Matt Gaetz introduces legislation to allow Americans pay taxes with Bitcoin

WASHINGTON, D.C. – Rep. Matt Gaetz, R-Fla., introduced legislation on Tuesday requiring that the IRS must accept payments made by the cryptocurrency Bitcoin.

“My groundbreaking legislation will modernize our tax system by allowing federal income tax to be paid with Bitcoin,” Gaetz said in a statement.

“By enabling taxpayers to use Bitcoin for federal tax payments, we can promote innovation, increase efficiency, and offer more flexibility to American citizens,” he said.

“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,” he added.

The congressman’s office mentioned how Gaetz had the honor of attending the second inauguration of El Salvador 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,” the office said.

“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,” it added.

Florida has made similar efforts in the past to allow businesses to pay state taxes in cryptocurrency.

Read the full piece of legislation here.