Free Competition in Currency Act of 2011

[GreenLantern]

I am a noob but taxes are a big deal for this investment so tis seems really important now.

‘‘Free Competition in Currency Act of 2011’’. SEC. 2. REPEAL OF LEGAL TENDER LAWS.

IN GENERAL.—Section 5103 of title 31, United

States Code (relating to legal tender), is hereby repealed.Date CLERICAL AMENDMENT.—The table of sections

for subchapter I of chapter 51 of title 31, United States Code, is amended by striking the item relating to section 5103 and inserting the following new item: SEC. 3. NO TAX ON CERTAIN COINS AND BULLION.

(1) no tax may be imposed on (or with respect

to the sale, exchange, or other disposition of) any

coin, medal, token, or gold, silver, platinum, palla11

dium, or rhodium bullion, whether issued by a State,

the United States, a foreign government, or any

other person; and

(2) no State may assess any tax or fee on any

currency, or any other monetary instrument, which

is used in the transaction of interstate commerce or

commerce with a foreign country, and which is sub

ject to the enjoyment of legal tender status under

article I, section 10 of the United States Constitution.( EFFECTIVE DATE.—This section shall take effect on

December 31, 2011, but shall not apply to taxes or

fees imposed before such date.

Edited June 7, 2011 by GreenLantern

[DinarDana]

This was posted yesterday in Scoooter's graphic, however I didn't see an effective date (December 2011). Do you have a link to this effective date? I thought this was just a proposal, not yet voted on.

Thanks.

[pacmen]

One Word...."WOW"...... IF TRUE!!! Link Please,Thanks

[Bigboy0854]

Here is a link

http://www.numismati...bill_introduced

This provision would go into effect on Dec. 31, 2011 if the bill passes before then.

No tax may be imposed on (or with respect to the sale, exchange, or other disposition of) any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion, whether issued by a state, the United States, a foreign government, or any other person.”

It goes on to provide that “no state may assess any tax or fee on any currency, or any other monetary instrument, which is used in the transaction of interstate commerce or commerce with a foreign country, and which is subject to the enjoyment of legal tender status under article I, section 10 of the United States Constitution.”

It appears there would be federal tax on currency but no state tax if this passes IMO.

Edited June 7, 2011 by Bigboy0854

[DinarDana]

Here is a link

http://www.numismati...bill_introduced

This provision would go into effect on Dec. 31, 2011 if the bill passes before then.

No tax may be imposed on (or with respect to the sale, exchange, or other disposition of) any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion, whether issued by a state, the United States, a foreign government, or any other person.”

It goes on to provide that “no state may assess any tax or fee on any currency, or any other monetary instrument, which is used in the transaction of interstate commerce or commerce with a foreign country, and which is subject to the enjoyment of legal tender status under article I, section 10 of the United States Constitution.”

It appears there would be federal tax on currency but no state tax if this passes IMO.

I think no state or federal - at least this is what I understand here (bold). I think this seems a bit questionable. If the federal government knows about the potential financial gain of this RV, well this bill will never pass, would it? I was looking forward to handing over a ton of cash to the good ole USA to support outlandish government spending.

[Bigboy0854]

Notice that nothing is mentioned about currency regarding Federal taxes:

No tax may be imposed on (or with respect to the sale, exchange, or other disposition of) any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion,

[FXStockpiling]

Sounds like a way to promote mining for precious metals...