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States Chip Away at Federal Reserve

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The Federal Reserve

Credit: The Tenth Amendment Center

The Tenth Amendment Center

In just the last week, three states have moved measures forward that chip away at the Federal Reserve’s monopoly on money by facilitating and encouraging the use of gold and silver.

In Arizona, GovernorDoug Ducey signed a bill into law that eliminates states capital gains taxes on gold and silver specie. Representative Mark Finchem (R-Tucson) sponsored HB2014. The legislation eliminates state capital gains taxes on income “derived from the exchange of one kind of legal tender for another kind of legal tender.” The bill defines legal tender as “a medium of exchange, including specie, that is authorized by the United States Constitution or Congress for the payment of debts, public charges, taxes and dues.” “Specie” means coins having precious metal content.

In effect, passage of HB2014 “legalized the Constitution” by treating gold and silver specie as money.

Important legislation relating to gold and silver also moved forward in Louisiana and North Carolina. The Louisiana House unanimously passed a bill to repeal state sales and use taxes on the purchase of gold and silver. The North Carolina House overwhelmingly approved a similar measure.

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© 2017 The Tenth Amendment Center

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