States Begin Eliminating Tax On Gold & Silver Money

Physical vs Paper

North Carolina Gov. Roy Cooper has signed a bill into law exempting the sale and purchase of gold and silver from state sales taxes. This removes one barrier from buying goldsilver and platinum. It will also help encourage their use and take the first step toward breaking the Federal Reserve’s monopoly on money.

Rep. Dana Bumgardner (R-Gastonia) and Rep. Jeff Collins (R-Rocky Mount) introduced House Bill 434 (H434) in March. The legislation exempts precious metals in various forms from state sales tax, including investment metal bullion, US Mint-produced gold and silver, investment coins and non-coin currency.

  1. I Killed The Bank ~ President Andrew Jackson

The House passed H434 on second reading by a 104-8 vote in May. It then gave final approval on the third reading by a voice vote. The Senate concurred with a vote of 35-13 on June 27. With the governor’s signature, the law went into effect retroactively to July 1, 2017.

IN PRACTICE

Imagine if you asked a grocery clerk to break a $5 bill and he charged you a 35 cent tax. Silly, right? After all, you were only exchanging one form of money for another. But that’s essentially what North Carolina’s sales tax on gold and silver did. By removing the sales tax on the exchange of gold and silver, North Carolina will treat specie as money instead of a commodity.

“We ought not to tax money – and that’s a good idea. It makes no sense to tax money,” Ron Paul said in support of a similar bill that passed in Arizona.

This represents a small step toward re-establishing gold and silver as legal tender and breaking down the Fed’s monopoly on money.

  1. Bitcoiners “Holding On With A Death Grip” As “Pipe Dream” Appears Hopelessly Obsolete

The elimination of the sales tax not only helps precious metals investors. By effectively lowering the cost of gold and silver, it cracks open the door for people to begin using sound money in regular business transactions.This would mark an important small step toward currency competition. If sound money gains a foothold in the marketplace against Federal Reserve notes, the people would be able to choose the time-tested stability of gold and silver over the central bank’s rapidly-depreciating paper currency.

If you’re for less government, you want sound money. The people who want big government, they don’t want sound money. They want to deceive you and commit fraud. They want to print the money. They want a monopoly. They want to get you conditioned, as our schools have conditioned us, to the point where deficits don’t matter,” Paul said.

This new North Carolina law is part of a broader movement. States are taking the first steps to challenge the Fed across the country.

“It is sobering to reflect that one of the best ways to get yourself a reputation as a dangerous citizen these days is to go about repeating the very phrases which our founding fathers used in the struggle for independence.” – Charles A. Beard

BACKGROUND INFORMATION

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.

  1. US Supreme Court Rules JP Morgan To Stand Trial For Silver Market Rigging 2017
  2. Rothschild’s Banking Empire Under Criminal Investigation Following David De Rothschild Indictment.

This North Carolina law takes a step towards that constitutional requirement, ignored for decades in every state. Such a tactic sets the stage to undermine the monopoly of the Federal Reserve by introducing competition into the monetary system.

Constitutional tender expert Professor William Greene said when people in multiple states actually start using gold and silver instead of Federal Reserve Notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money.

“Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a “reverse Gresham’s Law” effect, where good money (gold and silver coins) will drive out bad money [currency] (Federal Reserve notes).

As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state – as people in other states carry out their desire to bank with sound money – and an eventual outcry against the use of [foreign] Federal Reserve notes for any transactions.”

Once things get to that point, [foreign] Federal Reserve notes would become largely unwanted and irrelevant for ordinary people. Nullifying the [foreign] Fed on a state by state level can move us in that direction.

The Tenth Amendment Center contributed to this report.

SchiffGold

Related News:

  1. Why Gold & Silver Will Be Launched Into The Stratosphere
  2. Orgy Of Rothschild Bankers: No Such Thing As Conspiracies
  3. Physical Silver Vs The $5 Trillion Counterfeit Paper Silver Scam
  4. Idaho Pass Bills To Remove “Capital Gains Taxes” On Gold & Silver
  5. India Physical Gold Imports Surge – 2017 Set To Surpass $44 Billon ~ Double That Of 2016
  6. Silver Physical Price Being Suppressed By Counterfeit Paper For Sony, Apple, Tesla, Toyota: Keith Neumeyer
  7. Silver Demand Shows Consumer Optimism Rising: Industrial Demand To Increase 27% By 2018 ~ Silver Institute
  8. Silver prices COULD Fall Under $10 An Ounce & The Foreign Federal Reserve COULD Apologize For Destroying The Dollar
  9. Arizona Governor Signs Bill Nullifying Capital Gains Taxes On Legal Tender Of Gold And Silver: Legalizing The United States Constitution
  10. Comparing Gold’s Price To Bitcoin’s Digital Fiat Bubble Is Patently Ridiculous: Bitcoin Digital Token Would Need To Be $450,000.00 Each

No comments yet... Be the first to leave a reply!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s