Congressman Matt Gaetz Proposes Bill to Allow Federal Income Tax Payments in Bitcoin
Congressman Matt Gaetz, a Republican from Florida, is making waves in the cryptocurrency world with his proposal to allow federal income tax payments in Bitcoin. This bold move, if passed, would mark a significant step towards mainstream acceptance of digital currencies in the United States.
Gaetz’s bill aims to amend the Internal Revenue Code of 1986 by instructing the Secretary of the Treasury to devise a plan for incorporating Bitcoin into the list of accepted tax payment options. In a statement, Gaetz emphasized the potential benefits of this legislation, stating, “By enabling taxpayers to use Bitcoin for federal tax payments, we can promote innovation, increase efficiency, and offer more flexibility to American citizens.”
The proposed bill outlines specific guidelines for the acceptance of Bitcoin, including rules for determining when payments are considered received and the immediate conversion of Bitcoin into its dollar equivalent. Additionally, the legislation addresses non-tax issues related to Bitcoin payments, such as contracts, fees, and liabilities.
This move by Gaetz comes at a time when support for Bitcoin is growing among U.S. politicians. Notably, presidential candidates Donald Trump and Robert F. Kennedy Jr. have started accepting Bitcoin contributions, with reports suggesting that the Biden campaign may soon follow suit. In response to Trump’s pro-Bitcoin stance, Biden Administration officials are scheduled to attend a Bitcoin roundtable in Washington D.C., organized by Congressman Ro Khanna.
Furthermore, Coinbase CEO Brian Armstrong has been actively engaging with senators from both parties to advocate for clear regulatory guidelines for the cryptocurrency market. With the increasing interest in Bitcoin among politicians and industry leaders, it seems that the future of digital currencies in the U.S. financial system is looking brighter than ever.
