CHEYENNE, Wyo. (Mar. 19, 2018) – Last week, a bill that defines gold and silver specie as legal tender and eliminates all taxes levied on it became law. This paves the way for Wyoming residents to use gold and silver in everyday transactions and could help undermine the Federal Reserve’s monopoly on money.
A bipartisan coalition of 11 Republicans introduced House Bill 103 (HB103) on Feb. 15. Titled the Wyoming Legal Tender Act, the new law defines gold and silver specie as “legal tender,” meaning it will be recognized as a medium of exchange for the payment of debts and taxes in the state. Practically speaking, gold and silver specie will be treated as money, putting it on par with Federal Reserve notes in Wyoming.
The law defines specie as coins having gold or silver content, or refined bullion, coined, stamped or imprinted with its weight and purity.
HB103 also prohibits the state or local governments from levying any property, sales of capital gains taxes on gold or silver specie. Wyoming does not have an income tax. However, it does have a sales tax and it assesses this tax against precious metals bullion
The Senate passed …
Read more at The Tenth Amendment Center
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