Individual US States push for gold and silver legalization
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Wyoming Bill Would Establish Bullion Depository; Help Facilitate Transactions in Gold and Silver
"CHEYENNE, Wyo. (Feb. 12, 2020) – A bill introduced in the Wyoming House would establish a precious metals bullion depository in the state. It would not only create a safe place to store precious metals; it would also facilitate the everyday use of gold and silver in financial transactions in Wyoming and set the stage to undermine the Federal Reserve’s monopoly on money.
A coalition of nine Republicans introduced House Bill 198 (HB198) on Feb. 11. The legislation would create the Wyoming Bullion Depository.
“The depository is established to serve as the repository for and to safeguard and administer bullion and specie that may be transferred to or otherwise acquired by the state or an agency, political subdivision or another instrumentality of the state.”
Use of the Wyoming depository would not be limited to state agencies. Individuals, businesses, charities and banks could also store precious metals in the facility.
Significantly, the depository would feature a process to transfer gold or silver in depositor’s account to other account holders, individuals or businesses by check or electronic means. In practice, private individuals and entities would be able to purchase goods and services, using assets in the vault the same way they use cash today. It would essentially set the stage to establish a specie- and bullion-based bank introducing currency competition with Federal Reserve notes.
In 2018, Wyoming set the foundation for using gold and silver in everyday transactions when it enacted a law that defines gold and silver specie as legal tender and eliminated all taxes levied on it.
In 2015, Gov. Greg Abbot signed a similar bill into law creating a state gold bullion and precious metal depository in Texas. That depository received its first deposits in the summer of 2018.
The effect has been most dramatic in Utah where United Precious Metals Association (UMPA) was established after the passage of the Utah Specie Legal Tender Act and the elimination of all taxes on gold and silver. UPMA offers accounts denominated in U.S. minted gold and silver dollars. The company also recently released the “Utah Goldback.” UPMA describes it as “the first local, voluntary currency to be made of a spendable, beautiful, physical gold.”
Constitutional tender expert Professor William Greene said when people in multiple states actually start using gold and silver instead of Federal Reserve Notes, it could create a “reverse Gresham’s effect,” drive out bad money, effectively nullify the Federal Reserve, and end the federal government’s monopoly..."
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Wyoming Bill Would Establish Bullion Depository; Help Facilitate Transactions in Gold and Silver
"CHEYENNE, Wyo. (Feb. 12, 2020) – A bill introduced in the Wyoming House would establish a precious metals bullion depository in the state. It would not only create a safe place to store precious metals; it would also facilitate the everyday use of gold and silver in financial transactions in Wyoming and set the stage to undermine the Federal Reserve’s monopoly on money.
A coalition of nine Republicans introduced House Bill 198 (HB198) on Feb. 11. The legislation would create the Wyoming Bullion Depository.
“The depository is established to serve as the repository for and to safeguard and administer bullion and specie that may be transferred to or otherwise acquired by the state or an agency, political subdivision or another instrumentality of the state.”
Use of the Wyoming depository would not be limited to state agencies. Individuals, businesses, charities and banks could also store precious metals in the facility.
Significantly, the depository would feature a process to transfer gold or silver in depositor’s account to other account holders, individuals or businesses by check or electronic means. In practice, private individuals and entities would be able to purchase goods and services, using assets in the vault the same way they use cash today. It would essentially set the stage to establish a specie- and bullion-based bank introducing currency competition with Federal Reserve notes.
In 2018, Wyoming set the foundation for using gold and silver in everyday transactions when it enacted a law that defines gold and silver specie as legal tender and eliminated all taxes levied on it.
In 2015, Gov. Greg Abbot signed a similar bill into law creating a state gold bullion and precious metal depository in Texas. That depository received its first deposits in the summer of 2018.
The effect has been most dramatic in Utah where United Precious Metals Association (UMPA) was established after the passage of the Utah Specie Legal Tender Act and the elimination of all taxes on gold and silver. UPMA offers accounts denominated in U.S. minted gold and silver dollars. The company also recently released the “Utah Goldback.” UPMA describes it as “the first local, voluntary currency to be made of a spendable, beautiful, physical gold.”
Constitutional tender expert Professor William Greene said when people in multiple states actually start using gold and silver instead of Federal Reserve Notes, it could create a “reverse Gresham’s effect,” drive out bad money, effectively nullify the Federal Reserve, and end the federal government’s monopoly..."
