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Dead Constitution
See other Dead Constitution Articles

Title: Gold and Silver Legal Tender Law Introduced in Indiana
Source: [None]
URL Source: http://blog.tenthamendmentcenter.co ... der-law-introduced-in-indiana/
Published: Jan 9, 2013
Author: 10th Amendment Center
Post Date: 2013-01-09 12:06:13 by christine
Keywords: None
Views: 101
Comments: 3

Senate Bill No. 99 has been introduced by State Senators Greg Walker and Jim Banks to free US-issued gold and silver coins from sales, use, and capital gains taxes.

SB-99 will add a new Chapter to the Indiana Code effectively making all taxes on gold and silver coins and transactions a thing of the past. From the bill’s synopsis:

Specifies that gold and silver coins issued by the United States government are legal tender in Indiana. Provides that a person may not compel another person to tender or accept gold or silver coins that are issued by the United States government, except as agreed upon by contract. Provides that the sale or other exchange of gold or silver coins issued by the United States government is exempt from state gross retail tax and use tax. Specifies that capital gains incurred on a sale or exchange of gold or silver coins issued by the United States government are not included in adjusted gross income for purposes of the state adjusted gross income tax.

On Monday, January 7 it will be read and referred to Committee on Tax and Fiscal Policy where co-author Sen. Walker sits. Should it pass on to the rest of the legislature then on to the governor’s desk and signed, the bill would become law by July 1 and the income tax aspects would be in effect January 1, 2014.

The fiscal impact report estimates that 2% of the US Mint’s gold and silver coins are in Indiana, calculating a $9.4 million loss in state revenue from retail and capital gains taxes. If accurate, that is a nice takeaway for Indianans who choose to transact with what the US Constitution lays out as legal tender under Article I, Section 10 – which reads “No State Shall…make any Thing but gold and silver Coin a Tender in Payment of Debts”

Dr. William Greene, in a paper for the Austrian Scholars Conference, explained how state legal tender laws can be an effective method to ending the fed from the bottom up. In essence, pulling the rug out from under their monopoly control of money:

“Over time, as residents of the State use both Federal Reserve Notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve Notes do will lead to a “reverse Gresham’s Law” effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve Notes). As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the State’s treasury, an influx of banking business from outside of the State – as people in other States carry out their desire to bank with sound money – and an eventual outcry against the use of Federal Reserve Notes for any transactions.”

Utah passed a similar bill, HB-317, in 2011 legalizing Constitutional tender, gold and silver coins issued by the federal government.

ACTION ITEMS

If you live in Indiana, contact your state legislator. Let him or her know of your support for SB-99 and that you expect him/her to become a co-sponsor. Click here for contact information.

If you live outside of Indiana, still contact your state legislator. Inform him or her that you hope similar legislation will be introduced in your state. Visit this link for model Constitutional Tender legislation that can be introduced today: http://tenthamendmentcenter.com/legislation/constitutional-tender/

Nick Hankoff is a monthly co-host for Tenther Radio, a member of the TACs national outreach team, and the Chair of the Los Angeles County Repubulican Liberty Caucus.

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Begin Trace Mode for Comment # 2.

#2. To: christine (#0) (Edited)

The problem is that this limits (as it must under the US Constitution) the use of gold/silver to coins produced by the federal govt (or explicitly assigned a certain dollar value by the US Congress - at the moment no foreign coins so assigned). At present, the only coins that fit that description are the US Mint's Gold/Silver Eagles (the Indiana law does not even admit similar acceptance of the Canadian Gold/Silver Maple Leafs). But the Mint's Eagles, although the Mint sells the Eagles (for purchase with FRNs) at a price just a bit above the market price for the metal ingredient, the Eagles themselves carry a face value considerably lower in dollar amount.

When the govt is paid with currency it counts the currency at its Face Value - even if that currency (paper or metal) has enormous collectors' value. So you can buy a Silver Eagle at one price (today around $280) but be able to knock your tax debt down only $1 (its face value) when you give that Eagle to the govt cashier. Gold eagles sell today for about $1900, but the face value is a mere $50.

Hardly a benefit to the consumers.

Shoonra  posted on  2013-01-09   12:31:23 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 2.

#3. To: Shoonra (#2)

Hardly a benefit to the consumers.

You can't be this dense. The first benefit is not having to pay 7% sales tax on their purchase of the coins, an added benefit is being able to trade green paper for a more stable store of value. How about the benefit of being able buy or sell a new Lexus under contract for $1500 (in gold coin) or the benefit of no phony capital gains tax on the sale of coins that "appreciate" due to monetary expansion.

The only ones that don't benefit are the Jewish Mafia (Banksters) that are milking this country dry.

Hmmmmm  posted on  2013-01-09 15:42:17 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 2.

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