The bill would require the U.S. Secretary of the Treasury to put in place a program to allow for federal income taxes to be paid via bitcoin, Gaetz said in a statement.
“My groundbreaking legislation will modernize our tax system by allowing federal income tax to be paid with Bitcoin," Gaetz said. "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.
On the state level, only Colorado has allowed the use of crypto to pay for taxes. Colorado's Department of Revenue said it would accept crypto as a form of payment for business income tax and individual tax, among others, which began in September 2022. On the federal level, Sen. Ted Cruz, R-Texas, has pushed for a bill that would require shops on Capitol Hill to accept crypto as payment, though that has not been taken up for a vote.Lawmakers in Washington have made some progress on bills that would regulate stablecoins and another on regulating the crypto industry at large. In May, the U.S.
Lawmakers have forged ahead on stablecoin legislation in the House and Senate led by Sens. Kirsten Gillibrand, D-N.Y., Cynthia Lummis, R-Wyo., and Reps. Patrick McHenry, R-N.C. and Maxine Waters, D-Calif. In the House, there has been disagreement on who should be the primary regulator of stablecoins.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block.