Individual US States push for gold and silver legalization

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I just sent an email to my Texas House Rep. asking if he supported or will co-sponsor the bill.
 
our missouri bill (senate bill sb 100) passed senate....has passed in a couple of house committee's seems on its way to a floor vote in good shape ...soon be time to lobby the governor
 
From the link:

JUNEAU — In the final days of the legislative session, the Alaska House passed a bill that would allow gold and silver to be used as legal tender.

House Bill 3, introduced by Big Lake Republican Rep. Kevin McCabe, would allow business owners to decide if they want to accept the precious metals as currency. The coin or bar would need to be refined and its value would need to be authenticated, meaning gold dust or nuggets could not be used.

 
It's not so much what buyers are going to offer, but what sellers are going to demand. Would you rather be paid in metal or confetti for your goods and services?
 

NC House Republicans want state savings held as gold bullion​

JUNE 13, 2023 11:30 AM

North Carolina House Republicans want the state to use some of its savings to buy gold bullion and bury it in Texas.

A group of House Republicans filed a bill in mid-April that would have the state use $2 billion from its savings reserve to buy gold bullion. The bill sat idle in the House Appropriations Committee until Thursday, when it was sent to the Committee on State Government. It’s set for a committee hearing Wednesday.

Rep. Mark Brody, the bill’s lead sponsor, said in an email last week that the value of the gold proposed for purchase will be lowered to $400 million to $500 million in a revised bill. House bill 721 proposes to store North Carolina’s gold in a bullion depository the state of Texas created in 2015. Deposits were stored in Austin until a new facility opened outside the city in 2020.

Read the rest:

 
They should manufacture gold medals and buy more gold from the profits generated.

However, it is a government entity and they would probably screw it up.
 
Why would anyone want gold and silver legalized for payments? this is a modern scam for the states to get your PMs. Pay them in shit, stack your gold!
 
Why would anyone want gold and silver legalized for payments? this is a modern scam for the states to get your PMs. Pay them in shit, stack your gold!
it legitimatizes PMS as a medium of exchange and not just a commodity ...dont have to give the state your pms....also it forces the government to take it for taxes....and also makes it harder for them to confiscate legal tender.....etc........i had some input into missouri's pending law on PMs that includes the requirement for the state to receive PMs at current market rates for payment...also provides a alternative to the coming digital currency

why would you be against the state using sound money as a medium of exchange

fwiw the missouri bill "sb100" passed senate and is pretty much on cruise control (votes are so far not close) thru house so far with some modifications
 
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it legitimatizes PMS as a medium of exchange and not just a commodity ...dont have to give the state your pms....also it forces the government to take it for taxes....and also makes it harder for them to confiscate legal tender.....etc........i had some input into missouri's pending law on PMs that includes the requirement for the state to receive PMs at current market rates for payment...also provides a alternative to the coming digital currency

why would you be against the state using sound money as a medium of exchange

fwiw the missouri bill "sb100" passed senate and is pretty much on cruise control (votes are so far not close) thru house so far with some modifications

States don't need to legitimize anything. Gold and silver is already legitimate money. Only the uninformed would want to or care that a state says "YES, you gold is money". Yeah, no shit. it always has been.
 
States don't need to legitimize anything. Gold and silver is already legitimate money. Only the uninformed would want to or care that a state says "YES, you gold is money". Yeah, no shit. it always has been.

point is ...the state of missouri will be required to if you walk to the pay window ...accept your gold at market value including premiums for tax bills ....also eliminates any form of state taxation on gold n silver .....also requires the state treasury keeps 1% of its funds in gold or silver ........sure beats the previous setup.........i guarantee you when it passes my next tax bill i am going to take a gold coin in for payment and see what happens...worse case is you sell your gold for full price plus premium

whats your state doing???
 
