Rep Matt Gaetz Introduces Bill Allowing BTC Tax Payments
- WBOYOriginal
- 2024-06-27 00:08:001160browse
Americansmight be approaching an era where they could use cryptocurrency, specifically Bitcoin (BTC), to settle their federal income taxes. This comes after Republican House member Matt Gaetz tabled a bill demanding the Internal Revenue Service (IRS) to receive Bitcoin as settlement for taxes.
Rep. Matt Gaetz Introduces Bill to Allow BTC Tax Payments
According to a press release shared with Bitcoin Magazine on Tuesday, Florida Republican Matt Gaetz has unveiled a bill that would mandate the U.S. Secretary of the Treasury to create and implement a program to allow U.S. residents to pay their personal income taxes using Bitcoin. Specifically, the proposed legislation seeks to amend the Internal Revenue Code of 1986 to accommodate this novel payment method.
“My groundbreaking legislation will modernize our tax system by allowing federal income tax to be paid with Bitcoin,” Gaetz said, describing the essence of the bill. In a statement, Rep. Gaetz said that the move was designed to foster innovation and efficiency while giving American citizens alternative ways to meet their tax obligations.
“This is a bold step toward a future where digital currencies play a vital role in our financial system, ensuring that the U.S. remains at the forefront of technological advancement,” he stated. If the bill is passed, this program would need to address multiple crucial factors, including specifying when Bitcoin payments are deemed received and requiring the instantaneous conversion of BTC to its dollar equivalent after the transaction is complete.
Gaetz's legislative proposal was likely influenced by El Salvador's pro-Bitcoin instance, which he encountered firsthand during a recent visit to the Central American nation for the second inauguration of President Nayib Bukele.
A Boost For Bitcoin Mainstream Adoption
The introduction of this bill marks a significant moment in the mainstream adoption of Bitcoin in the United States. If it becomes law, it would mark a huge shift in how the federal government interacts with crypto assets, paving the way for broader acceptance and incorporation of Bitcoin and other cryptocurrencies in formal financial transactions.
The bill also comes amid a surge in interest in cryptocurrency within U.S. politics. Former President Donald Trump recently began accepting crypto donations for his campaign and has expressed support for the asset in recent times. In a recent development, Trump has dubbed himself the "crypto president" and pledged to "end President Joe Biden's war on crypto" if he decides to run for the presidency again in 2024. Meanwhile, President Biden appears to be softening his stance on crypto, with reports indicating that officials from his administration will attend a Bitcoin roundtable discussion in Washington DC next month.
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