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Tag Archives: sound money

West Virginia Legislature Approves Measure to Repeal Sales Tax on Gold and Silver Bullion

The West Virginia legislature has approved a bill that would take an important first step towards treating gold and silver like money instead of a commodity by repealing sales and use taxes on bullion.Sen. Craig Blair (R-Martinsburg) sponsored Senate Bill 502 (SB502). The proposed law defines “investment metal bullion” as “elementary precious metal which has been put through a process of smelting or refining, including gold, silver, platinum, and palladium, and which is in such a state or...

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Several States Considering Bills to Repeal Taxes on Gold and Silver

Several state legislatures are considering bills that would repeal taxes on the sale of gold and silver.Fundamentally,  gold and silver are money. But most governments treat precious metals as a commodity. They don’t accept it as payment. Worse than that, they tax it. Think about the absurdity of this policy.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...

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Nullification! It’s Your Dime Interview with Tenth Amendment Center Founder Michael Boldin

What can we do when the federal government exceeds its constitutional authority? Thomas Jefferson answered that question in 1798. He said, “nullification is the rightful remedy.” But what in the world is nullification? And how do you do it?If you want to understand the principles of nullification first formally outlined by Jefferson and James Madison, and how to put them into practice, the Tenth Amendment Center is the best resource out there. In this episode of It’s Your...

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Officials Break Ground for Construction of Texas Bullion Depository

Last week, officials broke ground for construction of the country’s first state gold depository in Texas. The creation of the Texas Bullion Depository represents a power-shift away from the federal government, provides a mechanism for the state to establish a higher level of economic independence, and sets the foundation to undermine the Federal Reserve’s monopoly on money.Countries that stockpile gold create a foundation of stability for their monetary systems. This is precisely why...

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Bill Introduced in Congress to Eliminate Capital Gain Taxes on the Sale of Gold and Silver Bullion

A bill introduced in the US House would eliminate capital gains taxes on gold and silver bullion.Rep. Alex Mooney (R-W.Va.) introduced HR6790 on Sept. 12. Titled the , the legislation would amend the IRS code to exempt the sale of “refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form,” from capital gains taxes.It would also exempt any gold, silver, platinum, or palladium coins minted and issued by the US...

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Inflation: Civilization’s Death Spiral

The cost of living continues to ratchet up in the United States.You don’t need me to tell you this. You probably feel the squeeze in your own wallet. As Peter Schiff pointed out in his most recent podcast, the average wage rate has gone up 2.7% in the last year. Meanwhile, the Consumer Price Index (CPI) has increased by 2.9% during the same period. The CPI almost certainly understates the cost of living, but even if you take that number at face value, Americans are losing ground.Most...

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Busting a Myth: Gold Makes Boom-Bust Cycles Worse

Some people claim gold isn’t “sound” money any more than dollars or euros. They argue that the gold supply can be inflated just like a fiat currency. After all, gold is constantly being pulled out of the ground, right? They say a gold standard actually makes the boom-bust cycle worse. But commentators who make this claim miss a number of important points.In the first place, gold is produced at a relatively constant rate and it’s impossible to ramp up production on a whim. It’s not like a...

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Ron Paul Makes the Case for Gold

Earlier this month, Peter Schiff said Federal Reserve policy is pushing us toward a no-growth, high-inflation economy.There are a number of factors in play. There are growing inflation pressures. There are record amounts of debt – both government and corporate. But behind all of these symptoms, we have a disease.Ron Paul digs down to the root causes of our economic woes in this in-depth look at the US financial system and the need for reform. Paul says a monetary crisis is coming. What...

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Law Recognizing Gold and Silver as Legal Tender and Eliminating Sales Taxes in Effect in Wyoming

Gold and silver are money. But most governments treat precious metals like a commodity. They don’t accept it as payment. Worse than that, they tax it. Think about the absurdity of this policy. Can you imagine getting taxed for getting change at the bank?Fortunately, we’re beginning to see a shift. Many states are repealing taxes on gold and silver, and treating precious metals more like money. Wyoming is the latest state to reform its laws.These policies not only ease the burden on...

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New Wyoming Legal Tender Law Recognizes Gold and Silver as Money

Gold and silver are money. But most governments treat precious metals like a commodity. They don’t accept it as payment. Worse than that, they tax it. Think about the absurdity of this policy. You don’t tax money!Fortunately, we’re beginning to see a shift. Many states are repealing taxes on gold and silver, and treating precious metals more like money. Wyoming is the latest state to reform its laws.These policies not only ease the burden on investors, it opens the door to use gold and...

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