Rep. Matt Gaetz Introduces Bill Requiring IRS to Accept Bitcoin as Payment for Federal Income Taxes

Florida Republican Matt Gaetz introduced legislation Tuesday that would allow people to use bitcoin to pay their federal income taxes.

The bill would require the U.S. Secretary of the Treasury to implement a program that allows federal income taxes to be paid through bitcoin, Gaetz said in a statement.

“My groundbreaking legislation will modernize our tax system by allowing federal income taxes to be paid with Bitcoin,” Gaetz said. "By allowing taxpayers to use Bitcoin to pay federal taxes, 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 role. vital role in our financial system, ensuring that the United States remains at the forefront of technological advancement.”

At the state level, only Colorado has allowed the use of cryptocurrencies to pay taxes. The Colorado Department of Revenue said it would accept cryptocurrencies as a form of payment for corporate income tax and individual tax, among others, which began in September 2022.

At the federal level, Sen. Ted Cruz, R-Texas, has pushed a bill that would require Capitol Hill stores to accept cryptocurrency as payment, although that has not come up for a vote.

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