Legal tender act
Sound money activists rejoiced as the Wyoming Legal Tender Act became law today. The bill restores constitutional, sound money in Wyoming.
HB 103 removes all forms of state taxation on gold and silver coins and bullion and reaffirms their status as money in Wyoming, in keeping with Article 1, Section 10 of the U.S. Constitution.
Some states have eliminated income tax on gold and silver or have established precious metals depositories to store the state’s own physical gold and help citizens save gold and silver bullion.
Sound Moneys Defense testified during both the Wyoming House and Senate hearings, saying that “taxation on precious metal ownership harms low income and fixed income wage earners. But it also punishes local business owners who lose business to out-of-state precious metals dealers.”
“With the abuses of the Federal Reserve’s paper money system becoming increasingly obvious, we’re seeing more legislators across America advance sound money legislation. We believe the Wyoming victory will encourage states like Kansas, Idaho, Tennessee, and Minnesota act on proposals to reduce or eliminate the taxes levied on money in their own states,"
Federal Reserve Notes are ‘fake money’ because they have counterparty risk. Restoring gold and silver as money will solve many of the problems we are seeing with inflation and runaway debt.
Rep. Roy Edwards concluded, “If it hadn’t been for all the calls and emails to legislators and our governor from so many friends and allies, this victory would not have been possible. I also want to thank Sen. Larry Hicks for his invaluable help in the Senate.
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