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Thread: Gaetz Submits Bill to Require the IRS to Accept Bitcoin as Payment

  1. #1

    Post Gaetz Submits Bill to Require the IRS to Accept Bitcoin as Payment

    Congressman Matt Gaetz Introduces Legislation to Require the IRS to Accept Bitcoin as Payment



    Washington, D.C. — Today, 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.

    Full text of Congressman Gaetz’s legislation can be found HERE. Additionally, exclusive coverage of the legislation by Daily Wire can be found HERE.
    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst



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  3. #2
    Quote Originally Posted by Matt Collins View Post
    Congressman Matt Gaetz Introduces Legislation to Require the IRS to Accept Bitcoin as Payment



    Washington, D.C. — Today, 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.

    Full text of Congressman Gaetz’s legislation can be found HERE. Additionally, exclusive coverage of the legislation by Daily Wire can be found HERE.

    Big WIN for the IRS!!!

    Just a side thought, but why isn't Congressman Matt Gaetz proposing a bill to eliminate the IRS so that those with Bitcoin get to keep it?
    ____________

    An Agorist Primer ~ Samuel Edward Konkin III (free PDF download)

    The End of All Evil ~ Jeremy Locke (free PDF download)

  4. #3
    Quote Originally Posted by PAF View Post
    Just a side thought, but why isn't Congressman Matt Gaetz proposing a bill to eliminate the IRS so that those with Bitcoin get to keep it?
    I like that idea
    It's all about taking action and not being lazy. So you do the work, whether it's fitness or whatever. It's about getting up, motivating yourself and just doing it.
    - Kim Kardashian

    Donald Trump / Crenshaw 2024!!!!

    My pronouns are he/him/his

  5. #4
    What ? if you pay IRS w/ bitcoin are you not going to owe a crapload of capital gains tax on bitcoin monies used ?
    Do something Danke

  6. #5
    If this bill comes into being, (it won't), then the dollar would collapse. The only reason dollars are in demand is because the US government requires taxes to be paid in USD. The moment they start accepting other currencies, then there is competition, and the USD can't compete.
    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst

  7. #6
    Bitcoin is not a currency. It is a taxable virtual asset.

    FAIL.
    "When Sombart says: "Capitalism is born from the money-loan", I should like to add to this: Capitalism actually exists only in the money-loan;" - Theodor Fritsch



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