Rep. Matt Gaetz (R-FL) has introduced a bill that would allow federal income tax to be paid in Bitcoin. Exclusive Coverage The bill, first reported by The Daily Wire, aims to amend the Internal Revenue Code of 1986 to instruct the Secretary of the Treasury to develop a plan to accept Bitcoin.
BREAKING: 🇺🇸 US Rep. Matt Gaetz introduces bill that would allow people to pay their federal income tax in cash #Bitcoin pic.twitter.com/mcflCTQejI
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According to Gates, his suggestion It aims to modernize the tax process by allowing federal income tax to be paid in BTC.
Gates told The Daily Wire: “Allowing taxpayers to use Bitcoin to pay their federal taxes will spur innovation, increase efficiency, and provide more flexibility to the American people. This is a bold step toward a future where digital currencies play a key role in our monetary system and ensure that the United States remains at the forefront of technological advancement.”
The bill would require the Secretary of the Treasury to enact regulations regarding the acceptance of bitcoin, including specifying when a payment is considered received and requiring the immediate exchange of bitcoin for its dollar equivalent. Additionally, the bill includes provisions regarding the treatment of related exemptions, contracts, fees, and liabilities.
“The Secretary shall develop and implement a methodology that allows any tax imposed on a person under this Act to be paid in Bitcoin,” the bill states. “The Secretary shall prescribe such regulations as the Secretary deems necessary for the acceptance of payments in Bitcoin, including regulations specifying when payments made by such means shall be deemed to have been received and regulations requiring the immediate conversion of any amount of Bitcoin received into its dollar equivalent upon the completion of any transaction.”
The announcement comes following a recent explosion of support for Bitcoin among U.S. politicians, with presidential candidates Donald Trump and Robert F. Kennedy Jr. both accepting Bitcoin as payment, and the Biden campaign also reportedly accepting Bitcoin. Meeting Biden administration officials will accept cryptocurrency donations Be expected In response to Donald Trump’s support for Bitcoin, he will be attending a Bitcoin roundtable hosted by Congressman Ro Khan in Washington DC in a few weeks. Pledge “To ensure that the future of cryptocurrency and the future of Bitcoin is built in America.”
Coinbase CEO Brian Armstrong also recently met He will meet with Democratic and Republican senators in Washington to “discuss creating clear rules for the cryptocurrency industry.”
A few weeks ago, U.S. Rep. Thomas Massie stated He decided to introduce invoice After reading the book “The Bitcoin Standard” I wanted to end the Federal Reserve System.
