Several bills introduced in the Tennessee legislature would eliminate sales and use tax against gold, silver, platinum, and palladium.
Introduced by Representative Ron Gant (R-Rossville), House Bill 212 removes sales and use tax against platinum, gold and silver bullion, some numismatic coins, and numismatic coins sold at trade show.
Senator Delores (R-Somerville) has introduced a bill, Senate Bill 333, identical to Representative Gant's.
A third measure, Senate Bill 457, introduced by Senator Stevens (R-Huntingdon) would remove taxes on coins, currency, and bullion made "in whole or in part from gold, silver, platinum, palladium, or other material; used solely as legal tender, security, or commodity in this or another state, the United States, or a foreign nation; and sold based on their intrinsic value as precious material or collectible items rather than their respresentative value as a medium of exchange."
Policies that discourage precious metals ownership reduce the likelihood that Tennesseans will take steps to insulate themselves from the inflation and financial turmoil that flows from the Federal Reserve system. Current Tennessee law provides a disincentive to protect against economic disruption in the form of gold and silver – a disincentive that is removed by these three measures.
These measures come on the heels of the introduction of three sound money bills in Wyoming last week that aim to protect the state’s funds with gold and silver. Bills to remove taxation on sound, constitutional money are also being, or have been, introduced in Wisconsin, West Virginia, and Maine.
Backed by the Sound Money Defense League, these measures protect Tennessee citizens by removing barriers to insulating their wealth with the only money proven to protect against the Federal Reserve Note’s ongoing devaluation.