If you live in, or near, Phoenix Arizonia mark your calendars for March 8 (next Thursday) because you will have three opportunities to hear Campaign for Liberty Chairman Ron Paul talk about the subject that got him involved in public life: monetary policy. Dr. Paul is traveling to Phoenix to rally support for HB 2014. This legislation defines gold, silver, and other precious metals as legal tender and exempts transactions in legal tenderer from the state’s capital gains tax. This bill is a major step toward ending the Fed’s monopoly on money. Here is Dr. Paul’s itinerary:
*** Coffee at the Saddlebrooke GOP Club from 9:30-10:30 a.m. This free event will be held in the East Room of the Mountain View Clubhouse. Address: 38759 South Mountain View Road Saddlebrooke, AZ *** Rally at the Capitol at 12:00 p.m. Attendees at this rally will have the opportunity to hear from Dr. Paul, and sign Arizona Campaign for Liberty’s petitions supporting HB 2014. Following the rally, Arizona Campaign for Liberty will l hand-deliver the petitions to the Senate Finance Committee, which is having a hearing and a mark=up on HB 2014 that afternoon. Address: 1700 West Washington Street Phoenix, AZ 85007 Click here to RSVP. *** Exclusive Reception in Paradise Valley from 2:00-4:00 p.m. Attendees will have the opportunity to get a picture with Dr. Paul, here him address the top issues of the day– including Campaign for Liberty’s efforts to pass Audit the Fed– talk to other like-minded Americans, and enjoy light refreshments. Tickets are $150 per person. (Be sure to enter your email address and phone number on the payment form so my staff can send you the address after your ticket purchase.) Space is limited, so be sure to click here to pay for your tickets right away
Dr. Paul is not a stranger to the issue of exempting precious metals from taxes. A provision of his Free Competition in Currency Act would have expedited gold and silver coins from taxes. Dr. Paul explained the important of this in his official statement introducing the bill:
The final step to ensuring competing currencies is to eliminate capital gains and sales taxes on gold and silver coins. Under current federal law, coins are considered collectibles, and are liable for capital gains taxes. Short-term capital gains rates are at income tax levels, up to 35 percent, while long-term capital gains taxes are assessed at the collectibles rate of 28 percent. Furthermore, these taxes actually tax monetary debasement. As the dollar weakens, the nominal dollar value of gold increases. The purchasing power of gold may remain relatively constant, but as the nominal dollar value increases, the federal government considers this an increase in wealth, and taxes accordingly. Thus, the more the dollar is debased, the more capital gains taxes must be paid on holdings of gold and other precious metals. Just as pernicious are the sales and use taxes which are assessed on gold and silver at the state level in many states. Imagine having to pay sales tax at the bank every time you change a $10 bill for a roll of quarters to do laundry. Inflation is a pernicious tax on the value of money, but even the official numbers, which are massaged downwards, are only on the order of 4 percent per year. Sales taxes in many states can take away 8 percent or more on every single transaction in which consumers wish to convert their Federal Reserve Notes into gold or silver.