New Louisiana Law Helps Encourage Use Of Gold And Silver As Money

Saturday, June 24, 2017
By Paul Martin

By Michael Maharrey
ActivistPost.com
JUNE 24, 2017

Yesterday, Louisiana Gov. John Bel Edwards signed a bill into law that exempts the sale and purchase of gold and silver from state sales and use taxes, encouraging their use and taking the first step toward breaking the Federal Reserve’s monopoly on money.

Rep. Stephen Dwight (R) and Rep. Mark Abraham (R) introduced House Bill 396 (HB396) on March 31. The legislation exempts the sale of platinum, gold, or silver bullion, ingots, or coins that are valued only on their precious metal content from the state sales tax. It also exempts certain numismatic (collectable) coins.

The House initially passed HB396 95-0 on May 24. The Senate followed up on June 2 and approved the measure by a vote of 30-2 with some technical amendments. The House then concurred with the Senate amendments by a vote of 103-0. With Gov. John Bel Edwards’ signature, the new law went into immediate effect on June 22.

magine 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 essentially what Louisiana’s sales tax on gold and silver did. By removing the sales tax on the exchange of gold and silver, Louisiana will now treat specie as money instead of a commodity. This represents a small step toward reestablishing gold and silver as legal tender and breaking down the Fed’s monopoly on money.

Practically speaking, eliminating taxes on the sale of gold and silver will crack open the door for people to begin using it in regular business transactions.This marks an important small step toward currency competition. If sound money gains a foothold in the marketplace against Federal Reserve notes, the people would be able to choose the time-tested stability of gold and silver over the central bank’s rapidly-depreciating paper currency.

BACKGROUND INFORMATION

The United States Constitution states in Article I, Section 10, “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.” States have simply ignored this constitutional provision for years. It’s impossible for states to return to a constitutional sound money system when it taxes gold and silver as a commodity.

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