Wyoming Legislature Passes Bill Making Gold, Silver Legal Tender

[BarryDonegan]

http://truthinmedia.com/wyoming-bill-gold-silver-legal-tender/



If signed into law, the bill would recognize gold and silver as legal tender for payment of debt and taxes in the state and would remove the state’s ability to tax the sale of gold and silver specie.

[Swordsmyth]

GOOD!

[Zippyjuan]

http://truthinmedia.com/wyoming-bill-gold-silver-legal-tender/

What it would do is remove the state sales tax which is 4%. It will still be subject to capital gains taxes. It won't be subject to property taxes either (never was).

Gold or silver will be as "legal tender" as it has always been. And you can use it to pay your taxes if you like (is that at the face value of the gold/ silver coins)?

[pcosmar]

What it would do is remove the state sales tax which is 4%. Gold or silver will be as "legal tender" as it has always been.

Except when it is confiscated.

https://en.wikipedia.org/wiki/Executive_Order_6102

[Zippyjuan]

Except when it is confiscated.

https://en.wikipedia.org/wiki/Executive_Order_6102

Since the government doesn't use gold for money anymore chances of that happening are zero. (and that was 85 years ago).

[pcosmar]

Since the government doesn't use gold for money anymore chances of that happening are zero. (and that was 85 years ago).

What does it use?

Magic fairy dust? Unicorn farts? Stray electrons?

[Zippyjuan]

What does it use?

Magic fairy dust? Unicorn farts? Stray electrons?

Mostly electrons. Some is paper and some metals.

[pcosmar]

Mostly electrons. Some is paper and some metals.

Pretty lame then..based on mostly nothing.

[Zippyjuan]

Pretty lame then..based on mostly nothing.

Perhaps they should take up collecting gold from people again so they can go back to a gold standard.

[Raginfridus]

What does it use?

Magic fairy dust? Unicorn farts? Stray electrons?Thomas Jefferson's tears.

[acptulsa]

What it would do is remove the state sales tax which is 4%. It will still be subject to capital gains taxes. It won't be subject to property taxes either (never was).

What makes you say that? I thought property taxes were set by municipalities, and occasionally by counties. Do you presume to speak for all of them?


Gold or silver will be as "legal tender" as it has always been. And you can use it to pay your taxes if you like (is that at the face value of the gold/ silver coins)?

Why not? And as long as the law clearly delineates 'real dollars' and 'devalued dollars', people might just use the stuff for the purpose, too.


Since the government doesn't use gold for money anymore chances of that happening are zero. (and that was 85 years ago).

You say the chances are zero. And they probably are, this week. But if your bosses at the Fed screw up and we go into hyperinflation, I believe I can guaranteed the chances of confiscation will go up by approximately 100%--unless, of course, we make it clear we will consider that cause for revolution.

[Zippyjuan]

What makes you say that? I thought property taxes were set by municipalities, and occasionally by counties. Do you presume to speak for all of them?




Property taxes apply to real estate. Gold and silver are not real estate therefore they are not subject to property taxes.

[oyarde]

What does it use?

Magic fairy dust? Unicorn farts? Stray electrons?

It uses junk . There is five cents of melt value base metals in a modern dollar coin ( 2000 - 2018 ) , 17 cents of melt value base metals in four modern quarter dollars ( 1965 - current ) and 17 cents of melt value base metals in ten dimes ( 1965 - current ) . Anyone here under 54 years old has been subjected to this junk as money the entire length of life .

[Dr.3D]

It uses junk . There is five cents of melt value base metals in a modern dollar coin ( 2000 - 2018 ) , 17 cents of melt value base metals in four modern quarter dollars ( 1965 - current ) and 17 cents of melt value base metals in ten dimes ( 1965 - current ) . Anyone here under 54 years old has been subjected to this junk as money the entire length of life .
Making coins out of slugs is counterfeiting isn't it?

[oyarde]

Making coins out of slugs is counterfeiting isn't it?

Yes

[Dr.3D]

Yes
But when somebody like Bernard von NotHaus makes silver rounds out of real silver, they claim he was counterfeiting.

Strange how things have been turned around isn't it?

