Backed by the Sound Money Defense League, Campaign for Liberty, Money Metals Exchange, and in-state grassroots activists, HB 103 removes all forms of state taxation on gold and silver coins and bullion and reaffirms their status as money in Wyoming, in keeping with Article 1, Section 10 of the U.S. Constitution.
Introduced by Representative Roy Edwards (R-Gillette), HB 103 received a 55-5 favorable vote on final passage in the Wyoming House last week following Senate approval by a vote of 25-5. Gov. Matt Mead let HB 103 become law today without his signature.
The most immediate impact of the new law, which formally takes effect on July 1, is to eliminate all Wyoming sales taxes when purchasing gold or silver.
While Wyoming does not currently have an income tax, the bill stipulates “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.” That means no income tax, property tax, sales tax or any other Wyoming tax can be assessed against the monetary metals.
Lead sponsor Roy Edwards said, “Imagine going to the grocery store and asking the clerk for change for a $20 bill and being charged $1.00 in tax. That’s what we’re doing in Wyoming by charging sales taxes on precious metals and we’re taking steps to change that.”
With the adoption of HB 103, Wyoming joins all its bordering states (South Dakota, Idaho, Utah, Colorado, Nebraska) and more than 30 other states that do not assess a sales tax against precious metals.
Some states have specifically eliminated income taxation on gold and silver (Arizona and Utah) or have established precious metals depositories to store the state’s own physical gold and help citizens save and transact in gold and silver bullion (Texas).
Sound Money Defense League’s Jp Cortez testified during both the Wyoming House and Senate hearings, noting “taxation on precious metal ownership harms those most negatively impacted by currency debasement – wage earners, savers, and those on a fixed income. But it also punishes local business owners who lose business to out-of-state precious metals dealers.”
“With the abuses of the Federal Reserve’s paper money system becoming increasingly obvious, we’re seeing more legislators across America advance sound money legislation. We believe the Wyoming victory will encourage states like Kansas, Idaho, Tennessee, and Minnesota act on proposals to reduce or eliminate the taxes levied on money in their own states,” said Stefan Gleason, president of Money Metals Exchange, a national precious metals dealer with more than 100,000 customers.
“In reality, Federal Reserve Notes are ‘fake money’ because they have counterparty risk. Restoring gold and silver as money will solve many of the problems we are seeing with inflation and runaway debt,” continued Gleason.
Rep. Roy Edwards concluded, “If it hadn’t been for all the calls and emails to legislators and our governor from of so many friends and allies, this victory would not have been possible. I also want to thank Sen. Larry Hicks for his invaluable help in the Senate." >
Now, if we could get Fedzilla to adhere/enforce the Constitution we'd be onto something (I don't recall any vote authorizing Congress to pass-off *any* powers to a 3rd party, be that any alphabet agency/dept/bureaucracy/Fed. Reserve.)
If Trump really wants to MAGA the he needs to make the dollar great again. Billionaires don’t like counting cents though. Remember USA makes cents, England makes pennies.
Salmon P Chase Chief Justice of the SCOTUS, issued a ruling that ONLY GOLD AND SILVER are legal tender. It should be noted that a few years before, as Secretary of the Treasury, he authorized the issue of Greenbacks during the Civil War.
The value of gold and silver bullion has been manipulated, especially by the Chinese, who are storing it for a future attack on the dollar.
Wit gold trading at a little over $1300, and silver around $17, a lot of people who invested a while back are still in a hole.
Of course gold and silver will be the only thing of value if the economy collapses. Where will you be able to spend gold coins? Silver I figure will spend, but gold?
I suggest it will never happen.Would take away Once the cat has been let out of the box, it has now become impossible to put it back.
Bttt.
5.56mm
States don't need to do anything but start paying attention to the Constitution