Gold and Silver Legal Tender Law Introduced in Indiana

Senate Bill No. 99 has been introduced by State Senators Greg Walker and Jim Banks to free US-issued gold and silver coins from sales, use, and capital gains taxes.

SB-99 will add a new Chapter to the Indiana Code effectively making all taxes on gold and silver coins and transactions a thing of the past. From the bill’s synopsis:

Specifies that gold and silver coins issued by the United States government are legal tender in Indiana. Provides that a person may not compel another person to tender or accept gold or silver coins that are issued by the United States government, except as agreed upon by contract. Provides that the sale or other exchange of gold or silver coins issued by the United States government is exempt from state gross retail tax and use tax. Specifies that capital gains incurred on a sale or exchange of gold or silver coins issued by the United States government are not included in adjusted gross income for purposes of the state adjusted gross income tax.

On Monday, January 7 it will be read and referred to Committee on Tax and Fiscal Policy where co-author Sen. Walker sits. Should it pass on to the rest of the legislature then on to the governor’s desk and signed, the bill would become law by July 1 and the income tax aspects would be in effect January 1, 2014.

The fiscal impact report estimates that 2% of the US Mint’s gold and silver coins are in Indiana, calculating a $9.4 million loss in state revenue from retail and capital gains taxes. If accurate, that is a nice takeaway for Indianans who choose to transact with what the US Constitution lays out as legal tender under Article I, Section 10 – which reads “No State Shall…make any Thing but gold and silver Coin a Tender in Payment of Debts”

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Why the 2nd Amendment

by Walter E. Williams

Rep. John Lewis, D-Ga., in the wake of the Newtown, Conn., shootings, said: “The British are not coming. … We don’t need all these guns to kill people.” Lewis’ vision, shared by many, represents a gross ignorance of why the framers of the Constitution gave us the Second Amendment. How about a few quotes from the period and you decide whether our Founding Fathers harbored a fear of foreign tyrants.

Alexander Hamilton: “The best we can hope for concerning the people at large is that they be properly armed,” adding later, “If the representatives of the people betray their constituents, there is then no recourse left but in the exertion of that original right of self-defense which is paramount to all positive forms of government.” By the way, Hamilton is referring to what institution when he says “the representatives of the people”?

James Madison: “(The Constitution preserves) the advantage of being armed, which the Americans possess over the people of almost every other nation … (where) the governments are afraid to trust the people with arms.”

Thomas Jefferson: “What country can preserve its liberties if its rulers are not warned from time to time that their people preserve the spirit of resistance? Let them take arms.”

George Mason, author of the Virginia Bill of Rights, which inspired our Constitution’s Bill of Rights, said, “To disarm the people – that was the best and most effectual way to enslave them.”

Rep. John Lewis and like-minded people might dismiss these thoughts by saying the founders were racist anyway. Here’s a more recent quote from a card-carrying liberal, the late Vice President Hubert H. Humphrey: “Certainly, one of the chief guarantees of freedom under any government, no matter how popular and respected, is the right of the citizen to keep and bear arms. … The right of the citizen to bear arms is just one guarantee against arbitrary government, one more safeguard against the tyranny which now appears remote in America but which historically has proven to be always possible.” I have many other Second Amendment references at http://econfaculty.gmu.edu/wew/quotes.html.

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