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A bill filed in the Indiana House 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.
Rep. Cindy Ledbetter and three cosponsors introduced House Bill 1043 (HB1043) for introduction on Jan. 8. Under the proposed law, “specie” issued by the U.S. government, specie issued by foreign governments, and any other specie that a United States court, in a final non-appealable judgment, determined to be within state authority to make or designate as legal tender under Article Section 10 of the Constitution of the United States would be legal tender in Indiana and recognized as a medium of exchange for the payment of debts and taxes.
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New Hampshire's legislature is poised to revolutionize our financial landscape with the passage of the Sound Money Act, led by Representative Keith Ammon. As the 2024 legislative session nears, your involvement is pivotal for the success of this historic legislation, encapsulated in House Bills 1674.
Why the Sound Money Act is Essential:
1. Strengthening Economic Resilience: By establishing gold and silver as legal tender (HB 1674), the Sound Money Act is set to reinstate these precious metals' critical role in our monetary system, bolstering economic stability and protecting against inflation.
2. State Depository for Precious Metals: A cornerstone of the Act is the establishment of a state depository, ensuring a secure and trusted platform for storing and managing these valuable assets.
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New Jersey? Is hell freezing over?
New Jersey Senate Committee Passes Bill that Takes Step Toward Treating Gold and Silver as Money | Tenth Amendment Center
The legislation would exempt the sale of investment metal bullion and investment coins from the state sales and use tax.blog.tenthamendmentcenter.com
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.
A bill filed in the Kansas Senate would make gold and silver legal tender in the state and would effectively repeal the state capital gains tax on the same. Passage into law would eliminate barriers to using gold and silver in everyday transactions, a foundational step for the people to undermine the Federal Reserve’s monopoly on money.
The Senate Federal and State Affairs Committee introduced Senate Bill 303 (SB303) last year and it will carry over to the 2024 session. Under the proposed law, “specie coins” issued by the U.S. government or any other specie that a court of competent jurisdiction designates would be legal tender in the state of Kansas and recognized as a medium of exchange for the payment of debts and taxes.
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A bill filed in the West Virginia House would make certain gold and silver coins legal tender in the state and would provide a credit for federal capital gains tax on the same. Passage into law would eliminate barriers to using gold and silver in everyday transactions, a foundational step for the people to undermine the Federal Reserve’s monopoly on money.
Del. Chris Pritt introduced House Bill 4343 (HB4342) on Jan. 10. Under the proposed law, gold and silver coins issued by the federal government would be deemed legal tender in this state.
Passage into law would make West Virginia 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. ...
Related to post #110 above:
Missouri Bills Would Treat Gold and Silver as Legal Tender | Tenth Amendment Center
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.blog.tenthamendmentcenter.com
To the Governor: New Jersey Passes Bill to Remove Sales Taxes from Gold and Silver | Tenth Amendment Center
the New Jersey House and Senate gave final approval to a bill that would exempt gold and silver bullion 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...blog.tenthamendmentcenter.com
Yesterday, a Kansas Senate committee passed a bill that would make gold and silver legal tender in the state, and would effectively repeal the state capital gains tax on the same.
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SB303 will likely move to the full Senate for further consideration, or it could be sent to a second Senate committee.
A bill filed in the Georgia House would eliminate state capital gains taxes on gold and silver specie. Passage into law would relieve some of the tax burdens on investors, and 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. Jordan Ridley and five cosponsors introduced House Bill 895 (HB895) on Jan. 12. The legislation would exclude net capital gains or losses derived from the sale or exchange of precious metals in the form of bullion or coins from the income calculation for state taxes.
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A bill filed in the Iowa Senate would establish a state-issued gold or silver transactional currency. The passage of this bill would give Iowans the option to do business with sound money and undermine the Federal Reserve’s monopoly on money.
Sen. Kevin Alons and a bipartisan coalition of 14 cosponsors introduced Senate Bill 2108 (SF2108) on Jan. 24. The proposed law would require the State Treasurer to issue specie (gold or silver coins) and establish a transactional currency.
Specie under the proposed law would be defined as “a precious metal stamped into coins of uniform shape, size, design, content, and purity, suitable for or customarily used as currency, a medium of exchange, or the medium for purchase, sale, storage, transfer, or delivery of precious metals in retail or wholesale transactions.”
Transactional currency is defined as “a representation of actual specie and bullion held in a depository account by a depository account holder and which may be transferred by electronic instruction.”
Specie, and gold and silver bullion backing the transactional currency. would be stored in an “approved” bullion depository which could include a state bullion depository, the Texas Bullion Depository, or a similar depository established in another state.
The bill specifies that “the treasurer of the state shall establish a means to ensure that a person or state who holds the transactional currency may use the currency as legal tender in payment of debt and readily transfer or assign the transactional currency to any other person or state by electronic means.”
In practice, the passage of SF2108 would allow any person to conduct business transactions using gold or silver.
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“Sales taxes are typically levied on final consumer goods. Computers, shirts, and shoes carry sales taxes because the consumer is ‘consuming’ the good. Precious metals are inherently held for resale, not ‘consumption,’ making the imposition of sales taxes on precious metals illogical from the start.”
