Several states are looking to repeal taxes on gold and silver

The United States Constitution states in Article I, Section 10, “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.” States have simply ignored this constitutional provision for years. It’s impossible for states to return to a constitutional sound money system when it taxes gold and silver as a commodity.

Bills are moving forward in several states that would support gold and silver and ultimately help undermine the Federal Reserves monopoly on money.

Legislation that would eliminate state capital gains taxes on gold and silver specie is sitting on Arizona Gov. Doug Ducey’s desk waiting for his action.

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.
In effect, passage into law would “legalize the Constitution” by treating gold and silver specie as money.
HB2014 has passed both houses of the Arizona legislature. Gov. Ducey has until May 22 to sign or veto the bill. Last year, he vetoed similar legislation.

Former US congressman Ron Paul traveled to Arizona and testified during a committee hearing in support of the legislation in March.
"We ought not to tax money – and that’s a good idea. It makes no sense to tax money. Paper is not money, it’s fraud.”

Arizona is not the only state looking to free gold and silver from the shackles of taxation. Bills to repeal sales taxes on gold and silver moved out of committee in both North Carolina and Louisiana recently.

Rep. Stephen Dwight (R) and Rep. Mark Abraham (R) sponsor House Bill 396 (HB396) in Louisiana. The legislation would exempt the sale of platinum, gold, or silver bullion, ingots, or coins from the state sales tax. It would also exempt certain numismatic (collectable) coins. The House Committee on Ways and Means passed HB396 by a 12-0 vote earlier this week.

In North Carolina, Rep. Dana Bumgardner (R-Gastonia) and Rep. Jeff Collins (R-Rocky Mount) sponsor House Bill 434 (H434). The legislation would exempt investment metal bullion, investment coins and non-coin currency from state sales tax.

In Texas, a state bullion depository is moving closer to reality. The facility will not only provide a secure place for individuals, business, cities, counties, government agencies, and even other countries to to store gold and other precious metals, the law also creates a mechanism to facilitate the everyday use of gold and silver in business transactions. People will be able to deposit gold or silver – and pay other people through electronic means or checks – in sound money.

These state-level actions take a step towards that constitutional requirement, ignored for decades in every state. Such a tactic would set the stage to undermine the monopoly of the Federal Reserve by introducing competition into the monetary system.

Sources:https://schiffgold.com