The Senate Finance Committee in the state of Arizona narrowly passed a bill that would eliminate capital gains taxes on gold and silver specie, as well as encourage the use of gold and silver as currency.
This bill, if passed by the legislature and signed into law, would go a long way toward normalizing the use of gold and silver coins for routine transactions, as well as continue to undermine the inflationary theft inherent in the operations of central banks, including the Federal Reserve.
Former Texas congressman and libertarian icon Ron Paul was in Phoenix Wednesday and spoke in support of the bill. Paul, a lifelong sound money crusader, said, “We ought not to tax money, and that’s a good idea. It makes no sense to tax money,” said Paul. “Paper is not money, it’s a substitute for money and it’s fraud.”
Similar bills are currently finding their way through the Idaho, Texas, Tennessee, Virginia and Maine state legislatures. If the bills pass and gold and silver becomes a regularly used tender, even in just these limited states, it could signal the beginning of the end for the Federal Reserve’s total monopoly on currency and any movement back toward a gold standard would be good news.