Probably passing laws about forced support of tran ie story time at churchs and pre schools. Congrats to you for living in one of the free states.
It's challenging here to keep the libs at bay we have two population centers that are very liberal ie Kansas city and Saint louis.......and Spanish speakers are becoming more common every day....my gal met with our new federal congressman Monday to inform him of some issues he was not aware of, many times it's about who's side they hear first before they take positions and developing a communication relationship early in their terms
 
It's challenging here to keep the libs at bay we have two population centers that are very liberal ie Kansas city and Saint louis.......and Spanish speakers are becoming more common every day....my gal met with our new federal congressman Monday to inform him of some issues he was not aware of, many times it's about who's side they hear first before they take positions and developing a communication relationship early in their terms
right on brother.
 
Tazz, how will they determine premiums?
that is a real good question ......its one of those administrative details that will have to be determined after the law passes.......but the law as it currently is written says state will pay spot plus premiums.......the intent was to get real market pricing not just spot
 
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us-constitution-gold-silver.png
 
In a historic move, the New Jersey Assembly has unanimously voted to eliminate the sales tax on physical gold and silver. Assembly Bill A5294 exempts precious metals purchases over $1,000 from state sales taxes, aligning New Jersey with the majority of states that have already ended this regressive tax.

This achievement is the result of several years of effort from Sound Money Defense League, Money Metals Exchange, and in-state supporters,

 
Assessing a state sales tax on the purchase of gold and silver is becoming an outmoded, indeed outrageous, practice – but a small number of U.S. states still engage in it.

Several of the remaining seven states that tax all precious metals purchases are presently considering enacting their own exemptions, and just this week Mississippi bureaucrats formally stopped slapping these taxes on citizens.

A culmination of a four-year campaign by Money Metals Exchange and the Sound Money Defense League, Mississippi Governor Tate Reeves signed Senate Bill 2862 in April and, as of July 1, all purchases of gold, silver, platinum, and palladium coins, bars, and rounds are fully exempt from sales tax in the Magnolia State.

 
Seems a lot of these bills have a minimum price that you must purchase to avoid the sales tax. To me this hurts small buyers. I would like them better if they had a maximum price, say no sales tax on purchases under $10k. Or even better no sales tax on any purchase.
 
Seems a lot of these bills have a minimum price that you must purchase to avoid the sales tax. To me this hurts small buyers. I would like them better if they had a maximum price, say no sales tax on purchases under $10k. Or even better no sales tax on any purchase.
In missouri there is no sales tax on bullion....the new proposed law is moving to exempt bullion from state capital gains taxes....I'm not following other states
 
This one is a talking interview. Nothing to see, can listen in one window, play around on the forum in another window. It's 52 minutes long.

Stefan Gleason: Is the US Returning to a Gold Standard?​

Tom welcomes Stefan Gleason, president of Money Metals Exchange back to the show. They discuss the legalities and intricacies of purchasing and owning precious metals, as well as the taxation issues surrounding them.



Stephen explains the importance of sound money and how it can be achieved through buying and storing gold and silver. He also highlights the legislative victories of the Sound Money Defense League, such as sales tax exemptions for precious metals in several states. Stephen then goes on to explain the difficulty of getting sales tax exemptions passed due to anticipated loss of revenue. He also explains that five states do not have income tax on gold and silver, and that Arkansas and Arizona recently passed laws exempting precious metals from income tax.

Stephen then moves on to discuss Congressman Mooney's bill which requires an audit of the Federal Reserve's gold holdings and prohibits the Fed from doing research or development of a Central Bank Digital Currency. Finally, he discusses the idea of spending gold and silver and making it legal tender, as well as the difficulties in making it a viable option. Stephen acknowledges that people are mainly doing it out of ideological reasons, but suggests that it may gain more traction when it becomes the only payment method someone will accept.

Time Stamp References:
0:00 - Introduction
0:50 - State Tax Reform
5:30 - Sales Tax Exemptions
12:23 - Partisan Politics
15:06 - Threshold States
22:43 - Sales & Use Taxes
25:16 - Taxation Reasons
29:45 - Dollar Re-Peg?
35:33 - Treasury Gold Audits
37:59 - Secrecy & Gold Holdings
39:40 - FedNow Purpose
44:47 - Digital Gold
49:47 - Concluding Thoughts

Talking Points From This Episode
- The legislative successes of the Sound Money Defense League, which has successfully passed sales tax exemptions on precious metals in several states this year.
- Stephen highlights the progress made this year in Kentucky, Maine, Vermont, Wisconsin, and New Jersey.
- Congressman Mooney's bill requiring an audit of the Federal Reserve's gold holdings could help constrain government spending and curb inflation, and his bill prohibiting the Fed from doing research or development of a CBDC.

