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Missouri Senate votes to end income taxes on gold and silver and to hold the metals in reserve
By JP Cortez
Money Metals News Service, Eagle, Idaho
Thursday, February 9, 2023
JEFFERSON CITY, Missouri -- The Missouri Senate today passed legislation that would prompt the state treasurer to hold at least 1% of state funds in gold and silver while eliminating all state income taxes on monetary metals.
In a growing national backlash to the rampant inflation caused by massive federal spending, debt, and central bank money printing, more than a dozen states are already moving forward on sound money bills during their 2023 legislative sessions.
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Monday, February 6, 2023
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Sponsored by Sen. Bill Eigel, Senate Bill 100 passed the Missouri Senate by a vote of 21-12 and now heads to the House.
If signed into law, SB 100 would reaffirm that gold and silver are money in Missouri and 1) exempt taxpayers from state income taxes on "capital gains" from gold and silver reported on their federal income tax returns; 2) require the state treasurer to hold "an amount of gold and silver greater than or equal to 1% of all state funds"; and 3) require the state to "accept gold and silver coinage as payment for any debt, tax, fee, or obligation owed."
Years ago the Show Me State rightfully exempted gold and silver from state sales taxes. Removing income taxes from the precious metals, holding gold and silver as reserve assets, and accepting gold and silver as payment are among the next steps a state can take to promote sound money. ...
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