Congressman Matt Gaetz (R-Fla.) has introduced legislation allowing federal income tax payments to be made in Bitcoin. Reported exclusively First reported by The Daily Wire, this bill aims to amend the Internal Revenue Code of 1986, directing the Secretary of the Treasury to develop a plan to accept Bitcoin.
Urgent: 🇺🇸 US Congressman Matt Gaetz introduces a bill to allow the payment of federal income tax #Bitcoin pic.twitter.com/mcflCTQejI
— Bitcoin Magazine (@BitcoinMagazine) June 25, 2024
According to Gates, he has an offer It aims to modernize the tax payment process by allowing federal income tax to be paid using BTC.
“By enabling taxpayers to use Bitcoin to pay federal taxes, we can foster innovation, increase efficiency, and provide more flexibility for American citizens,” Gaetz told The Daily Wire. This is a bold step toward a future in which cryptocurrencies play a vital role in our financial system, ensuring that the United States remains at the forefront of technological advancement.
The legislation would require the Secretary of the Treasury to establish regulations for accepting bitcoin, including specifying when payments are considered received and mandating the immediate conversion of bitcoin into its dollar equivalent. In addition, the bill includes provisions to deal with non-tax, contract, fee and related liability matters.
“The Secretary shall develop and implement a method to permit payment in Bitcoin of any tax imposed on an individual under this title,” the bill reads. “The Secretary shall establish such regulations as he deems necessary to receive payment by Bitcoin, including regulations specifying when payment by such means will be deemed received, and requiring the immediate conversion of any Bitcoin amount received into its dollar equivalent at the conclusion of any transaction.”
The announcement comes on the heels of a recent explosion in support for Bitcoin among US politicians. Presidential candidates Donald Trump and Robert F. Kennedy Jr. Bitcoin payments, while the Biden campaign is also reported to be in talks To accept donations in cryptocurrency. Biden administration officials are expected to appear at a Bitcoin roundtable in Washington, D.C., in a few weeks hosted by Congressman Ro Khanna, in response to Donald Trump’s embrace of Bitcoin. Pledge “To ensure that the future of cryptocurrencies and the future of Bitcoin will be made in America.”
Coinbase CEO Brian Armstrong also recently he met With Democratic and Republican senators in Washington, D.C. “to discuss creating clear rules for the crypto industry.”
A few weeks ago, US Congressman Thomas Massie advertiser He decided to submit a invoice To finish the Federal Reserve after reading the book Bitcoin Standard.