A political problem requires a political solution. Find elected officials who will sponsor the legislative changes listed below and donate to the politicians sponsoring similar bills.
- Repeal capital gains tax completely or at least on gold and silver. If a person buys a home with gold, the government will apply a capital gains tax to the buyer and the seller. In contrast, if the buyer used Federal Reserve dollars, a capital gains tax would only apply to the home seller. This puts gold and other money products at a disadvantage compared with central bank currencies such as Federal Reserve dollars.
- Repeal the sales tax completely or at least on gold and silver. Currently, if someone buys a meal with a silver coin, the government will tax the meal and the coin, a double tax. In contrast, if someone paid with central bank currency, such as Federal Reserve dollars, only the meal would be taxed. By removing the sales tax, anything could be used to make a purchase without an extra tax.
- Remove legal tender laws that require someone to accept central bank currencies, such as the euro.
- Allow taxes to be paid with gold, silver, and other items. A key advantage of a central bank currency, such as Federal Reserve dollars, is that it can be used to pay taxes. This change would level the playing field for other monies. The government could use an intermediary that would convert various monies into the money preferred by the government.
- Allow the marketplace, not central bank officials, to set interest rates. Interest rates are a fancy name for the fee to rent money. Allowing one group of people set the rental price of money concentrates too much power. At best, the group setting the interest rate could make a mistake, and at worst they could engineer booms and busts, where they could sell stocks and other assets at the height of the boom, then buy them back at lower prices during the bust. Also high interest rates benefit savers and setting a low interest rate forces savers to subsidize borrowers, such as big businesses.
How to enact legislation
The Tenth Amendment Center recommends these four steps to change.
- PICK AN ISSUE Focusing – issue by issue – is a strategy that works.
- REVIEW CURRENT AND PAST LEGISLATION/STATUS .
- TAKE ACTION a) Get model legislation in the hands of your federal, state and local legislators b) Call them back after a week or two to find out if they’ve decided to support or introduce the bill c) Find others to do the same….
- INVITE OTHERS There’s strength in numbers! Invite your friends to join you, and together push forward!
U.S. State Ideas
- Constitutional Tender Act – Help pass this legislation in your state. This law passed in Utah. Visit the Tenth Amendment Center.
- Arizona Legal Tender
- Texas Sound Money
U.S. Federal Bills
- Federal Reserve Board Abolition Act H.R.73; Rep Broun, Paul C. [GA-10]
- Federal Reserve Transparency Act of 2013 – H.R.24; Rep Broun, Paul C. [GA-10]
- Audit The Fed Act of 2013 H.R.33; Rep Stockman, Steve [TX-36]
- Free Competition in Currency Act of 2013 Sponsor H.R.77 Rep Broun, Paul C. [GA-10]
- Sound Dollar Act of 2013, H.R. 1174; Rep Brady, Kevin [TX-8]
- Sound Money Promotion Act S.768; Sen Lee, Mike [UT]
- S.209 : Federal Reserve Transparency Act of 2013; Sen Paul, Rand [KY]
- Federal Reserve Modernization Act of 2013, S.238; Sen Lee, Mike [UT]; Related to H.R.1174