In a groundbreaking move, Congressman Matt Gaetz (R-FL) has introduced legislation that would allow federal income tax payments to be made in Bitcoin. This bold proposal aims to modernize the tax payment process and promote innovation in the financial system.
Gaetz explained that by enabling taxpayers to use Bitcoin for federal tax payments, the US can increase efficiency and offer more flexibility to American citizens. The bill would require the Treasury Secretary to develop a plan for accepting Bitcoin, including regulations for when payments are considered received and the immediate conversion of Bitcoin to its dollar equivalent.
This announcement comes amidst a growing trend of support for Bitcoin among US politicians. Presidential candidates Donald Trump and Robert F. Kennedy Jr. already accept Bitcoin payments, and the Biden campaign is reportedly considering accepting cryptocurrency donations. Biden Administration officials are set to attend a Bitcoin roundtable in Washington D.C., hosted by Congressman Ro Khanna, in response to Trump’s embrace of Bitcoin.
Coinbase CEO Brian Armstrong has also been actively engaging with democrat and republican senators in D.C. to discuss creating clear rules for the crypto industry. Additionally, US Congressman Thomas Massie recently introduced a bill to end the Federal Reserve after being inspired by The Bitcoin Standard book.
With the introduction of this legislation, Congressman Gaetz is paving the way for a future where digital currencies play a vital role in the US financial system, ensuring that the country remains at the forefront of technological advancement.
