MONTGOMERY, Ala. (June 1, 2018) – Today, an Alabama law exempting 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 went into effect.
Sen. Tim Melson (R-Florence) introduced Senate Bill 156 (SB156) on Jan. 11. The new law exempts 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.
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 did. By removing the sales tax on the exchange of gold and silver, Alabama will treat specie as money instead of a commodity. This represents a small step toward reestablishing gold and silver as legal tender …
Read more at The Tenth Amendment Center
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