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Love to see that Wyoming is following Texas' lead in building a repository, but Professor Greene must know that a "reverse Gresham's effect" is never going to happen until Federal taxes (sales and capital gains) on precious metals are undone.
State Legislatures Eye Sound Money Reforms
More state lawmakers than ever are introducing sound money legislation in the opening days of the 2021 legislative session. With debt-funded spending and money-printing in our nation’s capital at breakneck speed, will states see the wisdom of enacting measures to counteract these policies of...
www.moneymetals.com
I missed this one from a week ago:
Arkansas Ends Sales Taxes on Gold and Silver; Additional States May Soon Follow
By signing sound money legislation today, Arkansas Gov. Asa Hutchinson has officially ended sales taxation on gold, silver, platinum, and palladium bullion and coins– thereby setting an example for legislators in New Jersey, Maine, Ohio, and Tennessee, who are still considering similar measures...
www.moneymetals.com
* bump *
Updated list:
www.moneymetals.com
Updated list:
Wyoming & South Dakota Top 2023’s Sound Money Index
Charlotte, NC (November 15, 2022) – Residents of Wyoming and South Dakota live in the most pro-sound money states in the U.S., according to the 2023 Sound Money Index released today. Money Metals Exchange, a national precious metals dealer, depository, and collateral lending institution, has...
Lawmakers in Tennessee and Virginia Named 2022’s Sound Money Legislators of the Year
Tennessee legislators Rep. Bud Hulsey and Sen. Frank Niceley and Virginia delegate Amanda Batten have been awarded the 2022 Sound Money Legislator of the Year Award
Bottom Feeder
Big Eyed Bug
Eliminate capital gain taxes —??
Unh... we don't have state income taxes here in the proletariat of washington so how could they eliminate capital gain taxes?
Sounds good but don't mean shit.
BF
I don't live in Washington state, so I'm unfamiliar with their laws, but this is pretty recent news:
www.geekwire.com
Washington state capital gains tax can move forward with Supreme Court case pending
The controversial capital gains tax in Washington state can move forward with collection, as an official legal ruling on the legislation is set to be made next year. The Supreme… Read More
www.geekwire.com
Bottom Feeder
Big Eyed Bug
Thanks for the link, bug, I didn't know the bastiges passed this in 2021. One saving point is that the tax is 'only' applied only to capital gains of more than $250,000. But we all know how that camel works, eh?
And, according to another article referenced in that article the supreme court is the state supreme court, not the federal one.
BF
And, according to another article referenced in that article the supreme court is the state supreme court, not the federal one.
BF
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Missouri Bill Would End Capital Gains, Invest State Funds in Gold and Silver, Establish State Gold Depository
A state senator from St. Charles County has introduced a bill in Missouri to eliminate income taxes on sales of gold and silver, invest state funds in gold and silver, and establish the Missouri Bullion Depository
High Profile Sound Money Bills Introduced in Mississippi
Several measures have been introduced in Jackson to exempt gold and silver coins, bars, and rounds, from Mississippi's state sales tax
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Cheyenne, Wyoming, USA (February 2nd, 2023) – The Wyoming State Senate today voted 16-15, on a bipartisan basis, to pass a bill prompting the Wyoming state treasurer to hold gold and silver “specie” to protect the state – as well as establish a process to receive certain tax payments in specie.
Introduced by Senator Bob Ide (R-Casper), SF 101 amends and further implements the Wyoming Legal Tender Act, a popular 2018 law that had removed all tax liability from gold and silver transactions and affirmed that the monetary metals are legal tender in Wyoming.
More:
www.soundmoneydefense.org
Introduced by Senator Bob Ide (R-Casper), SF 101 amends and further implements the Wyoming Legal Tender Act, a popular 2018 law that had removed all tax liability from gold and silver transactions and affirmed that the monetary metals are legal tender in Wyoming.
More:
Wyoming Senate Votes to Hold, Invest, and Receive Tax Payments in Gold and Silver
The Wyoming State Senate voted today to a pass a bill prompting the Wyoming state treasurer to hold gold and silver “specie” to protect the state – as well as establish a process to receive certain tax payments in specie.
