What is the biggest threat to our country?
Trending: What Was On Chauvin’s Left Hand Hand?
All good guesses.
But not the biggest.
The biggest is the Rothschild-controlled Federal Reserve Bank, which incidentally…
…is not Federal…
…has no reserves…
…and is not a bank!
But yet we let them print our money and then “loan” it to us at interest.
The Bible warns the borrower is the slave to the lender, and the United States has been a slave to the Federal Reserve Bank since 1913!
Things got even worse when Nixon detached the dollar from the gold standard in the 1970s.
But now one congressman is taking the first step to correct some of those problems:
— Peter Schiff (@PeterSchiff) September 21, 2018
A bill introduced by Rep. Alex Mooney (https://t.co/kSetgEKNKm.) HR6790 on Sept. 12. in the US House would eliminate capital gains taxes on gold and silver bullion.
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— Joe Manzanares (#MillionDollarBTC) 🔑⚡️₿ (@JoeManzanares) September 21, 2018
The Monetary Metals Tax Neutrality Act (H.R. 2284), Introduced by U.S.
Representative Alex Mooney (R-WV), and Backed by the Sound Money Defense
League and Free-Market Activists, Would Clarify That the Sale or Exchange of
Precious Metals Bullion And Coins Are Not To Be Included in Capital Gains,
Losses, or Any Other Type of Federal Income Calculation
The Monetary Metals Tax Neutrality Act (H.R. 2284) backed by the Sound Money
Defense League and free-market activists – would clarify that the sale or
exchange of precious metals bullion and coins are not to be included in
capital gains, losses, or any other type of federal income calculation.
“My view, which is backed up by language in the U.S. Constitution, is that
gold and silver coins are money and are legal tender,” Rep. Mooney said.
“If they’re indeed U.S. money, it seems there should be no taxes on them at
all. So, why are we taxing these coins as collectibles?”
Acting unilaterally, Internal Revenue Service bureaucrats have placed gold and
silver in the same “collectibles” category as artwork, Beanie Babies, and
baseball cards – a classification that subjects the monetary metals to a
discriminatorily high long-term capital gains tax rate of 28%.
Sound money activists have long pointed out it is inappropriate to apply any
federal income tax, regardless of the rate, against the only kind of money
named in the U.S. Constitution. And the IRS has never defended how its
position squares up with current law.
Furthermore, the U.S. Mint continuously mints coins of gold, silver, platinum,
and palladium and gives each of these coins a legal tender value denominated
in U.S. dollars. This formal status as U.S. money further underscores the
peculiarity of the IRS’s tax treatment.
A tax neutral measure, the Monetary Metals Tax Neutrality Act states that “no
gain or loss shall be recognized on the sale or exchange of (1) gold, silver,
platinum, or palladium minted and issued by the Secretary at any time or (2),
refined gold or silver bullion, coins, bars, rounds, or ingots which are
valued primarily based on their metal content and not their form.”
Under current IRS policy, a taxpayer who sells his precious metals may end up
with a capital “gain” in terms of Federal Reserve Notes and must pay federal
income taxes on this “gain.”
But the capital “gain” is not necessarily a real gain. It is often a nominal
gain that simply results from the inflation created by the Federal Reserve and
the attendant decline in the Federal Reserve Note dollar’s purchasing power.
Under Rep. Mooney’s bill, precious metals gains and losses would not be
included in any calculations of a taxpayer’s federal taxable income.
“Inflation is a regressive tax that especially harms wage earners, savers, and
retirees on a fixed income,” said Jp Cortez, policy director at the Sound
Money Defense League. “We are encouraged to see legislation targeting the
evils of the Federal Reserve System.”
You can read the full Bill here from the official page on Congress.
And watch this for more:
If you want to protect yourself and your family, you might consider getting some real 99.9% investment-grade silver coins.
I like silver coins honoring President Trump.
The coins are produced by DISME Coins and made at the Highland Mint.
Our latest winner will receive one of my favorite designs, the America Is Open For Business coin: