Missouri and Oklahoma propose bills to make gold and silver legal tender aiming to treat precious metals more like money.

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Legislators in Missouri and Oklahoma are spearheading a move to redefine the status of gold and silver, filing bills for the 2024 legislative session aimed at eliminating state capital gains taxes on precious metals. In Oklahoma, Senate Bill 1480, if passed, would take a significant step by repealing the state capital gains tax on gold and silver exchanges, treating these metals more like money than commodities. The Sound Money Defense League Policy Director, Jp Cortez, emphasizes that taxing precious metals contradicts the fundamental concept of money itself, stating that states imposing such taxes are essentially denying gold and silver their status as money.

The proposed legislative changes extend beyond tax policy, as evidenced by former U.S. Rep. Ron Paul’s argument that sound money is essential for limiting the size and scope of government. Removing taxes on gold and silver transactions not only challenges the Federal Reserve’s monopoly on money but also opens the door for people to use precious metals in regular business transactions, fostering currency competition.

Missouri move With Gold And Silver.

The bills in both states aim to treat gold and silver as legal tender, aligning with the United States Constitution’s provision that only gold and silver coins be tendered in payment of debts. Missouri’s HB1867 and HB1955, along with Oklahoma’s SB1507 and SB1508, propose to eliminate state capital gains taxes on gold and silver bullion, reducing the investment cost and encouraging their use as an alternative currency.

Additionally, the proposed legislation in Oklahoma includes the creation of a gold and silver bullion depository, echoing a similar law in Texas. Senate Bill 1351, filed by Sen. David Bullard, envisions a secure facility serving as the custodian for precious metals, providing the opportunity for both the state government and private citizens to deposit and transact with gold and silver. This move aligns with the growing trend among conservatives to establish such depositories across the country, aiming to attract investments and create a reserve currency.

Overall, these legislative efforts signal a noteworthy step toward reestablishing gold and silver as legal tender and challenging the dominance of the Federal Reserve in the nation’s currency system. If enacted, these changes could contribute to a broader discussion on the role of precious metals in the modern economy and their potential impact on the size and scope of government.

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