New Tax Attack in the USA: This Can Be Paid with Cryptocurrency!

Representative Matt Gaetz has introduced a bill to support the adoption of the US presidential cryptocurrency Bitcoin. If this bill is passed, residents will be able to pay their Federal Taxes with Bitcoin. As US elections approach, politicians and presidents are leaning more towards Bitcoin lately

Green light for Bitcoin in the USA: Taxes can be paid!

United States residents may be slowly approaching a time when they will finally be able to use cryptocurrency, specifically Bitcoin (BTC), to pay their federal taxes. A new bill prepared by US Congressman Matt Gaetz aims to allow US citizens to pay federal income tax with Bitcoin.

It is noteworthy that Gaetz is one of the Bitcoin Marxists who strongly believes in the role digital assets will play in the future of finance. Consideration of this bill would mean an amendment to the Internal Revenue Code of 1986 to accommodate Bitcoin as an alternative for taxpayers. According to the Florida representative’s bill, the amendment requires the Treasury to “develop and implement a procedure that will allow any tax imposed on an individual to be paid with Bitcoin.”

What does the leader mean for cryptocurrency?

Implementation of this bill from Gaetz could be a game changer for Bitcoin adoption in the US. It will also help the Treasury focus on digital asset implementation in the region. In his statement to the press, Gaetz underlined the benefits of accepting the Bitcoin bill. He noted that it could spur innovation, increase efficiency, and offer American citizens more flexibility.

Gaetz’s proposal was likely influenced by El Salvador’s stance on Bitcoin. Gaetz recently visited the country when Nayib Bukele was again president. cryptokoin.comAs you can see from , Bitcoin is already accepted as payment for state taxes in places like Colorado.

US politicians propose legislation supporting Bitcoin

There are several Bitcoin regulators awaiting approval from the appropriate authorities. In March, Oklahoma passed a landmark bill aimed at preserving the fundamental rights of BTC users. The bill was spearheaded by Representative Brian Hill and supported by the Oklahoma Bitcoin Association. It promised comprehensive protection for Bitcoin users within the state. It was later supported by an overwhelming 81-1 vote in the State House.

Similarly, Senator Cynthia Lummis was seen urging Senate members to vote YES on legislation that would allow highly regulated financial firms to provide custody services for Bitcoin and other cryptocurrencies. In particular, this is against Senator Elizabeth Warren’s invitation to the Senate, just like that. He is very concerned about the security and ownership of digital assets in the hands of financial institutions. Overall, both contrarian and supportive views underscore the growing interest of politicians in the cryptocurrency industry.