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US Rep. Matt Gaetz Proposes Bill to Allow Bitcoin Tax Payments

Congressman Matt Gaetz (R-FL) has introduced a bill proposing that Americans be allowed to pay their federal income taxes using Bitcoin. If the legislation passes, the US Secretary of the Treasury would be tasked with implementing a program facilitating tax payments in Bitcoin.

According to an official statement, Rep. Gaetz was inspired to draft the bill after attending the inaugural ceremony of El Salvador President Nayib Bukele. El Salvador made headlines in 2021 by becoming the first country to adopt Bitcoin as legal tender.

Gaetz emphasized that his proposal aims to modernize the current tax system, positioning the United States as a leader in technological progress.

“By enabling taxpayers to utilize Bitcoin for federal tax payments, we can foster innovation, improve efficiency, and provide greater flexibility to American citizens.”

If approved, the legislation would amend the Internal Revenue Code of 1986 to incorporate Bitcoin as an accepted method of payment for taxes.

Gaetz’s initiative to integrate cryptocurrencies into tax payments aligns with former President Donald Trump’s campaign promise. Trump previously expressed a commitment to ensuring that the future of crypto and Bitcoin unfolds within the United States.

Rep. Gaetz’s Bill Calls for Regulation

The legislation proposed in the House of Representatives calls for the Secretary to establish regulations necessary to accept Bitcoin for tax payments.

These regulations would involve converting Bitcoin payments to dollars upon receipt, and applying fees according to rules similar to those governing credit card payments.

Furthermore, the bill aims to ensure that tax matters are handled directly by the Secretary, without the involvement of financial intermediaries.

“In general, the Secretary is authorized to enter into contracts to procure services related to receiving payments via Bitcoin.”

Previously, the Internal Revenue Service (IRS) mandated that taxpayers report income from cryptocurrencies and digital assets.

In addition, several US states, including New Jersey and Kentucky, have implemented their own regulations regarding crypto taxes. For example, Kentucky treats Bitcoin as equivalent to cash, while states like Arkansas and Missouri do not impose taxes on cryptocurrencies such as Bitcoin.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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