Paying Your Taxes with Bitcoin? It Could Soon Be a Reality in the U.S.

• Rep. Matt Gaetz wants people to pay federal taxes using Bitcoin to update the tax system.
• Colorado accepts cryptocurrency for taxes, and Gaetz wants this for all states.
• Congress working together to regulate stablecoins, showing they’re interested in crypto.

Florida Republican Congressman Matt Gaetz introduced a bill on Tuesday that would authorize federal income taxes to be paid using Bitcoin. This proposed legislation, if enacted, would require the U.S. Secretary of the Treasury to develop a plan to facilitate Bitcoin payments for federal taxes.

Florida Republican Congressman Matt Gaetz introduced a bill on Tuesday that would require the U.S. Treasury Secretary to develop a plan to allow federal income taxes to be paid via Bitcoin. Currently, only Colorado allows the use of cryptocurrency to pay taxes.…

— Wu Blockchain (@WuBlockchain) June 26, 2024

Gaetz stated that his bill aims to modernize the U.S. tax system by incorporating digital currencies. He believes that allowing individuals to use Bitcoin for taxes will stimulate innovation, streamline processes, and provide Americans with more payment options. Gaetz views this as a crucial step towards in…

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