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Virginia Committee Passes Bill that Would Help Support Sound Money

by Mike Maharrey, Activist Post:

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.


By removing the sales tax on some exchanges of gold and silver, Virginia would move toward 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.

In a state that has not been very friendly to sound money, this represents a first step. If passed into law, people in Virginia should pressure the legislature – in future years – to eliminate both the sunset clause and the $1000 minimum.

Practically speaking, fully and permanently eliminating taxes on the exchange of gold and silver would open the door for people to begin using specie in regular business transactions. This would mark an important step toward currency competition. If sound money gains a foothold in the marketplace against Federal Reserve notes, the people would be able to choose the time-tested stability of gold and silver over the central bank’s rapidly-depreciating paper currency.

Read More @ ActivistPost.com

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1 comment to Virginia Committee Passes Bill that Would Help Support Sound Money

  • AgShaman

    Smells like a trap to get people to stay in a system that keeps gubbermint in control.

    Slaves don’t break away and into freedom, until they enter into a social contract that puts them in charge of a system not affiliated with the FED in any way.

    I am expecting more “cloaks of confiscation” from certain states. When they speak about opening the doors of inclusion for PM’s…without addressing the manipulation of all markets and unfair price fixing that has been going on for decades via the unholy alliance that is the ESF and the banks working the majik behind the scenes.

    Sound money does not need any partners in crime. It needs slaves to desire to no longer be slaves

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