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<ul>
 <li>Congressman Gaetz introduces legislation for the IRS to accept Bitcoin tax payments.&nbsp;</li>
 <li>The proposed bill aims to promote efficiency and flexibility for American taxpayers.</li>
 <li>Gaetz was inspired by El Salvador’s success with Bitcoin as a legal tender.</li>
</ul>
<p>Congressman Matt Gaetz (R-Fla.) recently introduced legislation that would require the Internal Revenue Service (IRS) to accept federal tax payments in Bitcoin. The proposed bill aims to promote innovation, increase efficiency, and offer more flexibility to American citizens.</p>
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   <p lang="en" dir="ltr">BREAKING: <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> US Congressman Matt Gaetz introduces bill to allow federal income tax to be paid with <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/mcflCTQejI" rel="noopener noreferrer nofollow">pic.twitter.com/mcflCTQejI</a></p>— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1805621208894861418?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 25, 2024</a>
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<p>If enacted, taxpayers would be allowed to <a href="https://cryptonewsland.com/bitcoins-strength-shines-through-market-ups-and-downs/" target="_blank" rel="noopener noreferrer nofollow">use</a><a href="https://cryptonewsland.com/bitcoins-strength-shines-through-market-ups-and-downs/" rel="noopener noreferrer nofollow"> Bitcoin</a> for their federal tax obligations. Gaetz believes that this move would not only keep the United States at the forefront of technological advancement but also enhance economic stability and job creation.&nbsp;</p>
<h2 class="wp-block-heading" id="h-el-salvador-influence">El Salvador Influence</h2>
<p>A recent visit to El Salvador, where <a href="https://cryptonewsland.com/el-salvadors-bukele-starts-second-term-with-strong-mandate-and-bitcoin-vision/" rel="noopener noreferrer nofollow">Bitcoin </a><a href="https://cryptonewsland.com/el-salvadors-bukele-starts-second-term-with-strong-mandate-and-bitcoin-vision/" target="_blank" rel="noopener noreferrer nofollow">became</a><a href="https://cryptonewsland.com/el-salvadors-bukele-starts-second-term-with-strong-mandate-and-bitcoin-vision/" rel="noopener noreferrer nofollow"> legal tender</a> in 2021, leading to positive economic impacts in Central America. The bill directs Treasury Secretary Janet Yellen to develop a plan for accepting Bitcoin as a legitimate form of currency for tax payments.&nbsp;</p>
<p>Interestingly, Secretary Janet Yellen has historically been critical of cryptocurrencies, making this proposal a significant shift in integrating <a href="https://www.rba.gov.au/education/resources/explainers/cryptocurrencies.html" rel="noopener noreferrer nofollow">digital </a><a href="https://www.rba.gov.au/education/resources/explainers/cryptocurrencies.html" target="_blank" rel="noopener noreferrer nofollow">currencies</a> into the mainstream financial system.</p>
<p>Gaetz’s initiative follows similar actions by several U.S. states.&nbsp;</p>
<p>Colorado blazed the trail by approving crypto payments for taxes in 2022, while Louisiana recently passed legislation protecting the right to self-custody and mine crypto. Also, other states, including Texas, Utah, New Jersey, and Kentucky, are exploring similar policies.</p>
<p>The bill arrives amidst ongoing debates in Congress about how to regulate the burgeoning crypto industry. The House recently passed FIT21, a regulatory framework bill that grants either the SEC or the <a href="https://www.cftc.gov/" rel="noopener noreferrer nofollow">Commodity Futures </a><a href="https://www.cftc.gov/" target="_blank" rel="noopener noreferrer nofollow">Trading</a><a href="https://www.cftc.gov/" rel="noopener noreferrer nofollow"> Commission</a> (CFTC) full oversight of crypto trading.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also&nbsp;</h4>
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 <li><a href="https://cryptonewsland.com/sec-chair-gensler-faces-tough-questions-from-us-congressman/" rel="noopener noreferrer nofollow">SEC Chair Gensler Faces Tough Questions from US Congressman</a></li>
 <li><a href="https://cryptonewsland.com/us-federal-reserve-could-vanish-as-congressman-massies-reports-10x-increase-in-crypto-bill-support/" rel="noopener noreferrer nofollow">US Federal Reserve Could Vanish as Congressman Massie’s Reports 10x Increase in Crypto Bill Support</a></li>
 <li><a href="https://cryptonewsland.com/michigan-rep-rebukes-gensler-you-have-no-right-on-crypto/" rel="noopener noreferrer nofollow">Michigan Rep Rebukes Gensler: You Have No Right on Crypto</a></li>
 <li><a href="https://cryptonewsland.com/too-much-power-behind-crypto-to-ban-it-us-lawmaker/" rel="noopener noreferrer nofollow">Too Much Power Behind Crypto to Ban It: US Lawmaker</a></li>
 <li><a href="https://cryptonewsland.com/minnesota-rep-to-sec-regarding-crypto-probe-fck-off/" rel="noopener noreferrer nofollow">Minnesota Rep to SEC Regarding Crypto Probe: F*ck Off</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/us-congressman-introduces-bill-to-allow-income-tax-payments-in-bitcoin/" rel="noopener noreferrer nofollow">US Congressman Introduces Bill to Allow Income Tax Payments in Bitcoin</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

US Congressman Introduces Bill to Allow Income Tax Payments in Bitcoin

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