Matt Gaetz’s bill seeks to amend the Internal Revenue Code of 1986.
The Republican Congressman from Florida, Matt Gaetz, has introduced a bill to allow U.S. taxpayers to pay federal taxes in Bitcoin.
“By enabling taxpayers to use Bitcoin for federal tax payments, we can promote innovation, increase efficiency, and offer more flexibility to American citizens,” wrote Gaetz on X. “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.”
If enacted, the legislation would modify the Internal Revenue Code of 1986 and order Treasury Secretary Janet Yellen, a staunch opponent of cryptocurrency, to develop a plan for accepting Bitcoin as a legitimate form of currency for federal tax payments.
The bill comes amid a broadening political embrace of crypto in the United States. Gaetz is tag-teaming pro-Bitcoin legislation with his party’s presidential nominee, Donald J. Trump, who has flipped his stance on digital assets and made the industry a central part of his campaign.
On the other side of the aisle, Democrats have realized that crypto is increasingly a point of interest for Americans, and President Joe Biden has also been warming up to the digital asset industry.
Apart from his Bitcoin bill, Gaetz has been in the headlines lately for alleged seedy behavior. He is being investigated by the House Ethics Committee over claims of sexual misconduct and illicit drug use.
According to CNBC, the Ethics Committee said that Gaetz — who denies wrongdoing — “dispensed special privileges and favors to individuals with whom he had a personal relationship, and sought to obstruct government investigations of his conduct.”
Credit: Source link
