You are here
Wyoming legislature passes bill to end taxation of gold and silver
By J.P. Cortez
Sound Money Defense League
via EIN Presswire, Washington, D.C.
Wednesday, March 7, 2018
https://www.einnews.com/pr_news/435728627/wyoming-legislature-passes-bil...
CHEYENNE, Wyoming -- Following a 44-14 vote in the Wyoming House last week, the Wyoming State Senate today overwhelmingly approved a bill that helps restore constitutional, sound money in Wyoming.
Wyoming senators voted 25-5 to pass the Wyoming Legal Tender Act (House Bill 103), sending the measure introduced by Rep. Roy Edwards, R-Gillette, to Gov. Matt Mead’s desk. Sound money activists are already contacting Governor Mead urging that he sign the bill.
... Dispatch continues below ...
USAGold: Coins and bullion since 1973
USAGold, well known for its Internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.
Please call 1-800-869-5115x100 and ask for the trading desk, or visit:
USAGold: Great prices, quick delivery -- all the time.
Backed by the Sound Money Defense League, Campaign for Liberty, and Money Metals Exchange, HB 103 is a bill that removes all state taxation from gold and silver bullion and reaffirms their legal tender status in Wyoming, in keeping with Article 1, Section 10 of the U.S. Constitution.
Testifying before the Senate Minerals, Business, and Economic Development Committee, Sound Money Defense League Policy Director J.P. Cortez made the case to Wyoming legislators that assessing taxes on purchases of gold and silver is unjust and undermines their constitutional status as money.
Representative Edwards said in support of HB 103, "Imagine going to the grocery store and asking the clerk for change for a $20 bill and being charged 80 cents in tax. That's what we're doing in Wyoming by charging sales taxes on precious metals and we're taking steps to change that."
Wyoming does not have an income tax. However, it does have a sales tax and it assesses this tax against precious metals bullion. If Governor Mead signs HB 103, Wyoming would join all its neighboring states (South Dakota, Idaho, Utah, Colorado, Nebraska) and more than 30 other states that do not assess a sales tax against precious metals.
Other states have eliminated income taxation on gold and silver (Arizona and Utah) or have established precious metals depositories to help citizens save and transact in gold and silver bullion (Texas).
Cortez's testimony highlighted the harmful effects of inflation that flow from the Federal Reserve System and explained how erecting barriers to precious metal ownership harms those most vulnerable to currency debasement -- wage earners, savers, those on a fixed income -- and local business owners who lose business to out-of-state dealers that don't subject buyers to unfair taxation.
"Governor Mead should sign the Wyoming Legal Tender Act into law without delay and help Wyoming businesses as well as all citizens harmed by inflation," Cortez said.
The Sound Money Defense League is an Idaho-based public policy group working nationally to bring back gold and silver as America's constitutional money. For comment or more information, call 1-208-577-2225 or email jp.cortez@soundmoneydefense.org.
* * *
Join GATA here:
Mining Investment Asia
Monday-Wednesday, March 26-28, 2018
Marina Bay Sands, Singapore
https://www.mininginvestmentasia.com/
Mines and Money Asia
Tuesday-Friday, April 3-6, 2017
Hong Kong Convention and Exhibition Centre
https://asia.minesandmoney.com/
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
