ACCESS Newswire
09 Apr 2021, 03:49 GMT+10
CHARLOTTE, NC / ACCESSWIRE / April 8, 2021 / A representative in the Garden State believes that taxing real money is wrong and he hopes to do something about it.
Introduced by Representative Ronald Dancer (12-R), Assembly Bill 5285 exempts sales of investment metal bullion and certain investment coins from the sales and use tax in New Jersey.
Under current law, New Jersey citizens are discouraged from insuring their savings against the devaluation of the dollar because they are penalized with taxation for doing so. Passage of this measure would remove disincentives to holding gold and silver for this purpose. AB 5285 is important for a few reasons:
The harm is exacerbated when you consider that all of New Jersey's neighboring states (Delaware, New York, Pennsylvania) have already stopped taxing gold and silver. Even nearby Maryland, Connecticut, Massachusetts, and Rhode Island, have enacted their own sales tax exemptions for precious metals.
In total, 39 states have reduced or eliminated sales tax on the monetary metals.
This measure is one of many sound money bills being introduced across the country this year. Idaho is considering a measure to empower the state treasurer to hold physical gold and silver in state coffers. Bills to remove taxation on sound, constitutional money are also being, or have been, introduced in Alabama, Mississippi, Iowa, South Carolina, Tennessee, and more.
Backed by the Sound Money Defense League, these measures protect New Jersey citizens by removing barriers to insulating their wealth with the only money proven to protect against the Federal Reserve Note's ongoing devaluation.
About Sound Money Defense League
The Sound Money Defense League is a public policy group working nationally to promote sound money policies, including reaffirming the constitutional role of gold and silver as money.
For comment or more information, call 1-208-577-2225 or email [email protected].
SOURCE: Sound Money Defense League
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