Great news: Proposed legislation to make gold and silver money again.
The Monetary Metals Tax Neutrality Act re-introduced on March 30th, 2021, by congressman Alex Mooney aims at removing all federal income taxation from Gold and Silver coins and bullion. This sound money legislation would clarify that the sale or exchange of precious metals bullion and coins are to be treated just like US dollars. Meaning that they are not to be included in capital gains, losses, or any other type of federal income calculation. Congressman Mooney says that the language in the constitution backs up his view that Gold and Silver are money and are legal tender. Under the US Constitution, holding gold and silver is no different than holding US dollars. In fact, the only kind of money named in the US constitution is gold and silver. That is the reason why the old US silver coins are called constitutional silver. So there is no reason why one incurs a 28% capital gains tax while holding metals. Why should savers be taxed for trying to protect themselves from highway robbery by the federal reserve. This legislation is backed by the sound money defence league and also by the money metals exchange, with the hopes that these changes would eventually trickle down to the states level. Although some states like Arizona already passed similar legislation as early as 2017. Gold and silver are the most stable forms of money for millennia and much of their price gains it’s often just the nominal result of money printing and not an actual capital gain so it should not be taxed. It’s not right that we can’t have faith in our currency that we spend each day in terms of it holding it’s value. There’s something wrong when you can’t have faith in your currency, and when you exchange it for constitutional money they want to tax you?