On Tuesday, U.S. Congressman Matt Gaetz (FL-01) introduced legislation to require the U.S. Secretary of the Treasury to implement a program to allow federal income tax to be paid with Bitcoin.
Earlier this month, Rep. Gaetz had the honor of attending the second inauguration of El Salvador’s populist president, Nayib Bukele. While there, Rep. Gaetz witnessed how Bitcoin, the world’s most popular decentralized digital currency, has helped promote financial stability and job creation in Central America after El Salvador became the first country to adopt Bitcoin as a legal tender in 2021. Following the success El Salvador has had with Bitcoin and the recent boom in crypto currency, Rep. Gaetz introduced legislation that would allow taxpayers to pay their federal income tax with Bitcoin.
“My groundbreaking legislation will modernize our tax system by allowing federal income tax to be paid with Bitcoin. By enabling taxpayers to use Bitcoin for federal tax payments, we can 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,” said Congressman Gaetz.
