Yesterday, Republican Congressman Matt Gaetz called on the Secretary of the Department of the Treasury (DOT) to establish a plan to accept Bitcoin for federal income tax payments from local citizens, claiming it would modernize the tax system, promote innovation, and increase administrative efficiency. As he finished speaking, the political maneuvering involving cryptocurrency issues once again came into public view.
**Content Directory**
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– Congressman Proposes Citizens Pay Taxes with Bitcoin
– Only One State in the US Accepts Cryptocurrency for Tax Payment
– Cryptocurrency Issues Become Political Maneuvering Chips
**Matt Gaetz**
**Donald Trump**
On Tuesday, Congressman Matt Gaetz proposed a bill urging the Internal Revenue Service (IRS) and the Secretary of the Treasury to draft a plan that would allow people to pay federal income taxes with Bitcoin.
**Statement**
It is written that Gaetz, after attending the second inauguration of Salvadoran President Nayib Bukele, realized the advantages of Bitcoin in promoting financial stability in Central America and creating job opportunities:
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This groundbreaking legislation would modernize our tax system through Bitcoin and promote innovation, improve capital efficiency, and provide more financial flexibility for American citizens. It adds, “This is a bold step towards the future; digital currencies will play a significant role in our financial system and ensure that the US maintains a leading position in technology.”
According to the Colorado Department of Revenue (DOR) announcement, currently, only Colorado accepts cryptocurrency for tax payments.
**Colorado Department of Revenue (DOR) Official Announcement**
Reportedly, since September 2022, Colorado has accepted cryptocurrency for the payment of corporate and personal income taxes, with an additional service fee of 1 USD plus 1.83% of the payment amount.
Previously, Republican Senator Ted Cruz also pushed for a bill last year that would require shops on Capitol Hill to accept cryptocurrency payments, but it has not yet been voted on.
As the US election year coincides, politicians use popular topics to divert public attention, thereby avoiding media reports unfavorable to them, a tactic that has long been commonplace.
However, the cryptocurrency issue seems to have become a new means for some US legislators to confuse the public. Chain News will point out several obvious political maneuvers below:
As mentioned above, Gaetz expressed his support yesterday for including Bitcoin in federal tax payments, in addition to his previous support for the “21st Century Financial Innovation and Technology Act (FIT21),” marking a rare public declaration of his stance on digital assets.
Interestingly, just last week, the House Ethics Committee announced that it was investigating allegations of inappropriate sexual behavior and illegal drug use against Gaetz.
In this context, the proposal’s action also inevitably leads one to wonder if it is one of the means to divert public attention.
Another classic example is US presidential candidate Donald Trump, who talked about his crypto stance after announcing his candidacy, not only launching several NFT collectibles, accepting cryptocurrency donations, and promising to protect Bitcoin mining.
Faced with the potential threat of another candidate, Biden, Trump began to see these issues as the core chips of his campaign activities. At the same time, he is facing several controversial criminal and civil lawsuits.
Last month, the 77-year-old Trump became the first president in US history to be convicted, facing 34 felony convictions, up to four years in prison for each charge, and hundreds of millions of dollars in defamation and fraud compensation.
**Matt Gaetz**
**Cryptocurrency Taxation**
**Donald Trump**
**Bitcoin**
**Internal Revenue Service (IRS)**
**Further Reading**
– Bitcoin Donations Help WikiLeaks Founder Julian Assange Return to Australia
– Heavy BTC Selling Pressure: US and German Governments Move Out Bitcoin, Starting the Sell-Off Wave?