Earlier this week, Republican Congressman Matt Gaetz presented a bill to the US Congress aimed at accepting Bitcoin as a means of payment for federal taxes. This legislation, if passed, would require the Secretary of the Treasury to develop and implement a Bitcoin acceptance system.
Matt Gaetz's Ambitious Plan to Pay Taxes in Bitcoin in the United States
As of today, only Colorado allows U.S. citizens to pay their individual taxes in cryptocurrencies. However, that could soon change as Matt Gaetz, Republican congressman from Florida has introduced a bill that would allow Bitcoin to be used to pay federal income taxes.
By allowing taxpayers to use Bitcoin to pay federal taxes, we can promote innovation, increase efficiency, and provide more flexibility to American citizens. This is a bold step toward a future where digital currencies play a vital role in our financial system, allowing the United States to remain at the forefront of technological advancement.
👉 Find our guide to buying Bitcoin (BTC) without fees
Figure 1 – Summary of Republican MP Matt Gaetz's bill
This bill seeks to amend the Internal Revenue Code of 1986, and if passed, he should force the Treasury Secretary to develop a plan to accept Bitcointhis by specifying when payments are considered receivable and requiring the immediate conversion of Bitcoin to its dollar equivalent.
The bill also includes provisions relating to the treatment of related non-tax matters, contracts, fees and other responsibilities.
20 € offered when you register on Bitvavo
The US presidential race: fertile ground for Bitcoin
This proposition is far from being fortuitous, since Matt Gaetz has traveled to El Salvador several times to study the impacts of Bitcoin. This announcement is part of an electoral dynamic, with Donald Trump and Joe Biden facing off in a war of intent over the use of cryptocurrencies.
Recently, Donald Trump claimed that ” the future of cryptocurrencies and Bitcoin would be played out in America ” While Democrats have historically been less supportive of cryptocurrency adoption, President Joe Biden was forced to soften his stance. Officials from his administration are also expected for a Bitcoin round table organized at the initiative of Democrat Ro Khanna.
Still in this dynamic, Republican Thomas Massie announced a few weeks ago that he wanted to introduce a bill to end the Federal Reserve after reading the book “Bitcoin Standard.”
.@RepThomasMassie read The Bitcoin Standard and decided to propose legislation to end the Fed!
You're welcome, America! pic.twitter.com/989tLvnWG2
— Saifedean Ammous (@saifedean) June 13, 2024
👉 In the news – Donald Trump could speak at a famous Bitcoin convention
As a known supporter of Donald Trump, Republican Matt Gaetz brings a crucial support for Republican positions held in the presidential electionsthrough this ambitious bill.
The introduction of this bill represents an important milestone, paving the way for broader acceptance of Bitcoin in official financial transactions.
Download Bitstack and earn €5 in Bitcoin with code CRYPTOAST5*
* After activating a savings plan and accumulating at least €100 in BTC purchases
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no harm to you and you can even get a bonus using our links.
Investing in cryptocurrencies is risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to cryptoassets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with a high return potential implies a high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of these savings. Do not invest if you are not prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
A lifelong cyber enthusiast, I have nurtured my curiosity and passion over time… should it have been the other way around? A convinced maximalist, I could have been part of the cypherpunks if I had been born a few years earlier. Convinced that information and knowledge are the ultimate weapons of freedom, I brandish my pen like a sword, defending this noble cause with fervor.
