BOOM: Wyoming Ends ALL TAXATION of Gold & Silver / Commodities / Gold and Silver Stocks 2018
Breakthrough Sound Money Bill Becomes Law Todaywith Wide Support
Cheyenne, Wyoming (March 14, 2018) – Sound money activists rejoiced as theWyoming Legal Tender Act became law today. The bill restores constitutional,sound money in Wyoming.
Backed by the Sound Money Defense League, Campaign forLiberty, Money Metals Exchange, and in-state grassrootsactivists, HB 103 removes all forms of state taxation on gold and silver coinsand bullion and reaffirms their status as money in Wyoming, in keeping withArticle 1, Section 10 of the U.S. Constitution.
Introduced by Representative Roy Edwards(R-Gillette), HB 103 received a 55-5favorable vote on final passage in the Wyoming House last week following Senateapproval by a vote of 25-5. Gov. Matt Mead let HB 103 become law today withouthis signature.
The most immediate impact of the new law, whichformally takes effect on July 1, is to eliminate all Wyoming sales taxes whenpurchasing gold or silver.
While Wyoming does not currently have an incometax, the bill stipulates “the purchase, sale or exchange of any type or form ofspecie or specie legal tender shall not give rise to any tax liability of anykind.” That means no income tax, property tax, sales tax or any other Wyomingtax can be assessed against the monetary metals.
Lead sponsor Roy Edwards said, “Imagine going tothe grocery store and asking the clerk for change for a $20 bill and beingcharged $1.00 in tax. That’s what we’re doing in Wyoming by charging salestaxes on precious metals and we’re taking steps to change that.”
With the adoption of HB 103, Wyoming joins allits bordering states (South Dakota, Idaho, Utah, Colorado, Nebraska) and morethan 30 other states that do not assess a sales tax against precious metals.
Some states have specifically eliminated incometaxation on gold and silver (Arizona and Utah) or have established preciousmetals depositories to store the state’s own physical gold and help citizenssave and transact in gold and silver bullion (Texas).
Sound Money Defense League’s Jp Cortez testifiedduring both the Wyoming House and Senate hearings, noting “taxation on preciousmetal ownership harms those most negatively impacted by currency debasement –wage earners, savers, and those on a fixed income. But it also punishes localbusiness owners who lose business to out-of-state precious metals dealers.”
“With the abuses of the Federal Reserve’s papermoney system becoming increasingly obvious, we’re seeing more legislatorsacross America advance sound money legislation. We believe the Wyoming victorywill encourage states like Kansas, Idaho, Tennessee, and Minnesota act onproposals to reduce or eliminate the taxes levied on money in their ownstates,” said Stefan Gleason, president of Money Metals Exchange, a nationalprecious metals dealer with more than 100,000 customers.
“In reality, Federal Reserve Notes are ‘fakemoney’ because they have counterparty risk. Restoring gold and silver as moneywill solve many of the problems we are seeing with inflation and runaway debt,”continued Gleason.
Rep. Roy Edwards concluded, “If it hadn’t beenfor all the calls and emails to legislators and our governor from so manyfriends and allies, this victory would not have been possible. I also want tothank Sen. Larry Hicks for his invaluable help in the Senate.”
For more information on state laws dealing withgold and silver, click here.
The Sound Money Defense League is an Idaho-basedpublic policy group working nationally to bring back gold and silver asAmerica’s constitutional money.
Mike Gleason is President of Money Metals Exchange, the national precious metals company named 2015 "Dealer of the Year" in the United States by an independent global ratings group. A graduate of the University of Florida, Gleason is a seasoned business leader, investor, political strategist, and grassroots activist. Gleason has frequently appeared on national television networks such as CNN, FoxNews, and CNBC, and his writings have appeared in hundreds of publications such as the Wall Street Journal, Detroit News, Washington Times, and National Review.
© 2017 Mike Gleason - All Rights Reserved
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