IRS Token Review: X1's Parody Tax Token Has Paid Holders 4,475 XNT. Here's Where It Comes From

Most tax tokens are a trick to fund the team. IRS turns the idea into a joke and then runs it for real. Every IRS transfer pays a 5% tax. A bot sells that tax for XNT, sends half to the people holding IRS, and spends the other half buying IRS back. Holders do not stake, claim or connect anything. The XNT simply turns up in their wallets once a day.

IRS was launched on X1 by Clout (@CLOUT_COCKS), the builder behind Clout World. The name is the parody; the project says on every page that it has nothing to do with the US Internal Revenue Service. Behind the joke sit three on-chain programs, a 13-section operating guide and a public dashboard that publishes almost every number it has. We read the docs, pulled the live stats and checked them against X1 mainnet.

Short version: the payouts are real and large for a token this size. Holders have received 4,475 XNT, about $935, across 27,811 payments, against a market value of roughly $8,000. The mechanics do what the docs say, and the docs are unusually frank about who holds the keys. The one thing to understand before buying is where the XNT actually comes from, and we cover that below.

At a glance

How the 5% tax becomes XNT

IRS uses a feature built into Solana's Token-2022 standard: a transfer fee that lives in the mint itself. When you send 1,000 IRS, the recipient gets 950 and 50 is withheld inside their token account. It is not spendable and nobody can skip it, because the token program enforces it on every transfer, including swaps, vault deposits and adding liquidity. The fee on IRS has no maximum, so it is 5% whatever the size of the transfer.

From there, an off-chain bot that the docs call the keeper does the work:

1. Harvest. About every five minutes it sweeps the withheld IRS into a collector account.
2. Sell. It sells that IRS for XNT in small batches: at most 100,000 IRS or 0.1% of the pool per sale, with 0.5% slippage, and only when the network fee is under 1% of the expected XNT.
3. Split. Half of the XNT is credited to holders in proportion to their balance at the moment of that sale. The other half goes into a buyback tank.
4. Pay. Credits are bundled into a daily round. The keeper funds the round on-chain through the reward program, then sends each holder their share and pays the network fee for every transfer itself.
5. Buy back. Each new buyback allocation is spent over 21 days, in buys at least two hours apart, capped at 10 XNT and 0.5% price impact per buy.

Pool accounts, the tax collector and other infrastructure are excluded from payouts, so the pool does not collect rewards on its own IRS. The creator's wallet is not excluded, and the docs say so.

The numbers

All figures as of November 14, 2026, from the project's public accounting feed and dashboard. We checked the on-chain ones ourselves; XNT was $0.209.

Two things stand out. First, holders have already been paid 2.3 times the XNT that sits in the IRS pool. Second, the payouts are spread wide: the largest wallet outside the vault holds 9.5% of supply and has received 470 XNT, while 45 wallets were paid in the latest round alone.

Where the XNT really comes from

A 5% tax on $75 of daily volume is worth about $3.75, or 18 XNT, and only half of that is meant for holders. Yet the latest round paid 53 XNT. So we traced every transaction of the tax collector, the account the keeper sells from, since its first one on September 28: 7,932 in all. Here is what went in and what came out.

The keeper sold those 29.6 million IRS in 4,782 sales and took in about 6,860 XNT. That lines up with the dashboard: 4,475 XNT paid to holders plus 2,413 XNT allocated to buybacks. Holders have so far received about 65% of the proceeds rather than half; the docs describe 50/50 as the current policy.

Three things follow from the table:

• Launch day did a lot of the work. Over half of all the tax ever collected came in on September 28, while IRS traded on its bonding curve and moved to XDEX.
• The creator is the biggest single source. The "Fund Tax Inventory" button on the dashboard, which only the creator's wallet can use, has moved 12.17 million IRS into the sell queue. That wallet also receives everything the buybacks buy, so it is a mix of Clout's own IRS and repurchased IRS going back out. In the week to November 13, it supplied about 60% of what the keeper sold.
• Some of the tax is the system taxing itself. Every keeper sale and every buyback is a transfer, so it pays the 5% too. That accounts for roughly 1.8 million of the harvested IRS.

