Alabama eliminates income taxes on capital gains from sale of gold and silver
05/27/2024 // Richard Brown // Views

Alabama Gov. Kay Ivey has signed a bill that eliminates income taxes on capital gains from the sale of gold and silver, marking a significant advancement in reinforcing sound money principles within the state.

Senate Bill 297 allows Alabama to exempt capital gains taxes on the sale of gold and silver in a bid to prioritize the earnings of citizens and to protect them from the harmful effects of inflation, currency debasement and increasing federal debt.

Under the new law, any profits or losses from the sale of precious metals, as reported on federal tax returns, will be excluded from the calculation of an Alabama taxpayer's adjusted gross income. This provision effectively shields individuals from punitive taxation on transactions involving constitutionally recognized forms of currency.

The bill, championed by Sen. Tim Melson (R-Florence) and Rep. Jamie Kiel (R-Russellville) and supported by pro-precious metals organizations like the Sound Money Defense League and Money Metals Exchange, was passed by the Alabama Legislature with bipartisan support. This reflects a broad recognition of the importance of sound money principles, particularly in an era of high inflation.

Speaking before the State Senate's Finance and Taxation Education Committee, Melson highlighted the historical significance of gold and silver as constitutionally recognized forms of currency.

"Gold and silver have served as pillars of economic stability throughout history and are even mentioned by name in the United States Constitution. By eliminating taxes on transactions involving these precious metals, we affirm our commitment to upholding the principles of sound money and protecting the savings of our constituents," Melson stated.

We are building the infrastructure of human freedom and empowering people to be informed, healthy and aware. Explore our decentralized, peer-to-peer, uncensorable Brighteon.io free speech platform here. Learn about our free, downloadable generative AI tools at Brighteon.AI. Every purchase at HealthRangerStore.com helps fund our efforts to build and share more tools for empowering humanity with knowledge and abundance.

It is widely acknowledged that "gains" from the sale of precious metals do not reflect genuine value appreciation but rather the ongoing depreciation of the U.S. dollar. Despite this, the Internal Revenue Service requires federal income taxes on such transactions, a stance most states also follow by default.

Jp Cortez, executive director of the Sound Money Defense League, emphasized Alabama's proactive stance amid inflationary pressures. "Inflation erodes the purchasing power of individuals' savings and undermines economic and social stability. Alabama's decision to opt out of this taxation scheme makes it the 13th state in the country to end this tax, with more states expected to follow," Cortez remarked.

More and more states exempting capital gains taxes on precious metals

Nebraska passed a similar bill earlier this year, while Arizona, Arkansas and Utah have approved comparable measures in recent years. In 2024, Iowa, Georgia, Oklahoma, Missouri, and Kansas also considered income tax exemptions, with several states approving the bill across multiple committees and chambers. (Related: Nebraska ends capital gains taxes on gold and silver sales.)

Alabama joins Utah, Wisconsin, Nebraska, and Kentucky in enacting pro-sound money legislation in 2024. Additionally, Rep. Alex Mooney (R-WV) reintroduced the Monetary Metals Tax Neutrality Act last week, aiming to eliminate the federal capital gains tax on all gold and silver coins and bullion.

With the passage of this bill, Alabama's current ranking of 28th in the 2024 Sound Money Index is expected to improve, reflecting the state's commitment to sound money principles.

Learn the latest developments in the global gold market at GoldReport.news.

Watch this episode of the "Health Ranger Report" as Mike Adams, the Health Ranger, discusses the rise in gold and how it is out-earning other notable assets like stocks and bonds.

This video is from the Health Ranger Report channel on Brighteon.com.

More related stories:

China STOCKPILING gold as Chinese investors and consumers remain cautious of real estate and stocks.

Chris Olson: The standard of living has dropped since America went off the GOLD STANDARD.

Gold, silver and bitcoin SOAR as U.S. empire nears final currency COLLAPSE.

Over $100M worth of gold sold by Costco as the precious metal surges in value.

Mario Innecco: RISING gold prices spell TROUBLE for the dollar and other fiat currencies.

Sources include:

MoneyMetals.com

FXStreet.com

Brighteon.com



Take Action:
Support Natural News by linking to this article from your website.
Permalink to this article:
Copy
Embed article link:
Copy
Reprinting this article:
Non-commercial use is permitted with credit to NaturalNews.com (including a clickable link).
Please contact us for more information.
Free Email Alerts
Get independent news alerts on natural cures, food lab tests, cannabis medicine, science, robotics, drones, privacy and more.
App Store
Android App
eTrust Pro Certified

This site is part of the Natural News Network © 2022 All Rights Reserved. Privacy | Terms All content posted on this site is commentary or opinion and is protected under Free Speech. Truth Publishing International, LTD. is not responsible for content written by contributing authors. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. Truth Publishing assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms and those published here. All trademarks, registered trademarks and servicemarks mentioned on this site are the property of their respective owners.

This site uses cookies
Natural News uses cookies to improve your experience on our site. By using this site, you agree to our privacy policy.
Learn More
Close
Get 100% real, uncensored news delivered straight to your inbox
You can unsubscribe at any time. Your email privacy is completely protected.