Virginia Bill Would Take A Step Towards Supporting Sound Money
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A Virginia bill prefiled for the 2017 session would remove sales taxes from some purchases of gold and silver, a first step towards encouraging its regular use as currency and breaking the Federal Reserve’s monopoly on money.
Sen. Frank Wagner (R-Virginia Beach) prefiled Senate Bill 934 (SB934) this week. The legislation would exempt some bullion or currency purchases from state sales tax. The official bill summary reads, in part:
Exempts legal tender coins whose total transaction sales price exceeds $1,000 from sales and use tax.
Under the proposed legislation, the exemption would remain in place until June 30, 2022.
IN PRACTICE
Imagine if you asked a grocery clerk to exchange $1000 in cash for smaller bills and he charged you a $53 tax. Silly, right? After all, you were only exchanging one form of money for another. But that’s essentially what Virginia’s sales tax on gold and silver does.
By removing the sales tax on some exchanges of gold and silver, Virginia would move towards treating specie as money instead of a commodity. This represents a small step toward reestablishing gold and silver as legal tender and breaking down the Fed’s monopoly on money.
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