Florida Republican Matt Gaetz Introduces a Bill to Allow Federal Income Taxes to Be Paid Using Bitcoin

The proposed landmark legislation requires the U.S. Honorable Secretary of the Treasury to establish a program facilitating tax payments in BTC.

Florida Republican Representative Matt Gaetz has proposed a bill that would allow federal income taxes to be paid in Bitcoin. The legislation, introduced on Tuesday, would require the U.S. Secretary of the Treasury to establish a program facilitating tax payments in the cryptocurrency. “This bill would be a win-win for crypto users and the government,” Gaetz said in a statement. “It would allow taxpayers to pay their taxes in the currency of their choice and save the government money on processing fees.” Only Colorado currently permits the use of cryptocurrency for paying taxes. The announcement was met with support from the crypto community. Billy Markus, co-creator of Dogecoin and known as Shibetoshi Nakamoto, expressed a preference for paying taxes with Ethereum instead of converting it to cash. “This is the way,” Markus wrote on Twitter. “I personally wouldn't mind sending the government 34% of the Ethereum instead of 34% of the estimated cash value at the second of purchase.” The proposal comes as cryptocurrencies gain wider acceptance. If enacted, the bill would represent a significant shift in tax payment methods, aligning with the interests of crypto enthusiasts who prefer to use digital assets directly. Paying taxes with Bitcoin or Ethereum could help taxpayers avoid the complications and potential losses associated with converting crypto to fiat currency at volatile market rates. From another point of view, this option may offer a more straightforward method for handling tax obligations to the government with digital assets. The progression of this bill will be closely watched by crypto enthusiasts on one side and policymakers on the other, marking a potential step toward broader acceptance and use of digital currencies in one of the biggest financial systems.

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