US Congressman Matt Gaetz has introduced a bill Bitcoin would be accepted as a payment method for federal income tax. Florida’s representative has introduced legislation to amend the Internal Revenue Code of 1996 to permit taxpayers to pay their taxes using the most popular cryptocurrency.
Treasury would be required to amend the amendment. “develop and implement a method to allow for the payment with Bitcoin of any tax imposed on an individual,” The title will be specified. The bill will be an important step towards increasing the adoption of cryptocurrencies in the United States.
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A new US bill would allow federal income taxes to be paid in BTC
Bitcoin’s popularity in the US has grown dramatically over 2024. Since its approval in January, institutional investors have shown a huge interest in this first crypto-based ETF.
A US congressman introduced a new bill to enable income tax payments via Bitcoin. Matt Gaetz from Florida introduced the bill that will make major changes to current Treasury codes. The Treasury would have to put more emphasis on the implementation of digital assets.
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“By enabling taxpayers to use Bitcoin for federal tax payments, we can promote innovation, increase efficiency, and offer more flexibility to American citizens,” Gaetz said Daily Wire. “This is a bold step toward a future where digital currencies play a vital role in our financial system,” He added.
Gaetz traveled recently to El Salvador where Nayib Bukele was recently inaugurated president for the 2nd time. Bukele adopted BTC legal tender as early as 2021 and became the first nation to do this. Gaetz was likely inspired by Bukele’s continuing embrace of Bitcoin to take action in the US.
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Source: watcher.guru