- This measure would essentially amend the 1986 Internal Revenue Code if passed.
- The law proposed has the potential to significantly impact the adoption of Bitcoin in the US.
People living in the US may soon be able to use Bitcoin (BTC) and other cryptocurrencies to pay their federal taxes. It has been proposed by US Congressman Matt Gaetz that citizens of the United States be able to pay their federal income taxes using Bitcoin.
Among the Bitcoin Marxists, Gaetz stands out for his firm faith in digital assets’ potential to shape the financial landscape of the future. To include Bitcoin as an option for taxpayers, this measure would essentially amend the 1986 Internal Revenue Code.
Moreover, the provision of the bill introduced by the Florida lawmaker mandates that the Department of the Treasury create and execute a mechanism to permit the payment with Bitcoin of any tax levied on an individual.
El Salvador Effect
It is worth noting that the law proposed by Gaetz has the potential to significantly impact the adoption of Bitcoin in the US if it were to pass. Also, the Treasury would be able to put more effort into implementing digital assets. Presenting his Bitcoin law to the press, Gaetz emphasized its inherent advantages. He brought up the fact that it has the potential to spur creativity, boost productivity, and provide Americans more leeway.
Furthermore, the position of El Salvador toward Bitcoin probably impacted Gaetz’s plan. He paid a recent visit at President Nayib Bukele’s office. Also, Colorado is one of many states that have begun accepting Bitcoin as payment for state taxes. Numerous Bitcoin bills are awaiting clearance from the relevant authorities.
The crypto market has been experiencing severe volatility lately and any positive development will likely boost investor confidence which is lately dwindling.
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