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It’s Official: State Deals Massive Blow to Fed: Gold & Silver Now Treated as Money in AZ

It’s Official: State Deals Massive Blow to Fed: Gold & Silver Now Treated as Money in AZ

This article comes from the Free Thought Project

by Matt Agorist

A major victory against the United States Federal Reserve comes out of Arizona this week as Arizona Governor Doug Ducey signed House Bill 2014 into law — officially allowing Arizona residents to use precious metals as currency — instead of fiat federal reserve notes.

The bill went after the federal government’s attack on precious metals by eliminating the capital gains taxes on precious metals. Arizona residents no longer have to tell the federal government how much they ‘gained’ or ‘lost’.

To put this in layman’s terms, if you buy an ounce of gold today for $1,200 and tomorrow it takes $1,300 to buy that same ounce — you did not make money — because that value is based on federal reserve notes. If you sell that coin for $100 more, it is not a profit but, rather, a loss.

“It’s called inflation,” Representative Mark Finchem, who introduced the bill on January 9, said. “The Internal Revenue Service for many, many years has been taxing inflation as though it was a gain.”

The Arizona bill now allows people to “deduct the amount of any net capital gain derived from the exchange of one kind of legal tender for another kind of legal tender or specie (gold and silver coins) from their gross income on their state income tax.”

“The U.S. Mint is charged with protecting the value of money, but the Federal Reserve creates nothing but debt. Yet Congress authorized a tax when making the exchange of precious metals for dollars. It’s illegal and they know it, this bill is an effort by one state to protect the people from such confiscation,” said Finchem.

Read more here.

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