Posted on 01/02/2020 11:40:56 AM PST by Windflier
AUSTIN, Texas (Jan. 1, 2020) – Today, a law went into effect that exempts precious metals stored in the Texas Bullion Depository from certain taxes. Enactment of this law takes another step toward the everyday use of gold and silver in financial transactions in the Lone Star State and sets the stage to undermine the Federal Reserve’s monopoly on money.
Rep. Giovanni Capriglione (R-Keller) sponsored House Bill 2859 (HB2859). Under the new law, “Precious metals are exempt from taxation if they are held in a commercial depository in this state.”
HB2859 serves as the enabling legislation for a state constitutional amendment that passed in November. The passage of Proposition 9 authorized the Texas legislature to “exempt from ad valorem taxation precious metal held in a precious metal depository located in this state.” Ad valorem taxes are levied on personal property.
Prop 9 passed by a 51.7 percent to 48.3 percent margin.
The House passed HB2859 by a 137-6 vote. The Senate passed the measure 27-4. With Gov. Greg Abbott’s signature back on June 5 and the passage of the amendment, the law went into effect Jan. 1.
Enactment of HB2859 takes another step forward in facilitating sound money in Texas.
Abbot signed a law creating a state gold bullion and precious metal depository in the summer of 2015. The depository received its first deposits in the summer of 2018.
Exemption from taxation of precious metals stored in the vault will further facilitate the use of stored bullion as money. This will help incentivize the use of the Texas Bullion Depository. If they then start allowing checks and debit cards to be used in conjunction with the bullion accounts – likely the next step – it would essentially create a specie- and bullion-based bank introducing currency competition with Federal Reserve notes.
(Excerpt) Read more at blog.tenthamendmentcenter.com ...
The Fed isn’t going to like this.
i wonder if the law is valid in federal jurisdiction (and if so, how so), and if it is valid if the bullion owner lives in a different state.
Full on dismantling of the Fed is desirable.
Also, gold and silver coin should always be exempt from sales taxes. Why? The Constitution mandates that the States may only settle their accounts in gold or silver coin. It matters not one jot that federal reserve notes are deemed money. Exchange of money for Money should not the taxed.
I just wonder how many more “buy gold, get paper” advertisements will come of this.
“Full on dismantling of the Fed is desirable.”
There would be bloodshed before they allowed that and don’t you dare ask for an audit. What a racket.
Decent arguments that they had Kennedy killed just over silver certificates.
The Creature from Jekyll Island can suck it.
Interesting. Thanks for posting.
Cool! Thanks for posting this-f*** the monster...
The Federal Reserve, and particularly, printed, fiat money, created at will and funneled through preferred banks, government and government-cronies - is THE cause of increasing wealth inequality in the USA.
Its been standard economic theory since the 13th century that centrally-controlled money benefits the issuers and the first handlers of new money. Economists like Richard Cantillon and Adam Smith in the 18th century made this commonly accepted knowledge. So much so, that America’s founders nearly all believed that paper money was evil, anti-democratic and destructive to the common man.
The great trick of late 19th and 20th century economists was to get every one to forget these basic truths, and convince everyone that the king and his central-planners would know best.
I remember how they handled the takeover the “The Republic of Texas” (Republic Bank) during an oil market collapse. (it was the oldest financial institution in Texas, from right after the Republic of Texas won it’s freedom from MX)
The NE mega banks and the Fed “hated” the self financing Texas Oil Banks.
They turned it over to NC Bankshares to run.
The globalist hate Texas more than they hate the Federal Reserve system.
If someone collects gold coins and small bullion how is the fed supposed to know who they are>?
It is going to be interesting on how this plays out but I will keep mine (in unnamed location) for a while before handing it over to ANY Government
atta boy and I will second it.......
“...The Creature from Jekyll Island can suck it....”
A big +1 to that!!!!
Those euro-styled, greedy SOBs that created this monster should have been all taken out and shot at the time.
They probably all have their own special place in hell today though....and it ain’t luxurious.
I doubt there's any way for them to know, but that's not the point of the article.
Passage of this legislation sets the stage for the state of Texas to cut ties with Washington DC's fiat currency, and return to real money - as spelled out in the US Constitution.
I am in favor of this idea, and could add some improvements.
First of all, people should be able to take their gold there to have their gold assayed and converted into one of two forms. The first of these is transactional purity of 91.7% gold by weight (the typical alloy), with the remainder being silver and copper. Thus these coins could be used as currency.
They would have a face value less than their metallic value, as do most gold coins today. But this face value would be guaranteed by the state.
The other conversion would be into high purity .999 or even .9999 gold, impressed with a hologram and put in a sealed box. It would either have a value greater than the current price, or its value would float with the current price of the metal.
In any case, the coins could be stored in a vault in the mint, and removed by their owner or authorized agent.
The depositor should be able to specify what denominations of gold coin he wanted as well.
Watch out for Auric Goldfinger.
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