(Kitco News) – Gold and silver made another important step to becoming legal tender in the United States. Ahead of the Memorial Day long weekend, Tennessee Governor William Lee signed into law House Bill 1874, removing sales taxes on gold, silver and platinum bullion coins.
Tennessee becomes the 42nd to pass laws that will make gold and silver hard currencies. “The victory puts a capstone on long-running efforts by the Sound Money Defense League, Money Metals Exchange, Campaign for Liberty, and grassroots activists and coin dealers in Tennessee.
Tennessee investors, savers, and small businesses can now acquire gold, silver, platinum, and palladium bullion and coins without being slapped with taxes as high as 10%, depending on the purchaser’s specific location,” the Sound Money Defense League, a national organization dedicated to making precious metals recognized money in the U.S.
According to reports, the legislation passed the state’s house and senate with ease, but has been a long-time in the making. “I’ve been working to free gold and silver from sales taxes in Tennessee since my kids were in elementary school.
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