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Rep. Mooney introduces bill to end federal taxes on gold and silver coins and bullion
By JP Corez
Money Metals News Service, Eagle, Idaho
Tuesday, March 30, 2021
U.S. Rep. Alex Mooney, R-West Virginia, today re-introduced sound money legislation to remove all federal income taxation from gold and silver coins and bullion.
The Monetary Metals Tax Neutrality Act (H.R. 2284), backed by the Sound Money Defense League and free-market activists, would clarify that the sale and exchange of precious metals bullion and coins are not to be included in capital gains, losses, or any other type of federal income calculation.
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"My view, which is backed up by language in the U.S. Constitution, is that gold and silver coins are money and are legal tender," Mooney said.
"If they're indeed U.S. money, it seems there should be no taxes on them at all. So why are we taxing these coins as collectibles?"
Acting unilaterally, Internal Revenue Service bureaucrats have placed gold and silver in the same "collectibles" category as artwork, Beanie Babies, and baseball cards -- a classification that subjects the monetary metals to a discriminatorily high long-term capital gains tax rate of 28%. ...
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