Will the state of Arizona soon become the new home for so many gold bugs?
That is the question that many avid gold and silver investors, the ones who hold precious metals as a form of real money as opposed to the fiat hegemony tucked neatly in their wallets or in their bank accounts, are asking.
Today, gold and silver are filed under the capital gains tax when it is sold for United States dollars, otherwise known as Federal Reserve Notes.
Last month, Tucson Republican State Representative Mark Finchem introduced House Bill 2014 (HB2014). The legislation would eliminate state capital gains taxes on gold and silver specie (coins having precious metal elements). The bill also attempts to normalize gold and silver as a use of currency, a move that would end the fiat monopoly maintained by the U.S. central bank.
According to the public official’s proposal, legal tender is defined 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.”
Well, the bill was able to pass the House committee last week. It now seeks final approval by the House Rules Committee. If it garners a majority vote then it will move forward in the exhaustive legislative process for a second House reading.
Overall, the measure would allow Arizona residents to maintain their purchasing power without threat of taxation by the state or force by the Federal Reserve. It has also received support from an organization that promotes the Tenth Amendment.
“This isn’t going to end the fed’s monetary monopoly overnight, but it sets the foundation and opens the door for more market activity by the people,” Tenth Amendment Center executive director Michael Boldin said in a statement. “This is an important part of the overall strategy, and activists in Arizona should continue working to get both bills passed.”
Will Arizona make gold and silver great again?
Gee, woudnt it be great if the People in other states started to petition their state represenatives to do likewise?
The first steps could be taken to Restore sound money to this Republic again, and finally get rid of fiat junk currency.
It will work if the People participate!