Virginia Committee Passes Bill that Would Help Support Sound Money
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A Virginia bill that would remove sales taxes from some purchases of gold and silver passed an important House committee yesterday. The legislation would take an important first step toward encouraging its regular use as currency and breaking the Federal Reserve’s monopoly on money.
A bipartisan coalition of delegates sponsor House Bill 1668 (HB1668). The legislation would exempt gold, silver, or platinum bullion or legal tender coins whose sales price exceeds $1,000 from from state sales tax. Each piece of gold, silver, or platinum or legal tender coin need not exceed $1,000, provided that the sales price of one entire transaction of such pieces exceeds $1,000. ”
Under the proposed law, the exemption would remain in place until June 30, 2022.
The House Finance Committee unanimously passed HB1688 with an amendment 22-0. The amendment makes the new provisions effective Jan. 1, 2018.
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.
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