Missouri Senate passed the bill mentioned above. Might get signed into law.
www.moneymetals.com
Missouri Senate Votes to End Income Taxes on Gold and Silver, Hold Monetary Metals in Reserve
The Missouri Senate today passed legislation that would prompt the state treasurer to hold at least 1% of state funds in gold and silver while eliminating all state income taxes on monetary metals.
www.moneymetals.com
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Iowa Seeks to End Capital Gains Taxes on Gold and Silver
With inflation raging across America, an Iowa lawmaker seeks to end one of the strongest disincentives to owning and using gold and silver: capital gains taxes.
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Interesting vid (along with transcript) here.
monetary-metals.com
Ep 55 – Stefan Gleason: Is Sound Money Coming to Wyoming? | Monetary Metals
Stefan Gleason of the Sound Money Defense League returns to the Gold Exchange Podcast to discuss the success of sound money initiatives at the state level.
Mississippi Legislature Votes Overwhelmingly to End Sales Taxes on Gold and Silver
State lawmakers of both houses have just voted overwhelmingly to exempt physical gold, silver, platinum, and palladium coins and bullion from the Mississippi state sales tax, sending the bill to Governor Tate Reeves (R) for his signature.
^ They are talking about the SF0101 bill that was mentioned earlier in the thread here.
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(Montpelier, Vermont) – On the heels of overwhelming votes to remove all taxes from purchases of precious metals in Mississippi, legislators in Vermont have introduced a measure to curtail the controversial tax in their own state.
Introduced yesterday by Rep. Peterson, Demar, Highly, and Smith, House Bill 295 would cancel sales taxes on larger-sized purchases of “rare coins of numismatic value, gold or silver bullion or coins, or gold or silver tender of any nation traded and sold according to its value as precious metal.”
www.soundmoneydefense.org
Introduced yesterday by Rep. Peterson, Demar, Highly, and Smith, House Bill 295 would cancel sales taxes on larger-sized purchases of “rare coins of numismatic value, gold or silver bullion or coins, or gold or silver tender of any nation traded and sold according to its value as precious metal.”
Vermont Seeks to Become 44th State to Roll Back Sales Tax on Sound Money
On the heels of overwhelming votes to remove all taxes from purchases of precious metals in Mississippi, legislators in Vermont have introduced a measure to curtail the controversial tax in their own state.
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In this vid Sal and Patrick Holland talk about the different state laws concerning sound money.
23:23
Patrick Holland email: patrick@mofree.org
BREAKING NEWS On The Revolution Of Sound Money!
Feb 24, 202323:23
Patrick Holland email: patrick@mofree.org
It should make it...senate has passed ...house will pass it...no indication from gov yet...crypto language was added....its sb100 if someone wants to read it for specifics.....it is being grass roots pushed with plenty of momentum so farMissouri Senate passed the bill mentioned above. Might get signed into law.
Missouri Senate Votes to End Income Taxes on Gold and Silver, Hold Monetary Metals in Reserve
The Missouri Senate today passed legislation that would prompt the state treasurer to hold at least 1% of state funds in gold and silver while eliminating all state income taxes on monetary metals.
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Boise, Idaho (March 2, 2023) -- The Idaho State House today approved a bill to enable the State Treasurer to protect state funds from inflation and other financial risks by holding some physical gold and and silver.
State representatives voted 40-29 to pass House Bill 180, the Idaho Sound Money Reserves Act, sending the measure introduced by Representative Barbara Ehardt (R-Idaho Falls) and Senator Phil Hart (R-Kellogg) to the Senate for a hearing.
Supported by Idahoans and groups such as Sound Money Defense League, HB 180 would permit – but not require – the State Treasurer to hold some portion of state funds in physical gold and silver to help secure state assets against the risks of inflation and financial turmoil and/or to achieve capital gains as measured in devaluing Federal Reserve Notes.
www.soundmoneydefense.org
State representatives voted 40-29 to pass House Bill 180, the Idaho Sound Money Reserves Act, sending the measure introduced by Representative Barbara Ehardt (R-Idaho Falls) and Senator Phil Hart (R-Kellogg) to the Senate for a hearing.
Supported by Idahoans and groups such as Sound Money Defense League, HB 180 would permit – but not require – the State Treasurer to hold some portion of state funds in physical gold and silver to help secure state assets against the risks of inflation and financial turmoil and/or to achieve capital gains as measured in devaluing Federal Reserve Notes.
