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U.S. Rep. Mooney introduces bill to end federal taxation on gold and silver
From Money Metals News Service
Eagle, Idaho
Wednesday, May 8, 2024
U.S. Rep. Alex Mooney, R-West Virginia, has re-introduced sound-money legislation to remove all federal income taxation from gold and silver coins and bullion.
The Monetary Metals Tax Neutrality Act (H.R. 8279), backed by the Sound Money Defense League, Money Metals Exchange, and free-market activists, would clarify that the sale or exchange of precious metals bullion and coins is not to be included in capital gains, losses, or any other type of federal income calculation. Gold and silver would be treated as a non-entity for tax purposes, putting it on par with the U.S. dollar.
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Reps. Scott Perry, R-Pennsylvania, and Randy Weber, R-Texas, joined as original cosponsors.
"My view, which is backed up by language in the U.S. Constitution, is that gold and silver coins are money and are legal tender," Rep. Mooney said.
"If they're indeed U.S. money, it seems there should be no taxes on them at all. So why are we taxing these coins as collectibles?" ...
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