Legislation introduced to recognize gold silver as US currency

RedSeals · March 31, 2021 10:50AM

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.

derryb · March 31, 2021 10:57AM

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

RobM · March 31, 2021 11:23AM

@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.

Higashiyama · March 31, 2021 11:29AM

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

RobM · March 31, 2021 12:04PM

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

Higashiyama · March 31, 2021 12:10PM

@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 ( ) , 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.

ricko · April 1, 2021 7:50AM

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

jmski52 · April 1, 2021 7:51AM

At this point, since they can poof free money into existence at will to finance their prolific spending and palm-greased cronyism, any tax whatsoever is a social engineering wealth redistribution scheme that amounts to legalized theft.