Palisade Radio Links:
► Website & Newsletter: https://palisadesradio.ca
► Rumble: https://rumble.com/c/c-1586024
► Odysee: https://odysee.com/@PalisadesGoldRadio:c

Guest Links:
Twitter: https://twitter.com/MoneyMetals
Website: https://moneymetals.com
Website: https://www.soundmoneydefense.org/
 
Where are you seeing this? AFAIK, all the recent bill activity has been removing taxes period (no mins).
In post #97 of this thread it states that New Jersey just voted to exempt sales tax on purchases over $1000. But I agree the trend seems to be to eliminate sales tax on all purchases.
In missouri there is no sales tax on bullion....the new proposed law is moving to exempt bullion from state capital gains taxes....I'm not following other states
Good for Missouri. Now if the Feds would eliminate capital gains on P.M. sales we would have something.
 
Lawmakers in the North Carolina House of Representatives have voted in favor of studying the benefits of having an in-state bullion depository.

House Bill 721, introduced by Rep. Mark Brody (R – 55), would prompt a study into how North Carolina could establish its own bullion depository to securely store the state’s physical gold, should it choose to make such an investment, was approved by the state House 73-40 in June. The bill first received a favorable report before the House State Government committee.

 

Oregon Governor Signs Bill Ending Unjust Corporate Activity Tax on Precious Metals Dealers and Investors​


(Salem, Oregon, USA – July 28, 2023) – With the stroke of her pen, Oregon Gov. Tina Kotek put an end to the state's punitive Corporate Activity Tax as applied to precious metals dealers and, ultimately, to gold and silver investors, effective in 2024.

Supporting the efforts of in-state small business owners, the Sound Money Defense League and Money Metals Exchange mobilized grassroots support and worked in other ways to secure the passage of House Bill 2073, a package of corporate activity tax (CAT) reforms and cleanups which included the exemption of precious metals sales from Oregon's CAT.

Gold and silver businesses operate on extremely small margins—margins that are similar in scale to brokerages, which are already exempt from the CAT. A CAT imposed on topline precious metals sales revenue is therefore extremely burdensome when compared to the taxes paid by other current CAT payers.

Furthermore, these increased costs on precious metals businesses ultimately are passed through to Oregon savers and investors.

Read the rest:

 
Bump.......

What would America look like it we return to the gold standard? Would we return to the stone age, would innovation end as Wall Street bankers and government's paid economists claim?

It's easy to talk about the catastrophes unleashed on humanity by paper money. The permanent inflation, the endless parade of recessions, the exploding debt. The progressive impovertization and the predatory governments who don't care if the people starve or the cities collapse since, after all, the bureaucrats will still feast.

 
What if America is pulled kicking and screaming futilely into the gold standard because the rest of the world told the Federal Reserve ther ponzi scheme is over?

There will most ricky-tick be chaos. Those who are coddled now will be castoffs then. Militarily, the US will drop to about that of France. <-- FACT to consider about this statement:

David Woolner wrote that in June 1939, which was three months before England declared war on Germany, "the roughly 180,000-man U.S. Army ranked 19th in the world--smaller than Portugal's!"

We will be there again, because our infrastructure will crumble. How do you fill up an 18-wheeler with fuel? If no fuel for the 18-wheeler(s), how can food be distributed?

Last time, we still had a LOT of farm animals to plow and sow and reap. Now we have none.

It will be a perfect time for the Gummint to issue "temporary" electric money with your ID on it. Danger.
 
My own opinion which is worth exactly what you paid for it is that the rest of the world can not go to a gold standard. Partially perhaps but not full on we send you goods and in return you send us your gold. Not going to happen. It cant happen for reasons I have stated previously. Mainly that the ME and China would end up with all the gold and eventually there would be nothing left for anyone else. Also the reason why all the talk of gold backed currencies is just talk. You cant back a currency with anything unless that currency is convertible into the asset for which you are backing it. Why would I accept any "backed" currency if I cant redeem it for something of real value.? And if a currency is truly backed by something then why bother with the currency? Just give me the asset. If it's gold at 2k an oz it's not like I will be walking around with 100 lbs of gold on my person at any time.

