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| Above, a 1928 Peace dollar. Photo by Armand Vaquer. |
Alaska is moving towards exempting sales taxes on gold and silver and allowing people to use either as currency, not just collectibles.
From the Alaska Beacon:
A new bill proposed by a Big Lake Republican would exempt gold-backed currencies and gold and silver coins from local sales taxes in order to encourage their use as currency, not just collectibles.
Rep. Kevin McCabe, R-Big Lake, told the House State Affairs Committee on Thursday that the bill was inspired by a constituent who distrusts the national banking system and would like to use gold and silver.
House Bill 3, which was held in the committee for further discussion, wouldn’t require stores to take gold and silver alongside normal money, but it would require the House Finance Committee to study whether Alaska should allow people to pay their taxes in non-standard ways, such as in gold coins. The U.S. Constitution bars states from issuing their own money, but it does allow them to accept gold and silver coins in payment of debts.
Under existing law, gold coins are treated as investments, not currency. If someone wants to use them to buy something at a store, sales taxes are levied on the value of the coins and there’s a separate tax on the value of whatever’s being bought.
This is what New Mexico and a few other states should also be doing.
To read more, go here.
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