Introduced by Representative Justin Fecteau (R-Augusta), LD 1446 removes sales and use tax against gold and silver coins and bullion in Maine.
Representative Fecteau credits former Congressman Ron Paul as inspiration for LD 1446. "Seven years since his 2012 run for President, the monetary policy lessons of Congressman Ron Paul still stick out to me. This bill is an important first step to restore sound money in Maine by refusing to tax the conversion from one legal tender to another," says the Representative from Augusta.
Policies that discourage precious metals ownership reduce the likelihood that Mainers will take steps to insulate themselves from the inflation and financial turmoil that flows from the Federal Reserve system. Current Maine law provides a disincentive to protect against economic disruption in the form of gold and silver – a disincentive that is removed by this bill.
This measure is one of many sound money bills being introduced across the country this year. Wyoming considered several sound money measures to hold some of the state's funds in the metals. Bills to remove taxation on sound, constitutional money are also being, or have been, introduced in Tennessee, West Virginia, and Arkansas, to name a few.
Backed by the Sound Money Defense League, these measures protect Maine citizens by removing barriers to insulating their wealth with the only money proven to protect against the Federal Reserve Note’s ongoing devaluation.