U.S. Representative Introduces Bill to End Federal Taxation on Gold and Silver

17 May 2024

U.S. Representative Introduces Bill to End Federal Taxation on Gold and Silver

The Monetary Metals Tax Neutrality Act, backed by Representative Alex Mooney, has created interest and discussion nationwide. This bill aims to stop the taxation of transactions involving gold and silver. The proposal to end taxes on these exchanges reflects the constitutional recognition of precious metals as a legitimate currency. Sound Money activists highlight the U.S. Mint’s continuous production of coins made of gold, silver, and other metals, each given a value in U.S. dollars, showing the inconsistency in IRS tax rules. This trend can be seen in state legislatures continuously proposing methods to exempt gold and silver from state income taxation.
Alabama, Arizona, Arkansas, Nebraska, and Utah approved legislation to remove capital gains taxes on precious metals. In 2024, Georgia, Iowa, Kansas, Missouri, and Oklahoma were all deliberating income tax exemptions with several bills advancing through committees and chambers.

Potentially, this could affect investors holding a gold IRA.