Author Topic: Silver News: Idaho Bill Permits State Taxes Be Paid With Silver  (Read 1673 times)

Offline Morgan96

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Idaho Bill Permits State Taxes Be Paid With Silver
By The Associated Press  03/15/10 - 02:48 PM EDT7 CommentsAdd Comment
 
BOISE, Idaho (AP) — Idaho lawmakers are backing a plan that would allow state tax bills to be paid down with silver medallions instead of cash.
The bill approved Monday is intended to encourage the use of silver as a form of currency and reinvigorate Idaho's silver mining industry, which has been in decline for decades.
Athol Republican Rep. Phil Hart told the House State Affairs Committee that consumers should rely less on money printed by the federal government because inflation will diminish its value. His bill reignites a long-standing debate about the value of paper money not backed by commodities.

Hart's measure also includes tax breaks for any company that agrees to process silver ore for the medallions.

Lawmakers in Georgia considered allowing citizens to pay taxes with gold and silver last year.

http://www.thestreet.com:80/story/10703026/1/idaho-bill-permits-state-taxes-be-paid-with-silver.html

Offline donaldj

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Re: Silver News: Idaho Bill Permits State Taxes Be Paid With Silver
« Reply #1 on: March 17, 2010, 08:24:56 AM »
This is made of pure WIN.

It is right on so many levels, from tangible currency, to supporting local industry.

Most importantly, it removes the USD fiat currency from the dominant expression of wealth, and thus buffers those who choose to use silver from all-encompassing federal currency control.

Between this, Tea Partiers, and the Firearms Freedom Acts going on, the feds are going to find themselves utterly embattled in a couple years.

Offline Stein

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Re: Silver News: Idaho Bill Permits State Taxes Be Paid With Silver
« Reply #2 on: April 05, 2010, 12:09:26 AM »
I'll be the devil's advocate here.  Say you work for the State, what this would amount to is you taking FRNs in salary and giving the State silver in taxes.  That seems to be the opposite of what most silver people would want to do.

Now, if they starting PAYING out silver it would be a different story.

CA could take it a step further and take in silver and issue IOUs.  That would be downright funny.

Offline Morgan96

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Re: Silver News: Idaho Bill Permits State Taxes Be Paid With Silver
« Reply #3 on: April 05, 2010, 04:03:43 AM »
Say you work for the State, what this would amount to is you taking FRNs in salary and giving the State silver in taxes. 

 :) Reminds of a Mark Twain quote " Suppose you were an idiot. And suppose you were a member of Congress. But I repeat myself."

Stein, you make a good point. But taxes have to be paid, at least for now.  And any measure that gets folks thinking about the futility of FRN paper money should be a positive thing in the aggregate.  What the article didn't say was whether the supply of silver medallions to be used as means of payment was limited to Idaho based companies.