[oyarde]

But when somebody like Bernard von NotHaus makes silver rounds out of real silver, they claim he was counterfeiting.

Strange how things have been turned around isn't it?

Yes . I do not understand how the govt can make a case against it as they are releasing no competing real coin of silver into circulation since the 1969 half dollar ( 40 percent silver , the 1970 was last but had to be purchased ar more than face value from mint like a silver eagle today ) . Basically , they make no real money for business use . If people are they are not competing with worthless FRN's .

[acptulsa]

Property taxes apply to real estate. Gold and silver are not real estate therefore they are not subject to property taxes.

Maybe where you live. A few jurisdictions charge for the home and everything in it.

We've had Zippys who didn't make unsupportable, easily disproved blanket statements like that.

[Zippyjuan]

Maybe where you live. A few jurisdictions charge for the home and everything in it.

We've had Zippys who didn't make unsupportable, easily disproved blanket statements like that.

So when you pay your property tax bill they charge you tax on your bed and TV too? Do they require you to send them a list of everything you have so your property can be properly taxed?

[acptulsa]

So when you pay your property tax bill they charge you tax on your bed and TV too? Do they require you to send them a list of everything you have so your property can be properly taxed?

Educate thyself.

https://taxfoundation.org/states-moving-away-taxes-tangible-personal-property/

[Zippyjuan]

Educate thyself.

https://taxfoundation.org/states-moving-away-taxes-tangible-personal-property/

Yes.


All states except Oklahoma have exempted from their TPP tax goods that are not used for the production of income,

[acptulsa]

Yes.

Is that a retraction?


What it would do is remove the state sales tax which is 4%. It will still be subject to capital gains taxes. It won't be subject to property taxes either (never was).

And what about this?


Gold or silver will be as "legal tender" as it has always been. And you can use it to pay your taxes if you like (is that at the face value of the gold/ silver coins)?

Your mama's wedding ring is legal tender? What is the 'face value' of a pair of Navajo feather earrings?

[Swordsmyth]

A law recognizing gold and silver as currency and legal tender without qualification is now in full effect in Wyoming.
The Wyoming Legal Tender Act (HB103) removed tax penalties from people who choose to use gold and silver specie as a currency of exchange.
Campaign for Liberty Chairman Ron Paul and Wyoming Campaign for Liberty State Coordinator Cathy Ide issued the following statements regarding the Wyoming legislature’s passage of HB 103: “Many thanks go to our bill sponsor, Representative Roy Edwards. His hard work on HB 103 and that of our dedicated grassroots supporters, led to an astounding 55-5 favorable House vote and 25-5 Senate vote,” said Ide. “As a result, Wyoming citizens will no longer be punished with any taxes simply for choosing to use gold as money, as laid out by the U.S. Constitution.”
“Passage of the Wyoming Legal Tender Act is the latest sign that dissatisfaction with the Federal Reserve’s money monopoly — and the movement to change our fiat currency system led by my Campaign for Liberty — is alive and growing,” Ron Paul wrote in a press release announcing the official enactment of the measure.

Section 9-4-1304 establishes the exemptions for sound money, specifically declaring:
No specie or specie legal tender shall be characterized as personal property for the purposes of property taxation.
The exchange of one (1) type or form of legal tender for another type or form of legal tender shall not give rise to any tax liability of any kind.
The purchase, sale or exchange of any type or form of specie or specie legal tender shall not give rise to any tax liability of any kind.
In plain English, this statute provides a way for men and women of Wyoming to buy and sell gold and silver without having to treat it as a capital gain, thus reducing the reach of the Federal Reserve inside the sovereign borders of their state.

More at: https://www.thenewamerican.com/economy/item/29477-gold-and-silver-are-money-again-in-wyoming

[Zippyjuan]

The exchange of one (1) type or form of legal tender for another type or form of legal tender shall not give rise to any tax liability of any kind.

Says you can exchange this:

https://www.usacoinbook.com/us-coins/1922-saint-gaudens-gold-double-eagle.jpg

For this:

https://cdn3.volusion.com/aujxd.ayqsr/v/vspfiles/photos/2664204164-2.jpg?1435559640

since they both have a legal tender value of $20- and not face any tax implications. But why would you?