http://www.followthecoin.com/breaking-us-congressman-steve-stockman-introduce-first-bitcoin-bill/BREAKING: US Congressman Steve Stockman To Introduce First Bitcoin Bill
BY MATT SCHLICHT · APRIL 8, 2014
Congressman Steve Stockman has introduced a Bitcoin Bill in an attempt to recognize virtual currency as currency. This is almost immediately following the announcement from the IRS, on March 25th 2014, that virtual currencies such as Bitcoin are officially considered property, and not currency.
Why is this important?
While virtual currencies are recognized by the US government as property you are required to pay capital gains tax on any transaction you do. This means that if you bought a Bitcoin at $100 and spent it when it was worth $600 you would have to pay taxes on the $500 increase in value on that Bitcoin.
Interestingly enough, Rep. Stockman is the first member of U.S. Congress to accept Bitcoin contributions.