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States Treating Gold and Silver as Real Money Now

Thursday, February 23, 2017 3:49
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from The Daily Bell:

State Deals Blow to Federal Reserve, House Passes Bill To Treat Silver and Gold as Money … As central economic planners at the Federal Reserve continue their vision of “prosperity” through crushing debt and dollar devaluation, some states are fighting back. The Arizona House took a major step toward sound money by passing a bill to eliminate penalties in the form of taxes on gold and silver specie. The move would be an important step toward currency competition and help undermine the Fed’s monopoly on money.

The Arizona House has removed a gold and silver inflationary tax. Meanwhile Utah and Oklahoma have declared gold and silver legal tender in their state, free from any taxation. Other states are mulling similar moves.

It is a ways from being a major movement but the moves are “critical in dispensing with the idea that gold and silver are merely investments and speculation.”


Several other rules exist around the country that provide further disincentive for sound money through specie. As the Tenth Amendment Center points out, dealers who buy gold and silver from the public are required to collect personal information from sellers and upload this information daily into law enforcement databases. Some dealers are barred from selling gold and silver to anyone for seven days, forcing them to tie up large amounts of capital and absorb market risk.

“Rep. Mark Finchem (R-Tucson) introduced House Bill 2014 (HB2014) on Jan. 9. The legislation would eliminate state capital gains taxes on income “derived from the exchange of one kind of legal tender for another kind of legal tender.” The bill defines legal tender as “a medium of exchange, including specie, that is authorized by the United States Constitution or Congress for the payment of debts, public charges, taxes and dues.” “Specie” means coins having precious metal content.

HB2014 was passed by a 35-24 vote.” Capital gains tax on gold and silver is especially misleading. It is more likely a tax on inflation than on the underlying metals. “This bill is an effort by one state to protect the people from such confiscation,” said Representative Finchem.

With this bill, the inflationary tax can be deducted from gross income on their state income tax. The bill now goes to the Senate.

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