Congressman from Ohio introduces bill to allow federal tax payments in bitcoin

Rep. Warren Davidson of Ohio has introduced the Bitcoin for America Act, which would permit individuals and businesses to pay federal taxes in bitcoin without incurring capital gains liability. This legislation aims to funnel these tax payments into a proposed U.S. Strategic Bitcoin Reserve. Davidson, a long-time advocate for cryptocurrency, believes the bill will help modernize the financial system and enhance the U.S.'s position in the global digital asset landscape. He argues that the bill could provide a tangible asset that appreciates over time, contrasting with the declining value of the U.S. dollar. The establishment of the Strategic Bitcoin Reserve was authorized by a previous executive order from President Trump but has yet to be operationalized, potentially requiring congressional approval. Davidson expressed regret that Congress did not heed his earlier warnings about the value of bitcoin when it was significantly lower. The introduction of the Bitcoin for America Act could influence future discussions on crypto tax policy.

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