Wednesday, June 29, 2011

The Hill: "Senate GOP seeks to end taxes on gold and silver coins"

By Pete Kasperowicz

Sens. Jim DeMint (R-SC), Mike Lee (R-Utah) and Rand Paul (R-Ky.) this week introduced legislation that would exempt gold and silver coins declared by the federal or any state government as legal tender from taxation.

The Sound Money Promotion Act, S. 1287, is meant to build on what the sponsors see as a reaction to overspending by the federal government and the falling value of the dollar. The senators said that in May, Utah became the first state to recognize these coins as legal tender within the state, and said 12 other states, including South Carolina, are considering similar measures...

The three said the rising price of gold, the weakening dollar, the negative credit rating that Standard & Poor's gave to the U.S. earlier this year, and significant Federal Reserve purchases of U.S. Treasuries are all signs of increasing economic risks to the U.S.


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