To the Governor: Alabama Passes Bill to Help Encourage the Use of Gold and Silver as Money

MONTGOMERY, Ala. (Feb. 23, 2018) –  Yesterday, the Alabama House unanimously gave final approval 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.

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 House passed SB156 by a 100-0 vote. Earlier this month the Senate passed the measure by a 26-0 vote.

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 …

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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