It doesn't really matter in the end if the people dont wake up to the fact that no government should have unlimited access to borrow.
What we could do is have a dual system in the US (Which technically we already have) Use paper currency for international trade and use gold and silver as money in country with 0 ability to take that outside of the US.
 
My own opinion which is worth exactly what you paid for it is that the rest of the world can not go to a gold standard. Partially perhaps but not full on we send you goods and in return you send us your gold. Not going to happen. It cant happen for reasons I have stated previously. Mainly that the ME and China would end up with all the gold and eventually there would be nothing left for anyone else. Also the reason why all the talk of gold backed currencies is just talk. You cant back a currency with anything unless that currency is convertible into the asset for which you are backing it. Why would I accept any "backed" currency if I cant redeem it for something of real value.? And if a currency is truly backed by something then why bother with the currency? Just give me the asset. If it's gold at 2k an oz it's not like I will be walking around with 100 lbs of gold on my person at any time.

It doesn't really matter in the end if the people dont wake up to the fact that no government should have unlimited access to borrow.
What we could do is have a dual system in the US (Which technically we already have) Use paper currency for international trade and use gold and silver as money in country with 0 ability to take that outside of the US.
CG -- We agree 95% of the time. But this time I gotta point out how you are not thinking it through.

WHEN gold becomes the standard, gold can be printed on paper or its equivalent. To any value whatsoever.

A "dollar" bill <-- I will start with the smallest type of printed money... can have the paper saturated with a dollar's worth of gold mixed INTO the paper. It can be recovered if desired.

Increase the amount of gold in the paper to the value desired. You now have folding money in denominations from a dollar to a hundred dollars.

Unlike today's crippling difficulty of using fiat dollars (eg: skids of C-notes for the arabs) because you are limited worldwide as you read this to only hundred dollar bills... there now could be saturated paper money each with a thousand dollars worth of gold in it... or ten thousand dollars worth. Varied sizes.

You mustn't think in terms of our horribly debased-to-nothing fiat dollar. A "dollar" right now in a Goldback would be an infinitesimal (but assayable) tiny fraction of the insane, unreal fiat-to-gold current bullshit numbers you are used to.

There are about 28 US states so far that are making gold the basic unit of currency today. The value of gold for all of history has been unbelievably stable.

So if the total amount of (in-hand) gold extant on the planet is reasonably estimated/computed (not a difficult thing to do, given the drive to do it) -- that defines the Gold Standard. The gold you have in your hand will have a known, stable-for-millennia value. It may be something like a million dollars an ounce in today's hollow-fake Monopoly money.

Inflation would be impossible. You cannot print gold... well, you can, but then you have Goldbacks.

The known, published, monitored amount of world-supply gold would define the purchasing value of your Goldbacks, since your Goldbacks are part of the entire world supply.

So there would be trade -- at even rates all over the world -- using gold. For anything.
 
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A bill filed in the Missouri Senate would take important steps toward treating gold and silver as money, and set the stage for the people there to undermine the Federal Reserve’s monopoly on money.

Sen. William Eigel filed Senate Bill 735 (SB735) on Dec. 1. Rep Bill Hardwick and Rep Michael Davis are expected file two identical companion bills in the House. The legislation would take steps to treat gold and silver as money in Missouri and encourage its use as such, including making it legal tender and eliminating the state capital gains tax on the sale gold and silver.

The proposed law also includes provisions authorizing the state to invest in gold or silver “greater than or equal to one percent of all state funds” and to expressly bar any state agency, department, or political subdivision from seizing gold or silver bullion.
...

More:

 
... a new national scorecard exposes Vermont, New Jersey, Maine, and Minnesota as America’s absolute worst states for sound money...

