Alabama Bill Would Encourage Use of Gold and Silver as Money

MONTGOMERY, Ala. (Jan. 16, 2017) – A bill filed in the Alabama Senate would exempt the sale of gold and silver bullion from state sales and use tax, encouraging its use and taking the first step toward breaking the Federal Reserve’s monopoly on money.

Sen. Tim Melson (R-Florence) introduced Senate Bill 156 (SB156) on Jan. 11. The legislation would exempt the gross proceeds from the sale of gold, silver, platinum, and palladium bullion in the form of bars, ingots or coins from sales and use tax in the state for five years after the date of enactment.

The bill is similar to a bill pending in the Alabama House (HB19). The bills are substantively the same, but the House version would make the tax repeal permanently.

Imagine 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 Alabama’s sales tax on gold and silver bullion does. By removing the sales tax on the exchange of gold and silver, Alabama would treat specie as money instead of a commodity. …

Read more at The Tenth Amendment Center
(The opinions in this article are the opinions of the author and do not necessarily represent the views of Southern Nation News or SN.O.)

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