Congressmen introduce bill to end taxation of monetary metals

Section:

From Money Metals News Service
Friday, September 7, 2018

WASHINGTON -- The battle to end taxation of constitutional money has reached the federal level as U.S. Rep. Alex Mooney, R-West Virginia, 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 is not to be included in capital gains, losses, or any other type of federal income calculation.

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Acting unilaterally, the Internal Revenue Service has placed gold and silver in the same "collectibles" category as artwork, Beanie Babies, and baseball cards, a classification that subjects the monetary metals to a discriminatorily high long-term capital gains tax rate of 28 percent.

Sound-money activists have long pointed out it is inappropriate to apply any federal income tax, regardless of the rate, against the only kind of money named in the U.S. Constitution. And the IRS has never defended how its position squares up with current law.

Furthermore, the U.S. Mint continuously mints coins of gold, silver, platinum, and palladium and gives each of these coins a legal tender value denominated in U.S. dollars. This formal status as U.S. money further underscores the inappropriate nature of IRS income tax treatment.

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." ...

... For the remainder of the report:

https://www.moneymetals.com/news/2018/09/07/bill-to-end-tax-on-gold-silv...

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