Bitcoin for taxes? Proposed bill would let Americans pay the IRS in BTC
Tax revenue denominated in Bitcoin would be funneled into the US strategic BTC reserve and would not trigger a taxable event for the payer.
A US lawmaker introduced a bill in the House of Representatives on Thursday that would allow Americans to pay their federal taxes in Bitcoin, which would then be funneled into the US strategic Bitcoin reserve.
Under the Bitcoin for America Act proposed by Representative Warren Davidson, a Republican from Ohio, BTC (BTC) transferred to the US government for tax payments would not be subject to capital gains taxes and not be recorded as a loss or gain for the taxpayer.
In a press release, Davidson said: