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 thatโ€™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 Fedโ€™s monopoly on money.

โ€œWe ought not to tax money โ€“ and thatโ€™s a good idea. It makes no sense to tax money,โ€ 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 Ron Paul said during testimony in support of an Arizona bill that repealed capital gains taxes on gold and silver in that state. โ€œPaper is not money, itโ€™s fraud,โ€ he continued.

Byย 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.

Unholy uproar: The politics of prayerย 

What began as a silent tribute to Charlie Kirk in the House erupted into shouting, revealing deep divides over policy and expressions of grief and hope.

Wanted: Prayer For Tyler Robinson

What will last? The only thing about us that will truly, 100-percent-guaranteed, last is our soul. My soul, your soul, and that of Kirkโ€™s murderer, Tyler Robinson.

A Strange Conservative Case to Revitalize Bleeding-Heart Liberalism

Bleeding-heart liberalism was born out of the belief that America had become cruel and needed to be rescued from its worst instincts by a heartfelt politics.

UNREAL: Former CIA Director Publicly Slobbers All Over Al-Qaeda Terrorist Now Running Syria

Al-Sharaa is no liberal reformer; he spent the summer brutally massacring Christians, Druze, and Shia minorities across Syria.

President Trump’s UN Message: Strength in an Age of Follyย 

President Donald Trump delivered a speech at the UN General Assembly this week that was equal parts indictment and invitation.

At Least 1 Dead, 9 Injured in Shooting at Michigan Mormon Church

There was an active shooter and fire at the Church of Jesus Christ of Latter-day Saints in Grand Blanc, MI with multiple victims and the shooter is down.

Eric Adams Drops Out of NYC Mayoral Race

New York City Mayor Eric Adams dropped out of this yearโ€™s mayoral race on citing mounting pressure that makes it difficult to continue his campaign.

Des Moines Schools Superintendent Placed on Leave Following Arrest by Immigration Authorities

The head of Iowaโ€™s largest school district was put on leave after being arrested by immigration authorities for allegedly entering the U.S. illegally.

Mojave Desert Solar Plant Once Hailed as a Marvel Will Close as a Glowing Relic

As Southern California Edison pulls out as a buyer, Californiaโ€™s $2 billion Ivanpah plant becomes the latest casualty of the renewables race.

Trump Announces New Tariffs on Heavy Trucks, Drugs, Kitchen Cabinets, Other Products

President Trump will impose new tariffs next month on heavy trucks, branded drugs, kitchen cabinets, bathroom vanities, and related products.

Trump Signs Deal to Put TikTok Under US Ownership

President Trump approved the TikTok U.S. deal, signing an EO that will give China-based ByteDance 120 days to finalize terms with American investors.

Secret Service Investigating Alleged Sabotage of UN Escalator

Trump said Secret Service probing โ€œsabotageโ€ at U.N. headquarters, saying malfunctions with sound, escalator, and teleprompter interfered with his speech.

US Will Use Tariff Revenue to Help Farmers: Trump

President Donald Trump said on Sept. 25 that he would use tariff revenue to provide aid to American farmers until his import levies start to benefit them.
spot_img

Related Articles