Congressman Matt Gaetz, a Republican from Florida, has put forward a groundbreaking proposal to require the U.S. Secretary of the Treasury to establish a program that will allow federal income taxes to be paid using Bitcoin (BTC). Gaetz believes that this legislation will modernize the American tax system.

The lawmaker argues that enabling taxpayers to settle their government obligations with the flagship cryptocurrency will foster innovation, enhance efficiency, and provide greater flexibility for American citizens. Gaetz states, “This is a bold move towards a future where digital currencies play a crucial role in our financial system, ensuring that the United States maintains its position at the forefront of technological progress.”

The bill, as outlined, states, “The Secretary must develop and implement a method to permit individuals to pay any tax imposed under this title with Bitcoin.” Gaetz introduced the bill on Tuesday, inspired by his attendance at the second inauguration of El Salvador President Nayib Bukele. El Salvador became the first country in the world to adopt Bitcoin as legal tender.

Gaetz’s office highlights how the congressman witnessed firsthand the positive impact of Bitcoin in promoting financial stability and job creation in El Salvador. In March, President Bukele announced that the country would continue to acquire Bitcoin on a daily basis until it becomes unaffordable with fiat currencies. According to El Salvador’s Bitcoin Office, the country now possesses 5,793.76 BTC with a value exceeding $353 million.

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