Congressman Matt Gaetz (R-FL) has introduced legislation to allow federal income tax payments to be made in bitcoin. bitcoin-payments-on-federal-income-tax”>Exclusively reported In a first for 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.
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BREAKING: US Congressman Matt Gaetz introduces bill to allow federal income tax to be paid with twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin pic.twitter.com/mcflCTQejI
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1805621208894861418?ref_src=twsrc%5Etfw”>June 25, 2024
According to Gaetz, his proposal aims to modernize the tax payment process by allowing federal income tax to be paid with btc.
Gaetz told The Daily Wire: “By allowing taxpayers to use bitcoin to pay federal taxes, we can promote innovation, increase efficiency, and offer more flexibility to American citizens. “This is a bold step toward a future where digital currencies play a vital role in our financial system, ensuring the United States remains at the forefront of technological advancement.”
The legislation would require the Secretary of the Treasury to establish regulations for the acceptance of bitcoin, including specifying when payments are considered received and requiring the immediate conversion of bitcoin to its dollar equivalent. Additionally, the bill includes provisions for the management of related non-tax matters, contracts, fees, and responsibilities.
“The Secretary shall develop and implement a method to permit payment in bitcoins of any tax imposed on an individual under this title,” the bill says. “The Secretary shall prescribe such regulations as he deems necessary to receive payment by bitcoin, including regulations specifying when payment by such means shall be deemed received, requiring immediate conversion of any amount of bitcoin received to its dollar equivalent upon conclusion of any transaction.”
This announcement comes after a recent explosion in support for bitcoin among US politicians. Presidential candidates Donald Trump and Robert F. Kennedy Jr. accept bitcoin payments, while Biden's campaign is also reported to be in crypto-donations-through-coinbase-commerce-sources”>talks to accept cryptocurrency donations. Biden administration officials are expected to appear at a bitcoin roundtable in Washington DC in a few weeks hosted by Congressman Ro Khanna, in response to Donald Trump's adoption of bitcoin. x.com/BitcoinMagazine/status/1803182597062668299″>pledge to “ensure that the future of cryptocurrencies and the future of bitcoin are made in America.”
Coinbase CEO Brian Armstrong also recently x.com/BitcoinMagazine/status/1801012393427783976″>met with Democratic and Republican senators in DC “to discuss creating clear rules for the crypto industry.”
A couple of weeks ago, US Congressman Thomas Massie x.com/BitcoinMagazine/status/1801295100925849958″>fixed who decided to introduce a x.com/BitcoinMagazine/status/1791234827024273560″>bill to take down the Federal Reserve after reading the book The bitcoin Standard.
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