Congressman Matt Gaetz (R-Fla.) has put forward a pioneering legislative proposal that mandates the U.S. Secretary of the Treasury to develop a program facilitating federal income tax payments via Bitcoin (BTC).
In a press release, Gaetz emphasized that this legislation aims to modernize the U.S. tax system. He argued that allowing taxpayers to settle their obligations to the government using the leading cryptocurrency would foster innovation, streamline processes, and provide greater flexibility for American citizens.
“This initiative marks a significant stride towards a future where digital currencies are integral to our financial framework, ensuring the U.S. maintains its leadership in technological progress,” Gaetz stated.
According to the draft bill, “The Secretary shall devise and implement a mechanism enabling Bitcoin to be used for the payment of any tax levied on an individual under this legislation.”
Gaetz introduced this bill following his attendance at the second inauguration of El Salvador President Nayib Bukele, who famously made his nation the first in the world to adopt Bitcoin as legal tender. Gaetz’s office noted his firsthand observation of Bitcoin’s positive impact on financial stability and employment in El Salvador.
Earlier this year, Bukele announced El Salvador’s ongoing daily purchases of Bitcoin until its affordability with fiat currencies is no longer feasible. As reported by El Salvador’s Bitcoin Office, the country currently holds 5,793.76 BTC valued at more than $353 million.
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