The Hill: "Senate GOP seeks to end taxes on gold and silver coins"
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Senate GOP seeks to end taxes on gold and silver coins
By Pete Kasperowicz - 06/29/11 02:27 PM ET
Sens. Jim DeMint (R-S.C.), Mike Lee (R-Utah) and Rand Paul (R-Ky.) this week introduced legislation that would exempt gold and silver coins declared by the federal or any state government as legal tender from taxation.
The Sound Money Promotion Act, S. 1287, is meant to build on what the sponsors see as a reaction to overspending by the federal government and the falling value of the dollar. The senators said that in May, Utah became the first state to recognize these coins as legal tender within the state, and said 12 other states, including South Carolina, are considering similar measures.
"Thanks to the government's reckless overspending, continued bailouts, and the Federal Reserve's easy money policy, this year the purchasing power of the dollar hit an all-time low in the several decades since we went off the gold standard," DeMint said.
"In order to rebuild strength and confidence in our economy, we need both the fiscal discipline to cut wasteful spending and the monetary discipline to restrain further destructive monetizing of our debt," he said. "This legislation would encourage wider adoption of sound money measures, and that's a step in the right direction."
In the same statement, Lee said the dollar has lost 98 percent of its value since 1913. Sen. Paul said it would show that "states are serious about an alternative to a weakening dollar."
The three said the rising price of gold, the weakening dollar, the negative credit rating that Standard & Poor's gave to the U.S. earlier this year, and significant Federal Reserve purchases of U.S. Treasuries are all signs of increasing economic risks to the United States.
Jeff Bell, Policy Director at American Principles in Action and head of its Gold Standard 2012 project, said the bill indicates that faith in the paper dollar is waning.
"By encouraging gold and silver coins to be used as money by the states, they are allowing them to send Washington a strong message of no confidence in the paper dollar system," said Bell, who was an issues adviser in Ronald Reagan’s 1976 and 1980 presidential campaigns.
The Hill
By Pete Kasperowicz - 06/29/11 02:27 PM ET
Sens. Jim DeMint (R-S.C.), Mike Lee (R-Utah) and Rand Paul (R-Ky.) this week introduced legislation that would exempt gold and silver coins declared by the federal or any state government as legal tender from taxation.
The Sound Money Promotion Act, S. 1287, is meant to build on what the sponsors see as a reaction to overspending by the federal government and the falling value of the dollar. The senators said that in May, Utah became the first state to recognize these coins as legal tender within the state, and said 12 other states, including South Carolina, are considering similar measures.
"Thanks to the government's reckless overspending, continued bailouts, and the Federal Reserve's easy money policy, this year the purchasing power of the dollar hit an all-time low in the several decades since we went off the gold standard," DeMint said.
"In order to rebuild strength and confidence in our economy, we need both the fiscal discipline to cut wasteful spending and the monetary discipline to restrain further destructive monetizing of our debt," he said. "This legislation would encourage wider adoption of sound money measures, and that's a step in the right direction."
In the same statement, Lee said the dollar has lost 98 percent of its value since 1913. Sen. Paul said it would show that "states are serious about an alternative to a weakening dollar."
The three said the rising price of gold, the weakening dollar, the negative credit rating that Standard & Poor's gave to the U.S. earlier this year, and significant Federal Reserve purchases of U.S. Treasuries are all signs of increasing economic risks to the United States.
Jeff Bell, Policy Director at American Principles in Action and head of its Gold Standard 2012 project, said the bill indicates that faith in the paper dollar is waning.
"By encouraging gold and silver coins to be used as money by the states, they are allowing them to send Washington a strong message of no confidence in the paper dollar system," said Bell, who was an issues adviser in Ronald Reagan’s 1976 and 1980 presidential campaigns.
The Hill
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Comments
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Good luck with that >>
No kidding - I'm sure the government is looking for ways to cut their revenue stream.
let us eliminate all taxes of every kind.Let the Government employees collect
bottles and cans and paper for salvage value like the rest of us do to make ends
meet. When the Military goes into another land, instead of paying them wages,
let them plunder and pillage like was done in the old days. There is no reason for
fire and police protection.
Let every citizen buy a high pressure hose and an
automatic weapon and a good 9mm automatic, with a 15 round clip.Take the Fed
Reserve out and hang them and then burn the building.As for Government per say,
Cut their pay to just above the poverty level and give them what ever options as to
'
H&W as well as pension available to the rest of us schnooks. Give them two days a
month off and the rest of the time they do the peoples work. All lobbyists representing
industry and financial Institutions will be boiled in oil, banks will be broken up into only
state wide institutions.All executives ar Goldman Sacks to be placed in prison for the rest
of their unatural lives and their entire wealth confiscated. The clowns that earn 100 million dollar
a year or more, shall be taxed at 90%.
Executives that export jobs or factories, shall lose their citizenship along with all of their friends
and family and sent to live in Bangladesh as well as having all of their wealth confiscated.
Mary Jane shall be legalized. Political parties outlawed
and the Republic will be run by a conclave of whitches and warlocks.
Camelot
<< <i>Good luck with that >>
Exactly.
<< <i> ...Political parties outlawed
and the Republic will be run by a conclave of whitches and warlocks.
They are working on the first, and the second is already in place. At least the witch part. The Wicked Witch of the West was just demoted last November.
I'll edit this if it's considered too political.
and family and sent to live in Bangladesh as well as having all of their wealth confiscated.
Bear, that is a most prejudicial and demeaning opinion. What do you have against Bangaladesh?
I knew it would happen.
<< <i>
<< <i>Good luck with that >>
Exactly. >>
Nothing but a publicity stunt