None of this is hidden. The dashboard labels the button, and the docs say that gifts to the collector "become inventory for conversion". But it changes how the payouts should be read. They are not a yield produced by trading volume. Most of the XNT comes from selling IRS into a pool that holds about $800, and that selling is paid for by whoever buys. The keeper has sold 29.6 million IRS and bought back 5.8 million, so on balance it is a large, steady seller. It keeps each sale small, at most 0.1% of the pool, to limit the price impact. Payouts at today's pace last as long as there is IRS to sell and buyers to absorb it.

REFUND VAULT: the optional pool

Holding IRS in your wallet is enough to be paid. REFUND VAULT is an optional extra for people who want to pool their IRS. It is the largest IRS holder, so it earns the largest share of each payout, and depositors split what it receives.

• A 3% fee on the way in and on the way out. Half of it is shared among the other depositors, and half goes to a "locked" reserve that no depositor can withdraw.
• The locked reserve earns for everyone. It holds IRS, so it collects holder payouts too, and since it has no owner, that XNT goes to the active depositors.
• Claims keep 5% of the XNT to buy more IRS for the locked reserve. Anyone can trigger that buy. The docs say plainly that it has no slippage protection, so a badly timed trigger can buy very little.

The vault holds 17.33 million IRS of depositor principal and 1.38 million locked, 18.7% of all IRS, across 14 depositor wallets. It has received 386.13 XNT and paid 274.39 XNT out to depositors so far, with 97.29 XNT still unclaimed. The cost is real: by the docs' own worked example, 1,000 IRS deposited and fully withdrawn comes back as about 849 IRS once both transfer taxes and both vault fees are paid. The vault only makes sense if you plan to stay.

The one public buy-and-lock receipt the docs cite checks out: on October 20, 1.450982 XNT bought 3,826.936492 IRS for the reserve. The wallet that pressed the button was the project's own pilot wallet, named in the vault's config file.

The burn pool and the arbitrage bot

Clout also runs a second IRS/XNT pool on a custom program. It charges 1.5% on the IRS side of each trade: half stays in the pool for its liquidity providers and half is burned, which reduces supply for good. It was seeded on October 17 with 50 XNT and 272,169 IRS and now holds 71.66 XNT and 193,448 IRS. The project owns 99.9999% of its LP tokens.

That pool is not part of XDEX routing, so trades only reach it through the IRS site or a small arbitrage bot. The bot watches both pools roughly every minute and trades when the price gap pays after taxes and fees, with at most 0.5 XNT per trade. Since launch, 3,586 IRS have been burned in total. That is small next to the 5.8 million bought back, but it is the only part of the system that removes IRS permanently.

Who holds the keys

The IRS docs give a whole section to this, and it matches the chain. We checked each authority on November 13:

• Revoked: mint and freeze authority. Nobody can create new IRS or freeze a wallet. The token's metadata file still says these powers are "retained", so that file is out of date; the chain says otherwise.
• Kept by the creator wallet 9APP...ANZa: the upgrade authority on all three programs, the power to change the transfer-fee rate, the power to collect withheld tax, and the token metadata.
• Kept by the project: the burn pool's LP tokens, so that liquidity can be withdrawn.

The docs say Clout works on IRS most days and keeps these powers on purpose so bugs can be fixed. There is no timelock or vote before a change. In practice that means the tax rate, the vault rules and the payout policy can all change, and the docs ask users to re-read the rules after updates. The keeper also runs on the operator's own machine, so payouts depend on it staying online.

Our take

IRS is one of the most transparent small projects we have looked at on X1. The dashboard shows every payout round with receipts, the buyback ledger lists all 414 buys, the vault shows every depositor's claims, and the docs explain the full fee stack down to rounding. The core promise works: hold IRS and XNT arrives daily, without staking, claiming or paying gas.

The caveats are the ones the project states itself. Payouts depend on trading, and on a token with an $800 pool the tax alone cannot sustain the current pace; the rest is the creator's own IRS and buyback inventory being sold back into the market. One wallet controls the programs and the tax rate. And with a 5% tax on every move, a round trip costs about 10% before pool fees. For holders who understand that, IRS is a working, fully documented example of a tax token that pays out instead of paying a team.

Links: dashboard, docs, REFUND VAULT, community reviews of IRS.