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GOP Senators Propose Bill To Exempt Some Gold, Silver Coins From Taxation

July 7, 2011 by  

A new bill would protect some gold coins from taxation.Three United States Senators recently introduced legislation that would prevent the Federal government from taxing gold and silver coins that have been declared legal tender.

Senators Jim DeMint (R-S.C.), Mike Lee (R-Utah) and Rand Paul (R-Ky.) introduced the Sound Money Promotion Act which states that “gold and silver coins declared legal tender by the Federal government or any State government shall not be subject to taxation,” according to Fox News.

This would prevent people from having to pay a capital gains tax if they use coins that have increased in value since they bought them, reports the news source.

DeMint said that this bill would promote fiscal responsibility.

“In order to rebuild strength and confidence in our economy, we need both the fiscal discipline to cut wasteful spending and the monetary discipline to restrain further destructive monetizing of our debt. This legislation would encourage wider adoption of sound money measures, and that’s a step in the right direction,” he said, in a release from Lee’s office.

Gold prices have continued to climb among economic uncertainty around the world and the price is currently at $1,525 per ounce, according to Bloomberg.

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