Ripple CTO Criticized Donald Trump's Proposal.
Former US President Donald Trump has recently come to the fore by criticizing America's aid to Ukraine and proposing controversial economic plans.
Trump introduced his proposal to replace income taxes with increased tariffs during his visit to Capitol Hill on Thursday, June 13. This proposal was brought up in meetings with House and Senate Republicans and was endorsed by Representatives Thomas Massie and Marjorie Taylor Greene.
Trump's plan proposes to reduce income taxes and compensate for this loss by increasing customs duties on imported goods. This aims to reduce the tax burden on American citizens and shift that burden to foreign companies and governments.
Trump also called on US lawmakers to cut taxes on tips. Trump, who imposed tariffs of up to 25 percent on products imported from China during his term of office, received various reactions with this latest proposal.
This proposal has caused significant debate among lawmakers and economic experts, with concerns expressed about possible negative effects on the US economy. If Trump's income tax plan is implemented, this could cause the US Dollar to lose value.
Amid this controversy, Ripple's Chief Technology Officer David Schwartz criticized Trump's tax policy proposal.
A user on X (formerly Twitter) reacted to Trump's proposal by questioning the need for taxes if the government can print more money.
Schwartz said, “Since taxes create demand for money, they can only print money. "Without taxes, you can avoid paying the government by not using dollars." He warned:
