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US Lawmaker Matt Gaetz Unveils Legislation That Would Allow IRS To Accept Federal Taxes in Bitcoin

June 27, 2024

Congressman Matt Gaetz (R-Fla.) is proposing a new law that will mandate the U.S. Secretary of the Treasury to implement a program that will enable federal income taxes to be paid using Bitcoin (BTC).

In a statement, Gaetz says the legislation will modernize the US tax system.

The lawmaker says allowing taxpayers to pay their government dues using the flagship crypto asset will promote innovation, increase efficiency and offer more flexibility to American citizens.

“This is a bold step toward a future where digital currencies play a vital role in our financial system, ensuring that the U.S. remains at the forefront of technological advancement.”

Reads the proposed bill,

“The Secretary shall develop and implement a method to allow for the payment with Bitcoin of any tax imposed on an individual under this title.”

Gaetz introduced the bill on Tuesday after attending the second inauguration of El Salvador president Nayib Bukele, who made the Central American country the first nation to adopt Bitcoin as a legal tender.

Gaetz’s office says the legislator witnessed how Bitcoin has helped promote financial stability and job creation in El Salvador.

In March, Bukele said that the nation will continue to purchase Bitcoin daily until it is no longer affordable with fiat currencies. According to El Salvador’s Bitcoin Office, the country now holds 5,793.76 BTC worth over $353 million.

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