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Monetary Metals Tax Neutrality Act
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Thread: Monetary Metals Tax Neutrality Act

  1. #1
    Join Date
    Oct 2011
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    Uncle Scrooge's vault
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    Thumbs up Monetary Metals Tax Neutrality Act

    Apparently this bill hasn't been assigned a number yet and isn't available on the usual govco websites that track pending legislation:

    The battle to end taxation of constitutional money has reached the federal level as U.S. Representative Alex Mooney (R-WV) today introduced sound money legislation to remove all federal income taxation from gold and silver coins and bullion.

    The Monetary Metals Tax Neutrality Act – backed by the Sound Money Defense League, Money Metals Exchange, and free-market activists – would clarify that the sale or exchange of precious metals bullion and coins are not to be included in capital gains, losses, or any other type of federal income calculation.
    ...
    A tax neutral measure, the Monetary Metals Tax Neutrality Act states that “no gain or loss shall be recognized on the sale or exchange of (1) gold, silver, platinum, or palladium coins minted and issued by the Secretary at any time or (2), refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.”

    Under current IRS policy, a taxpayer who sells his precious metals may end up with a capital “gain” in terms of Federal Reserve Notes and must pay federal income taxes on this “gain.”

    But the capital “gain” is not necessarily a real gain. It is often a nominal gain that simply results from the inflation created by the Federal Reserve and the attendant decline in the Federal Reserve Note dollar’s purchasing power.

    Under Rep. Mooney’s bill (which has already been cosponsored by two others), precious metals gains and losses would not be included in any calculations of a taxpayer’s federal taxable income.
    ...
    Rep. French Hill (R-AR) and Rep. Raul Labrador (R-ID) joined today as original cosponsors. The text of the bill can be found here.

    The Sound Money Defense League is a public policy group working nationally to bring back gold and silver as America’s constitutional money.
    https://www.soundmoneydefense.org/ne...er-bill-000179

    Hopefully, it bears some fruit in the near future.
    The journey of a thousand miles begins with a single step. - Lao Tzu

  2. #2
    Join Date
    May 2007
    Location
    Atlanta
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    10,025

    Default

    Quote Originally Posted by pmbug View Post
    Apparently this bill hasn't been assigned a number yet and isn't available on the usual govco websites that track pending legislation:



    https://www.soundmoneydefense.org/ne...er-bill-000179

    Hopefully, it bears some fruit in the near future.
    I'm afraid the only fruit this will draw is lemons.

    No bill is ever going to make it to the floor to vote on replacing the Dollar or even giving it competition. The best hope for a ray of sunshine, a bill to eliminate capital gains tax on Gold and Silver, but not likely as it's a source of revenue and a huge sorce if the price ever increases substantially. I like the idea, but so do those with ideas about other capital gains items. Best hope for the future is an elimination of all capital gains taxes.

    I have to believe these people put these bills up for their voters back home as they know they are going nowhere, but it's the try that counts or so they hope.
    Last edited by valerb; 9th September 2018 at 21:27.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

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