A state Senator from Kentucky has filed a new bill that would seek to remove sales tax on the purchase of gold and silver within the state.
Scheduled for early 2017, bill BR156 is being used as an initial stage for gold and silver to become currency again within the state of Kentucky, and to promote its purchase and use by its citizens.
A Kentucky bill prefiled for the 2017 session would remove sales taxes from the purchase of gold and silver, encouraging its use and taking the first step toward breaking the Federal Reserve’s monopoly on money.
Sen. John Schickel (R-Union) prefiled BR156 on Oct. 11. The legislation would exempt bullion or currency purchases from state sales tax. This would include gold, silver, platinum, or palladium bars, ingots or commemorative medallions for which the value depends on its metal content, not its form. It would also exempt coins or currency made of gold silver or other metals paper currency used as legal tender.
Under the proposed legislation, the exemption would remain in place for five years.
Imagine if you asked a grocery clerk to break a $5 bill and he charged you a 35 cent tax. Silly, right? After all, you were only exchanging one form of money for another. But that’s essentially what Kentucky’s sales tax on gold and silver does. By removing the sales tax on the exchange of gold and silver, Kentucky would treat specie as money instead of a commodity. This represents a small step toward reestablishing gold and silver as legal tender and breaking down the Fed’s monopoly on money. – Activist Post