TALLAHASSEE, Fla. (July 9, 2025) – Last month, Florida Governor Ron DeSantis signed a bill into law that completely repeals the state’s sales tax on gold and silver bullion.
Under Florida law, sales tax is not charged on the gold, silver, and platinum transactions if the total is above $500. However, consumers making smaller purchases are subject to the tax. Provisions in a recently passed bill that takes the first steps toward officially recognizing gold and silver as legal tender in the state removed the $500 threshold, but only for a limited number of coins and bars defined as legal tender under the new law.
Provisions in House Bill 7031 (H7031) remove the $500 limit completely, meaning all gold, silver, and platinum bullion purchases will be exempt from sales tax.
The House passed the broad tax bill 93-7. The Senate approved the measure by a 32-2 vote. With Gov. DeSantis’s signature, the sales tax repeal on gold and silver went into effect on Aug. 1.
Sound Money Defense League executive director Jp Cortez praised the tax repeal.
“By eliminating sales taxes on purchases of precious metals under $500, even people of humble means can access the benefits of storing one’s wealth in gold and silver. Removing taxes on precious metals, thereby allowing individuals to save and invest freely, is the most impactful thing Florida can do to restore sound money.”
IMPACT
Taxes on precious metal bullion erect barriers to using gold and silver as money by raising transaction costs.
Imagine if you asked a grocery clerk to break a $5 bill, and he charged you a 35-cent tax. Silly, right? After all, you were only exchanging one form of money for another. But that’s essentially what a sales tax on gold and silver bullion does. By eliminating this tax on the exchange of gold and silver, states treat gold and silver specie more like money. This supports the use of gold and silver in transactions and breaks down the Fed’s monopoly on money.
“We ought not to tax money – and that’s a good idea. It makes no sense to tax money,” former U.S. Rep. Ron Paul said during testimony in support of an Arizona bill that repealed capital gains taxes on gold and silver in that state. “Paper is not money, it’s fraud,” he continued.
BACKGROUND
The United States Constitution states in Article I, Section 10, “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.” Currently, all debts and taxes in most states are either paid with Federal Reserve Notes (dollars), which were authorized as legal tender by Congress, or with coins issued by the U.S. Treasury – very few of which have gold or silver in them.
The Federal Reserve destroys this constitutional monetary system by creating a monopoly based on its fiat paper currency. Without the backing of gold or silver, the central bank can easily create money out of thin air.
This not only devalues your purchasing power over time; it also allows the federal government to borrow and spend far beyond what would be possible in a sound money system. Without the Fed, the U.S. government wouldn’t be able to maintain all of its unconstitutional wars and programs. The Federal Reserve is the engine that drives the most powerful government in the history of the world.
State laws that facilitate and encourage the use of sound money create a playing field where people can push back against the Fed’s monetary malfeasance. Ultimately, it could create a scenario where people can drive out the “bad” fiat money with “good” sound money.
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