Home Precious Metals

Legislation introduced to recognize gold silver as US currency

RedSealsRedSeals Posts: 278 ✭✭✭✭✭

https://www.kitco.com/news/2021-03-31/Legislation-introduced-to-recognize-gold-silver-as-U-S-currency.html

Tuesday, U.S. Representative Alex Mooney (R-WV) introduced the Monetary Metals Tax Neutrality Act (H.R. 2284) bill in the House. According to the bill, the proposed legislation would remove capital gains, losses, or any other type of federal income calculation on gold and silver bars and coins. The legislation would effectively recognize gold and silver as forms of currency.

Successful BST Transactions with: PerryHall, MrSlider, Cent1225, SurfinxHI, Blu62vette, robkool, gowithmygut, coinlieutenant, Downtown1974, MilesWaits, Shrub68, justindan

Comments

  • derrybderryb Posts: 36,034 ✭✭✭✭✭

    Was not aware that a state could tell the feds what the feds could and could not tax.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • RobMRobM Posts: 528 ✭✭✭

    @derryb said:
    Was not aware that a state could tell the feds what the feds could and could not tax.

    It's a Federal bill. It has nothing to do with an individual state.

  • HigashiyamaHigashiyama Posts: 2,133 ✭✭✭✭✭

    Presumably this has little chance of passing ? However, even if it generates meaningful discussion, it would be a very good thing.

    Higashiyama
  • RobMRobM Posts: 528 ✭✭✭

    Zero chance. At least India lets taxpayers adjust their cost basis for cpi.

  • HigashiyamaHigashiyama Posts: 2,133 ✭✭✭✭✭

    @RobM said: "At least India lets taxpayers adjust their cost basis for cpi"

    Although I haven't found a single lawyer who agrees with me ( :D ) , it seems that a capital gains tax that does not index for inflation is actually a wealth tax and should not be allowable, at least not under the 16th amendment.

    Higashiyama
  • rickoricko Posts: 98,724 ✭✭✭✭✭

    If it is issued by the mint, with a denomination, it should is currency....although value of the metal exceeds denomination. However, we know how taxes are....Cheers, RickO

  • blitzdudeblitzdude Posts: 5,303 ✭✭✭✭✭

    Nothing I'd like more than to pay my gooberment taxes with gutter metal. Will they factor in premiums? lol

    The whole worlds off its rocker, buy Gold™.

  • AzurescensAzurescens Posts: 2,665 ✭✭✭✭✭

  • WingsruleWingsrule Posts: 2,977 ✭✭✭✭

    Damn, my CU PM link took me to Facebook!

  • metalmeistermetalmeister Posts: 4,584 ✭✭✭✭✭

    @Azurescens said:

    So True! btw Governments don't like high Gold prices. It makes their currency look weak. Act accordingly.

    email: [email protected]

    100% Positive BST transactions
Sign In or Register to comment.