...while Wyoming, South Dakota, Alaska, and New Hampshire came out on top in the rankings.
...
Notable changes on the 2024 Sound Money Index since last year include Arkansas’s meteoric ascent from 30th to 5th place as well as Mississippi’s leap from 43rd to 16th place.

Building on momentum from 2021’s precious metals sales tax repeal, Arkansas Gov. Hutchinson signed a sound money bill to end all income tax liability on the monetary metals, while also reaffirming gold and silver as legal tender and prescribing that state courts should require specific performance when enforcing contracts denominated in gold and silver.

After a multi-year legislative effort, Mississippi lawmakers canceled all sales taxes on precious metals. The Magnolia State became the 43rd state in the country to remove taxes on purchases of gold and silver.
...

More:

 
...
Rep. Doug Bankson and Rep. Chip LaMarca filed House Bill 697 (H697) on Dex. 4. Sen. Ana Rodriguez filed a companion, Senate Bill 750 (S750), on Dec. 6. The legislation would treat “specie legal tender” as money in the state.
...
The legislation would also facilitate online and other forms of electronic payments by gold and silver. Electronic currency is defined as “a representation of actual gold and silver, specie, and bullion held in a depository account, which may be transferred by electronic instruction.”

Practically speaking, these provisions would allow Floridians to use gold or silver in both physical and electronic form as money rather than just as mere investment vehicles. In effect, it would put gold and silver on the same footing as Federal Reserve notes.

Passage into law would make Florida the fifth state to recognize gold and silver as legal tender. Utah led the way, reestablishing constitutional money in 2011. Wyoming, Oklahoma, and Arkansas have since joined.
...

 
For @Ttazzman :
If Missouri Republican state Sen. Bill Eigel had it his way, Missourians would be able to pay their taxes and potentially shop for groceries with gold and silver.
...
Eigel, first elected in 2016 from Weldon Spring, has filed a slew of bills to address these issues ahead of the legislative session and as he mounts a campaign for governor in 2024.
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... While he has successfully pushed some bills that later became law such as 2018 legislation to reduce income taxes, his stated goal has been to limit government as much as possible.

“I don’t know that we’re looking for necessarily more legislation and more government to be passed in this state,” Eigel said. “In fact, we’ve got too much government.”

One of the more unusual bills that Eigel has filed for the upcoming year would make gold and silver legal tender in Missouri, requiring state government entities to accept gold and silver as forms of payment for taxes and public debts.

While the measure would not require businesses to accept gold and silver as payment for private uses, such as groceries, it would allow them to do so.
...

 
For @Ttazzman :

The conservative grassroots movements in this state are real ...so far every election we are moving to more truly conservative minded lawmakers, and more ideas while they may not pass are slowly gaining traction and support, many of these ideas can not pass currently but are getting some sunlight.....thx for the article I had not seen that
 
...
The 2014 legal tender bill expanded the sales tax exemption on the sale of gold and silver bullion. SB1507 would take another step by effectively repealing the state capital gains tax on the exchange of gold and silver. In other words, individuals selling gold or silver bullion, or utilizing gold and silver in a transaction, would no longer be subject to state income taxes on the exchange.
...

 
Related to post #110 above:
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Rep Doug Richey filed House Bill 1867 (HB1867) on Dec. 11. Rep. Bill Hardwick filed House Bill 1955 (HB1955) on Dec. 15. The bills are companions to Senate Bill 735 (SB735) filed by Sen. William Eigel earlier this month.
...

 
New Jersey? Is hell freezing over?

Last week, a New Jersey Senate committee passed a bill that would exempt gold and silver bullion coins from state sales and use taxes. Enactment of this legislation would not only relieve some of the tax burdens on investors, but it would also eliminate one barrier to using gold and silver in everyday transactions, a foundational step for people to undermine the Federal Reserve’s monopoly on money.

Rep. Louis Greenwald introduced Assembly Bill 5294 (A5294) on Mar. 16. The legislation would exempt the sale of investment metal bullion and investment coins from the state sales and use tax.
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It still has a long ways to go to actually become law and it's future is not certain, but I didn't expect a bill like this would even merit consideration in that state.
 
I discovered another organization that is promoting these State level bills:

 
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