U.S. States Make Bold Move to Reclassify Gold and Silver

Contact Your Elected Officials
OilPrice.com
  • The proposed legislation would remove barriers to using gold and silver as money by lowering transaction costs.
  • The bills also aim to treat precious metals as legal tender, breaking down the Federal Reserve’s monopoly on money.
  • The move is part of a larger effort at the state level to support sound money and challenge the federal government’s fiat currency system.

Bills filed in the Oklahoma and Missouri legislatures for the 2024 legislative session would eliminate state capital gains taxes on the sale of gold and silver. The legislation would also take other steps to treat gold and silver as money instead of as commodities.

In Missouri, Rep Doug Richey filed HB1867 on Dec. 11. Rep. Bill Hardwick filed HB1955 on Dec. 15. The bills are companions to SB735 filed in the Senate by Sen. William Eigel earlier this month.

In Oklahoma, Sen. Shane Jett filed SB1507 and Sen. Nathan Dahm is running SB1508.

The enactment of any of these bills would eliminate state capital gains taxes on the sale and exchange of gold and silver bullion.

Both of these states are already among the 42 that do not levy sales taxes on gold and silver bullion.

Exempting the sale of gold and silver bullion from taxes lowers the investment cost of precious metals. It also takes a step toward treating gold and silver as money instead of commodities. Taxes on precious metal bullion erect barriers to using gold and silver as money by raising transaction costs.

Imagine if you asked a grocery clerk to break a $5 bill and he charged you a 35-cent tax. Silly, right? After all, you were only exchanging one form of money for another. But that’s essentially what a sales tax on gold and silver bullion does. By eliminating this tax on the exchange of gold and silver, Missouri and Oklahoma would treat specie as money instead of a commodity. This represents a small step toward reestablishing gold and silver as legal tender and breaking down the Fed’s monopoly on money.

“We ought not to tax money – and that’s a good idea. It makes no sense to tax money,” former U.S. Rep. Ron Paul said during testimony in support of an Arizona bill that repealed capital gains taxes on gold and silver in that state. “Paper is not money, it’s fraud,” he continued.

By ZeroHedge

Read Full Article on OilPrice.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Figures flip the field

Sports programs with strong donor bases and NIL collectives are flipping recruits and transfers at rapid speed, like traders on Wall Street.

Roger Stone Says Treason Indictments Are Coming

Biden, Brennan, Comey, Rice, Rosenstein, Mueller, Weissman, McCabe, Samantha Powers and others I think are looking at serious criminal indictments.”

‘He Didn’t Care That I Was a Malcom X Scholar’

The rise of delusional social justice ideology is the result of impressionable youth being influenced by overpaid professors and administrators.

5 Family-friendly History Movies

Family-friendly history movies you can enjoy with your kids—perfect for homeschool projects or a fun way to learn together as a family.

The hard truth of pretual social change

History shows us a progression of dominant social structures, each one born from innovation and is eventually replaced by another.

FTC Takes Action Against Robot Toy Maker for Allegedly Sending Children’s Info to China

FTC acted against a robot toy maker selling on Amazon, alleging it let a China-based third party collect U.S. children’s data.

DEA Warns Families About Drug Dealers Preying on Social Media

The DEA Omaha Division is asking parents to talk with children about threats posed by drug dealers on social media and the negative impact of drug use.

AI-backed Deepfake Impersonations Are Getting Harder to Detect, FBI Warns

Increasingly hard-to-detect deepfake content created with artificial intelligence (AI) is being exploited by criminals to impersonate trusted individuals.

Oklahoma’s ‘America First’ Teacher Screening Test Spotlights Partisanship Debate

Oklahoma’s recent “America First” initiative for K–12 education has renewed debate on partisanship in public education.

Trump Runs out of Patience With China, Sharpens His Words

President Donald Trump’s recent remarks targeting China and its allies mark a noticeable shift in tone.

Trump Signs Order Renaming Department of Defense as Department of War

President Donald Trump on Sept. 5 signed an executive order renaming the Department of Defense as the Department of War.

Trump Signs Executive Order Targeting Countries That Unlawfully Detain Americans

President Trump signed an EO on targeting the unlawful detention of American citizens around the world and to facilitate the release of hostages.

Trump Sends Warning to Venezuela After US Military Strikes Boat Allegedly Carrying Drugs

President Trump sent a warning to Venezuela after the U.S. military struck what the administration says was a boat carrying drugs in the Caribbean.
spot_img

Related Articles

Popular Categories

MAGA Business Central