MONTGOMERY, Ala. (Jan. 24, 2018) – An Alabama House committee has passed a bill that 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.
Rep. Ronald Johnson (R-Sylacauga) introduced House Bill 19 (HB19) earlier this month. The legislation would exempt the gross proceeds from the sale of gold, silver, platinum, and palladium bullion and coins from sales and use tax in the state. The tax repeal would sunset in five years unless renewed by the legislature.
Today, the House Ways and Means Education Committee passed HB19 with “favorable” recommendation.
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. This represents a small step toward reestablishing gold and silver as legal tender and breaking down the …
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.)