The post US Congressman Introduces Bill to Allow Federal Tax Payments with Bitcoin appeared on BitcoinEthereumNews.com.

Matt Gaetz introduces a new bill to allow Bitcoin to be used for federal tax payments in the U.S. This development signifies a potential shift in the U.S. toward more mainstream acceptance of cryptocurrencies. “BREAKING: 🇺🇸 US Congressman Matt Gaetz introduces bill to allow federal income tax to be paid with #Bitcoin,” reports Bitcoin Magazine on Twitter. Discover the groundbreaking bill that could enable Americans to pay federal taxes using Bitcoin, marking a significant step in cryptocurrency adoption. Bitcoin Gains Federal Tax Payment Status in the U.S. The American public might soon be able to use Bitcoin to pay their federal taxes, as a new bill spearheaded by Congressman Matt Gaetz aims to make this a reality. This proposed legislation intends to amend the 1986 Internal Revenue Code, allowing the U.S. Treasury to develop and implement a method for accepting Bitcoin as a form of payment for taxes levied on individuals. Implications for Bitcoin and the U.S. Treasury Gaetz’s bill, if passed, could herald a new era of Bitcoin adoption within the United States, encouraging its broader acceptance and utilization. The Treasury would be tasked with creating and enforcing a framework that permits taxpayers to remit their federal liabilities in Bitcoin. Gaetz has articulated that embracing Bitcoin could incentivize innovation, enhance efficiency, and afford American taxpayers greater flexibility. Comparisons to Global Crypto Integration This legislative effort appears to draw inspiration from international precedents, such as El Salvador’s bold move to recognize Bitcoin as legal tender. Congressman Gaetz recently underscored the influence of such global trends by visiting El Salvador, where he observed President Nayib Bukele’s proactive approach to Bitcoin. State-Level Crypto Tax Payments Already a Reality TRUSTED BY COINOTAG,Did you missed $MEME, $PEPE or Bitcoin? No worries! Click here to sign up chosen altcoin exchange! It’s worth noting that individual…

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Filed under: News - @ June 25, 2024 7:28 pm