Idaho House Votes to Authorize State Gold & Silver Holdings
The Idaho State House today approved a bill to enable the State Treasurer to protect state funds from inflation and other financial risks by holding some physical gold and and silver.
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Cheyenne, Wyoming, USA (February 2nd, 2023) – The Wyoming State Senate today voted 16-15, on a bipartisan basis, to pass a bill prompting the Wyoming state treasurer to hold gold and silver “specie” to protect the state – as well as establish a process to receive certain tax payments in specie.
Introduced by Senator Bob Ide (R-Casper), SF 101 amends and further implements the Wyoming Legal Tender Act, a popular 2018 law that had removed all tax liability from gold and silver transactions and affirmed that the monetary metals are legal tender in Wyoming.
More:
Wyoming Senate Votes to Hold, Invest, and Receive Tax Payments in Gold and Silver
The Wyoming State Senate voted today to a pass a bill prompting the Wyoming state treasurer to hold gold and silver “specie” to protect the state – as well as establish a process to receive certain tax payments in specie.
Below is a statement from Money Metals president Stefan Gleason on the defeat of Sound Money legislation in the Wyoming House today:
The House Revenue Committee, led by Rep. Steve Harshman, eviscerated SF 101 bill and turned it into a dead letter requiring nothing whatsoever -- while laughably extending the deadline to do nothing to 2025. The Harshman amendments made a mockery of the sound money bill, effectively killing it.
Rep. Mark Jennings attempted to save SF 101 on the House floor today. By stipulating the State of Wyoming must, at long last, own at least some gold or silver, Rep. Jennings' proposed compromise amendment would have ensured that Wyoming takes at least one baby step forward on sound money. Unfortunately, the Jennings amendment failed by a vote of 34-27.
34 Wyoming House Members Thumb Their Noses at Sound Money
This afternoon, the Wyoming House of Representatives voted to kill SF 101 - the Wyoming Legal Tender Amendment. Below is a statement from Money Metals and Sound Money Defense League president Stefan Gleason on the defeat of Sound Money legislation
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Frankfort, Kentucky – Responding to overwhelming grassroots support over the last three years, lawmakers in the Kentucky House have voted to end the state’s controversial practice of imposing sales taxes on all purchases of precious metals.
House Bill 360, a sweeping sales tax bill, includes language to exempt gold, silver, platinum, and palladium bars, ingots, rounds, and coins from state sales taxes.
www.soundmoneydefense.org
House Bill 360, a sweeping sales tax bill, includes language to exempt gold, silver, platinum, and palladium bars, ingots, rounds, and coins from state sales taxes.
Kentucky House of Representatives Votes to End Sales Taxes on Sound Money
Responding to overwhelming grassroots support over the last three years, lawmakers in the Kentucky House have voted to end the state’s controversial practice of imposing sales taxes on all purchases of precious metals.
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Tennessee House and Senate Vote Unanimously to Protect State Funds with Gold and Silver
Every single lawmaker in both chambers of the Tennessee legislature has voted to empower the State Treasurer to invest state funds in physical gold and silver.
Since 2012, colorado has shifted to full democrat with a pillow biting govenor and a communist legislature. aint happening there
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Tennessee House and Senate Vote Unanimously to Protect State Funds with Gold and Silver
Every single lawmaker in both chambers of the Tennessee legislature has voted to empower the State Treasurer to invest state funds in physical gold and silver.
Tennessee Governor Signs Bill to Protect State Funds with Gold and Silver
Tennessee Gov. Bill Lee has signed a measure into law that would empower the State Treasurer to invest state funds in physical gold and silver.
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How many states are now holding or planning to hold/use gold?
Anybody know?
LATER:
OOP. I DMODD and found out it is 12 so far (debts can be settled in gold).
It is specified in the Constitution, but has been ignored.
Anybody know?
LATER:
OOP. I DMODD and found out it is 12 so far (debts can be settled in gold).
It is specified in the Constitution, but has been ignored.
