil hypocrites.

2- Markus Discusses the Transitory Nature of Crypto

Elon Musk, the founder of the X app, supported Markus’s views, raising the question, “It’s real if you have to pay taxes, but otherwise not real?” Markus’s response may have surprised some in the crypto community as he stated, “Its realness is transitory.” This statement raises questions about Markus’s belief in the nature of cryptocurrencies as assets. While he has expressed a liking for Bitcoin and Ethereum, he has been critical of ERC20 tokens based on Ethereum. He has also previously suggested that crypto prices fluctuate randomly and compared investing in crypto and NFTs to mental illnesses, which may appear contradictory given that he himself creates and sells non-fungible tokens.

In January, Markus revealed that he had to sell some of his Ethereum to cover taxes for selling NFTs in 2022. Ironically, the price of Ethereum increased by approximately 20% shortly after he sold a significant amount of his holdings.

3- Markus Supports Musk’s Upcoming X App Update

Elon Musk recently announced the introduction of two tiers of Premium subscriptions on the X app, one more affordable but with advertisements and another more expensive option without ads. While this announcement generated a mixed response from the crypto community, including offers to pay with cryptocurrencies like XRP, Billy Markus addressed the issue in an X post, emphasizing that if users enjoy a product, they should be willing to pay for it or accept advertisements. He explained that businesses need to generate revenue to sustain themselves, pay employees, and cover operational costs, a fact that some people might need a reminder about.

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