United

Bitcoin

Daily

Representative Matt Gaetz has introduced a bill that would allow U.S. citizens to pay their federal income taxes with Bitcoin. The bill aims to amend the Internal Revenue Code of 1986, which could potentially incorporate Bitcoin into the nation’s tax payment system. 
Moreover, the proposed bill also establishes a framework for the United States Treasury to create and operate a system for Bitcoin tax payments.&nbsp; 
The most important provisions include immediately converting received Bitcoin to its dollar equivalent at the time of the transaction. Other measures also require the Secretary of the Treasury to develop regulations governing certain aspects of the Bitcoin tax payments. 
In a recent statement concerning the bill, <a href="https://www.dailywire.com/news/exclusive-matt-gaetz-introduces-bill-to-allow-bitcoin-payments-on-federal-income-tax" target="_blank" data-type="link" data-id="https://www.dailywire.com/news/exclusive-matt-gaetz-introduces-bill-to-allow-bitcoin-payments-on-federal-income-tax" rel="noreferrer noopener nofollow">Rep. Gaetz told Daily Wire</a> that the bill aims to stimulate innovation, boost efficiency, and provide more options to American taxpayers. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 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 
</blockquote> 
 This bill by Gaetz aligns with recent statements from former President Donald Trump, who has constantly <a href="https://www.cryptotimes.io/2024/06/16/trump-vows-to-end-joe-bidens-war-on-crypto-if-elected/" target="_blank" data-type="link" data-id="https://www.cryptotimes.io/2024/06/16/trump-vows-to-end-joe-bidens-war-on-crypto-if-elected/" rel="noreferrer noopener">expressed support for cryptocurrency</a> and pledged to end what he described as the current administration’s “war on crypto.”

Rep. Matt Gaetz Bill Proposes Bitcoin Option for U.S. Tax Payments

The Crypto Times

Другие статьи, опубликованные 26 июн. 2024 г.

Digital Euro Wallet Will Have Limit of €3,000 – Here’s Why We Need Bitcoin, XRP, and Crypto

Argentina Celebrates First Week Without Inflation in Over 30 Years Under President Javier Milei

Crypto Fear And Greed Index Plunges To 18-Month Low After BTC Tumbles Below $60K On Mt. Gox Worri...

Turbo Price Prediction: TURBO Plunges 17%, Leading Meme Coin Losses As Traders Flock to This Para...

Ethereum ETFs Set for Launch: Will They Steal the Spotlight from Bitcoin?

Bitcoin Dips Below $70k: Are We Nearing a Price Bottom?

Join our free newsletter for daily crypto updates!