Bitcoin as a payment method for federal income taxes
Congressman Matt Gaetz has introduced legislation that would allow federal income taxes to be paid in Bitcoin. The bill aims to amend the Internal Revenue Code of 1986 by directing the Secretary of the Treasury to create guidelines for Bitcoin tax payments (Bitcoin is a digital cryptocurrency). Gaetz argues that this move would modernize the tax system, encourage innovation, and increase efficiency. The proposal includes the immediate conversion of Bitcoin to U.S. dollars upon receipt and addresses related non-tax matters such as contracts, fees, and liability issues.
Political acceptance and regulatory efforts
This initiative follows growing political support for Bitcoin in the US. Well-known figures such as Donald Trump and Robert F. Kennedy Jr. are accepting Bitcoin payments for their presidential campaigns. The Biden campaign is also considering accepting cryptocurrency donations, and government officials plan to attend a Bitcoin roundtable in Washington DC. Brian Armstrong, the CEO of Coinbase (a cryptocurrency trading platform), recently met with senators to discuss clear regulations for the crypto industry. Additionally, Congressman Thomas Massie announced a bill to abolish the Federal Reserve (the central bank of the US) after reading "The Bitcoin Standard."
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