U.S. Congressman Matt Gaetz has introduced a bill to allow federal income taxes to be paid with bitcoin. Inspired by El Salvador’s success with the cryptocurrency, the lawmaker believes this move will modernize the U.S. tax system, promote innovation, and maintain America’s technological leadership.
US Lawmaker Pushes Bill to Allow Bitcoin Payments for Federal Income Taxes, Citing El Salvador's Success
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Lawmaker Proposes Bill to Allow Federal Income Taxes to Be Paid With Bitcoin
U.S. Congressman Matt Gaetz (R-FL) announced on Tuesday that he has introduced legislation mandating the U.S. Secretary of the Treasury to establish a program enabling federal income taxes to be paid with bitcoin ( BTC). The bill aims to “amend the Internal Revenue Code of 1986 to allow the payment of certain Federal taxes with bitcoin,” according to its text.
Rep. Gaetz stated:
My groundbreaking legislation will modernize our tax system by allowing federal income tax to be paid with bitcoin.
“By enabling taxpayers to use bitcoin for federal tax payments, we can promote innovation, increase efficiency, and offer more flexibility to American citizens,” he emphasized. “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.”
The announcement explains that this development follows Rep. Gaetz’s recent visit to El Salvador, where he attended the second inauguration of President Nayib Bukele. During his visit, the U.S. lawmaker observed how BTC “helped promote financial stability and job creation in Central America” since El Salvador adopted the cryptocurrency as legal tender in 2021. Inspired by El Salvador’s success and the recent cryptocurrency boom, Gaetz proposed this legislation to offer similar benefits to the U.S.
What do you think about Congressman Matt Gaetz’s proposed legislation to allow federal income taxes to be paid with bitcoin? Do you think this bill will become law? Let us know in the comments section below.
