Congressman Matt Gaetz (R-Fla.) is proposing a new law that will mandate the U.S. Secretary of the Treasury to implement a program that will enable federal income taxes to be paid using Bitcoin (BTC).
In a statement, Gaetz says the legislation will modernize the US tax system.
The lawmaker says allowing taxpayers to pay their government dues using the flagship crypto asset will 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 that the U.S. remains at the forefront of technological advancement.”
Reads the proposed bill,
“The Secretary shall develop and implement a method to allow for the payment with Bitcoin of any tax imposed on an individual under this title.”
Gaetz introduced the bill on Tuesday after attending the second inauguration of El Salvador president Nayib Bukele, who made the Central American country the first nation to adopt Bitcoin as a legal tender.
Gaetz’s office says the legislator witnessed how Bitcoin has helped promote financial stability and job creation in El Salvador.
In March, Bukele said that the nation will continue to purchase Bitcoin daily until it is no longer affordable with fiat currencies. According to El Salvador’s Bitcoin Office, the country now holds 5,793.76 BTC worth over $353 million.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Congressman Matt Gaetz (R-Fla.) is proposing a new law that will mandate the U.S. Secretary of the Treasury to implement a program that will enable federal income taxes to be paid using Bitcoin (BTC).
In a statement, Gaetz says the legislation will modernize the US tax system.
The lawmaker says allowing taxpayers to pay their government dues using the flagship crypto asset will 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 that the U.S. remains at the forefront of technological advancement.”
Reads the proposed bill,
“The Secretary shall develop and implement a method to allow for the payment with Bitcoin of any tax imposed on an individual under this title.”
Gaetz introduced the bill on Tuesday after attending the second inauguration of El Salvador president Nayib Bukele, who made the Central American country the first nation to adopt Bitcoin as a legal tender.
Gaetz’s office says the legislator witnessed how Bitcoin has helped promote financial stability and job creation in El Salvador.
In March, Bukele said that the nation will continue to purchase Bitcoin daily until it is no longer affordable with fiat currencies. According to El Salvador’s Bitcoin Office, the country now holds 5,793.76 BTC worth over $353 million.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Congressman Matt Gaetz (R-Fla.) has introduced a bill that mandates the U.S. Secretary of the Treasury to create a program allowing federal income taxes to be paid using Bitcoin (BTC). Gaetz argues that the legislation will modernize the U.S. tax system, promote innovation, increase efficiency, and offer more flexibility to citizens. His proposal follows his visit to El Salvador, where he observed Bitcoin’s positive impact on financial stability and job creation. El Salvador, under President Nayib Bukele, was the first country to adopt Bitcoin as legal tender and continues to invest heavily in the cryptocurrency.