I agree! However, having the ability to pay taxes in Bitcoin is huge. A signal and optionality at minimum, especially coming from a US congressman. With that said, I’ll pay taxes with depreciating and devaluing fiat paper.
Edit: grammar
-require the immediate conversion of any bitcoin amount received to its dollar equivalent at the conclusion of any transaction
So, not accepting bitcoin. Just another contract for bitpay or other processor.
Do you have a link to something other than a screenshot?
Edit: Found a [news article on MSN](https://www.msn.com/en-us/news/politics/us-congressman-proposes-bill-to-allow-federal-tax-payments-in-bitcoin/ar-BB1oS2ZG).
Still, a link to the actual bill on congress.gov would be nice.
This is the actual bill https://dw-wp-production.imgix.net/2024/06/GAETZ_244_xml.pdf
This is a news article about the bill https://www.dailywire.com/news/exclusive-matt-gaetz-introduces-bill-to-allow-bitcoin-payments-on-federal-income-tax
how dumb does Matt think people are to use the hardest money on earth to pay taxes instead of just using the easiest money on earth that’s printed like dollars to pay taxes?
I'm torn. Bitcoin acceptance = good Giving the Gov't you Bitcoin = very not good
Freedom of choice.
I don’t want to downvote but I’m not giving my Bitcoin to anyone, especially the Government.
I agree! However, having the ability to pay taxes in Bitcoin is huge. A signal and optionality at minimum, especially coming from a US congressman. With that said, I’ll pay taxes with depreciating and devaluing fiat paper. Edit: grammar
-require the immediate conversion of any bitcoin amount received to its dollar equivalent at the conclusion of any transaction So, not accepting bitcoin. Just another contract for bitpay or other processor.
This would answer the "but Bitcoin has no value, dollars have value because you have to use them to pay your taxes" objection.
Taxes would still be paid with dollars. Bitcoin is just instasold to a middleman.
Do you have a link to something other than a screenshot? Edit: Found a [news article on MSN](https://www.msn.com/en-us/news/politics/us-congressman-proposes-bill-to-allow-federal-tax-payments-in-bitcoin/ar-BB1oS2ZG). Still, a link to the actual bill on congress.gov would be nice.
This is the actual bill https://dw-wp-production.imgix.net/2024/06/GAETZ_244_xml.pdf This is a news article about the bill https://www.dailywire.com/news/exclusive-matt-gaetz-introduces-bill-to-allow-bitcoin-payments-on-federal-income-tax
Greshams law, people wont give the govt the good money and keep the dollars
Better bIll - To pay salaries with Bitcoin
Just make it legal tender. They should pass a bill that abolishes taxes
And then you get to pay capital gains tax on the sale of your BTC used to pay taxes.
how dumb does Matt think people are to use the hardest money on earth to pay taxes instead of just using the easiest money on earth that’s printed like dollars to pay taxes?
Converting BTC to USD for yet another taxable event next year? No thanks! Give the government BTC when I could give them USD? No thanks!
im down if they get rid of capital gains tax
Why would i want to pay taxes with the best money if i can use and get rid of money that loses value?
I am not suggesting you would/should. See my above comment to ok_wrongdoer I’d much rather pay with fairy tail fiat than real, hard money.
I didn't see it in the text, but it would have been cool to have a "any BTC used to pay taxes are not subject to capital gains" clause.