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missouri has a bill in process SB100/HB718 that has passed the senate and is in process in the house ..........basiclly it ratifies gold as legal tender and prohibits state entities from requiring payments in CBDCs in the future also requires some state funds to be held in gold, PMs to not be subject to cap gains...etc
CLICK HERE TO CONTACT YOUR STATE LEGISLATORS
Help enact HB 718 and SB 100 by contacting your state legislators.
jbs.org
Missouri Bill Would Take Steps Toward Treating Gold and Silver as Money | Tenth Amendment Center
The legislation is a companion to SB100 in the Senate and would take several steps to encourage the use of gold and silver as money in Missouri, including making it legal tender, eliminating the state capital gains tax on gold and silver, and establishing a state bullion depository.
blog.tenthamendmentcenter.com
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"Missouri Bill Would Take Steps Toward Treating Gold and Silver as Money"
What flaming ignoramus wrote that unbelievable headline?
It presupposes no knowledge of what is written in the Constitution defining the only thing to be called money, nor the slightest understanding of what money is.
What flaming ignoramus wrote that unbelievable headline?
It presupposes no knowledge of what is written in the Constitution defining the only thing to be called money, nor the slightest understanding of what money is.
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i just grabbed a article that had a lot of the provisions of the bill in it for reference........and i am involved in this bill..........one part of the sb100 bill that has passed the senate actually allows for you to pay your taxes with gold at current market rates .......and that might be why he titled the article that way......as state entities would have to honor your payment if you walk in and hand them a gold coin .....obviously the logistics of a over the counter transactions have not been addressed yet .....at this point some of the pieces of the bills are being watered down and a fight is on .....lotta grass roots effort going into this
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Gee...what could possibly go wrong for individuals?
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Arkansas Governor Signs Senate Bill 1718, Reaffirming Gold and Silver as Legal Tender and Removing All Tax Liability from the Monetary Metals
Little Rock, Arkansas (April 18, 2023) – Sound money advocates are rejoicing as House Bill 1718, the Arkansas Legal Tender Act has become the law in the Natural State.Backed by the Sound Money Defense League, Money Metals Exchange, and sound money advocates and supporters throughout the state, HB 1718 reaffirms gold and silver as legal tender, as well as ends all taxes on purchase, sale, or exchange of specie, including state capital gains taxes.
Arkansas Passes Legal Tender Act, Removes Taxes on Gold and Silver
Little Rock, Arkansas (April 18, 2023) – Sound money advocates are rejoicing as House Bill 1718, the Arkansas Legal Tender Act has become the law in the Natural State. Backed by the Sound Money Defense League, Money Metals Exchange, and sound money advocates and supporters throughout the state...
I have to ask, who, "in their right mind", would actually pay for ANYTHING with gold or silver when the poople and .gov will accept FIAT for transactions? I say, spend the shit and keep the gold!!!
And I have to wonder, is this 'legalization" thing just a blatant attempt to steal the peoples real money?
And I have to wonder, is this 'legalization" thing just a blatant attempt to steal the peoples real money?
Mississippi Becomes the 43rd State to End Sales Taxes on Gold and Silver
(Jackson, Mississippi) – With the stroke of Gov. Tate Reeves's pen on Wednesday, Mississippi has become the 43rd state in the country to end sales taxes on the purchase of physical gold, silver, platinum, and palladium coins and bullion. Senate Bill 2862, sponsored by Sen. Juan Barnett (D-34)...
Not many states left to go.
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From the link:
MAY 3, 2023 BY MICHAEL MAHARREY
On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and possibly create a viable alternative to a central bank digital currency (CBDC).
Rep. Mark Dorazio (R) introduced HB4903 on March 10 and it has since garnered a bipartisan coalition of 42 cosponsors. The legislation would require the state comptroller to establish and provide for the issuance of gold and silver specie and also establish digital currencies that are 100% backed by gold and silver, and 100% redeemable in cash, gold, or silver.
schiffgold.com
MAY 3, 2023 BY MICHAEL MAHARREY
On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and possibly create a viable alternative to a central bank digital currency (CBDC).
Rep. Mark Dorazio (R) introduced HB4903 on March 10 and it has since garnered a bipartisan coalition of 42 cosponsors. The legislation would require the state comptroller to establish and provide for the issuance of gold and silver specie and also establish digital currencies that are 100% backed by gold and silver, and 100% redeemable in cash, gold, or silver.
Texas Committee Passes Bill to Create 100% Reserve Gold and Silver-Backed Transactional Currencies
On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and...
