Thursday, March 8, 2018

Wyoming on verge of passing new Legal Tender Act which will remove taxation on gold and silver and recognize it as money

On March 7, the Wyoming legislature overwhelmingly passed House Bill 103 which now awaits only the Governor's signature to go into law.

House Bill 103 is the Wyoming Legal Tender Act, and it not only removes taxation on the buying and selling of gold and silver, but it also officially recognizes it as money within the state.

Following a 44-14 vote in the Wyoming House last week, the Wyoming State Senate today overwhelmingly approved a bill which helps restore constitutional, sound money in Wyoming. 
Wyoming Senators voted 25-5 to pass the Wyoming Legal Tender Act (House Bill 103), sending the measure introduced by Representative Roy Edwards (R-Gillette) to Governor Matt Mead’s desk. Sound money activists are already contacting Gov. Mead urging that he sign the bill. 
Backed by the Sound Money Defense League, Campaign for Liberty, and Money Metals Exchange, HB 103 is a bill that removes all state taxation from gold and silver bullionand reaffirms their legal tender status in Wyoming, in keeping with Article 1, Section 10 of the U.S. Constitution. 
Testifying before the Senate Minerals, Business, and Economic Development Committee, Sound Money Defense League Policy Director Jp Cortez made the case to Wyoming legislators that assessing taxes on purchases of gold and silver is unjust and undermines their constitutional status as money. 
Representative Edwards said in support of HB 103, “Imagine going to the grocery store and asking the clerk for change for a $20 bill and being charged 80-cents 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.” – Value Walk
When signed into law, Wyoming will join Arizona, Utah, and Texas as states which have also removed taxation on the precious metals as well as recognize them as legal tender. 

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