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Idaho House Passes Bill to Support Sound Money, Undermine Federal Reserve Monopoly
mrpaseo
Posts: 4,753 ✭✭✭
Looks like Idaho wants people to use Silver and Gold in commerce.
(Sorry, I'm not sure how to do the link properly)
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mrpaseo
Posts: 4,753 ✭✭✭
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I think the practical aspect of the Bill is to encourage more ownership of precious metals, through reduction of the double-tax on such, in a state that derives income and jobs from the production of precious metals.
In honor of the memory of Cpl. Michael E. Thompson
Metal producing states should have thought about this many decades ago. It's a moot point in states like Nevada as there is no state income tax. Nevada is the largest producer of gold and silver in the US. Better late than never, good choice Idaho.
bob
Interesting.... How many states do this? It mentions Arizona... There certainly are other metals producing states..... Cheers, RickO
This. Does nothing to reduce Federal Reserve monopoly or federal income taxes. Only reduces Idaho state tax revenues which Idaho obviously believes will be more than offset by an increase in in-statePM production. Hopefully they will be correct and the taxpayers will benefit in the long run.
Unless Idaho plans on striking its own gold and silver coins and allowing them to compete with FED Reserve notes there is no threat to the FED's "money" monopoly. If they do, it will surely be a great fireworks show with Washington pulling out all the stops to nip such a movement in the bud.
Give Me Liberty or Give Me Debt
I'll have to see how it 'pans' out
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb
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I'll take my pay in silver or gold.
Spoken like a true gambler. I would to, but only when the price is on the upswing, this way I can reap a short term profit exchanging it for fiat $$
I exchange lots of silver and gold for cash. Plastic works, too. The wages for me have always been minimal, but I get to play for pay while the banker waits at the golf course , washing his balls.