Baby steps.Four States Consider Lifting Taxes on Precious Metals
Proponents of these bills point out that gold and silver are one of the only asset classes that have sales taxes; investors don’t have to pay sales tax on more common investments, like stocks and bonds.
The Sound Money Defense League recently elaborated on this point:
I don't know whether gold fans have really a reason to be happy.
The reason for not taxing gold sales should be because gold is money, not because it is non-consumption good.
Arguing that way the SMDL is implying that gold is an investment as opposite to money.
... in the wrong direction ...Baby steps...
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I don't know whether gold fans have really a reason to be happy. ...
A bill introduced in the Hawaii House would exempt the sale of precious metal bullion from the state sales tax. Passage into law would relieve some of the tax burdens on investors and 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. Diamond Garcia and four cosponsors introduced House Bill 1724 (HB1724) on Jan. 19. The legislation would exempt the sale of “precious metal bullion” from the state sales tax.
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The removal of unjust taxes is always a win - regardless of the motivations. People need to learn how to take a win, compliment, gift.
Many of these states are also removing state level capital gains taxes as well and that is also a win.
The way State legislatures work, some states need to take baby steps with Representatives realizing there are no negative (political) consequences for passing these measures before they consider supporting more expansive measures like the specie bill introduced in Iowa (mentioned in my last post).
It's very rare to just walk up to the plate and hit a home run in politics. Absent a groundswell of public support/outrage, building momentum/support for a bill usually takes a lot of persistence (and baby steps).
.. the question is rather whether the kind of argument used in order to remove unjust taxes on gold helps the cause of gold as money ... or whether it hinders it.
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Maybe your pragmatist view is the right oneI understand your desire for Congressional Reps to understand the issue and vote for the right reason, but as a pragmatist, I understand that it's a process and some folks are quicker to grok it than others. Keep the ball rolling. $.02
.... your prying on a crevice in a rock face LOL (imho) and its always a good thing to look in the shadows.......but the totality of it and all the bills are highlighting gold as a asset without counter party risks and removing encumbrances and as such it naturally floats to the pinnacle of the "money pyramid"........Hi PM,
they question is not whether removing unjust taxes on gold is a win or not for gold investors... the question is rather whether the kind of argument used in order to remove unjust taxes on gold helps the cause of gold as money ... or whether it hinders it.
How could that even be possible you ask. Well hear me out
The main problem in making legislators treat gold as money is that they are convinced that gold is only an investment, a good.
Telling them that gold sales/earnings shouldn't be taxed because gold is a particular kind of investment (a non-consumption good) only re-inforces their conviction that gold is an investment - as opposed to money.
... and even if that's not the case, my point is that a measure representing a win for gold as investment doesn't necessarily represent a step - not even a baby step! - in the direction of gold is money.
On Wednesday, an Iowa House subcommittee unanimously approved a bill that would eliminate state capital gains taxes on gold and silver bullion and coins. ...
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HF659 will move to the full House Ways and Means Committee where it must get a hearing and pass by a majority vote before moving forward in the legislative process.
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Sen. Kevin Alons and a bipartisan coalition of 14 cosponsors introduced Senate Bill 2108 (SF2108) on Jan. 24. The proposed law would require the state treasurer to issue specie (gold or silver coins) and establish a transactional currency.
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On Feb. 7, a subcommittee of the Senate State Government Committee recommended SF2108 for passage. A vote total was not available at the time of this report.
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SF2108 will now move to the full Senate State Government Committee where it must get a hearing and pass by a majority vote before moving forward in the legislative process.
A bill introduced in the Kansas House would declare gold and silver specie as legal tender in Kansas, establish a specie-backed transactional currency in the state, and establish a state bullion depository.
Rep. Michael Murphy and a large coalition of cosponsors introduced House Bill 2729 (HB2729) on Feb. 7.
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I think it would be helpful to have - as an overview - a list of which States have passed what...
Thanks searcher,Don't know if this is what you have in mind. Best I can do.
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While the sound money defense website you linked doesn't mention the introduction of transactional currencies in the states - making me wonder whether they are an organisation which mistakenly focus on promoting gold investment - Michael Maharrey and his Tenth Amendment Center website seems to focus on them.
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Stefan Gleason — Chairman
Gleason is chairman of the Sound Money Defense League as well as president of Money Metals Exchange ...
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Jp Cortez — Executive Director
Jp Cortez is the Executive Director of the Sound Money Defense League, a nationally renowned policy group known for its fervent commitment to advocating for a stable and constitutional monetary system.
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I conclude it's not a primary goal for them?
I'm not American, this is a strictly US issue, maybe it's wise for me to not get involved.I suspect it's just a relatively new step on the journey. A few years ago, there were just a handful of states that did *not* have Sales taxes on gold and silver. End goals in politics are often achieved in baby steps. It wasn't until last year that the first gold backed digital token bill was even attempted. And that wasn't even really possible to consider until the Texas bullion repository had been established and operational.
You can of course send them an email and ask them directly...
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