Six Republican Legislators in New Hampshire have proposed House Bill 1674, which would help the state remain financially viable by making four key changes to the law:
1) creates a state depository that holds gold and silver bullion
2) creates a digital currency 100% backed by precious metals
3) allows the state and local governments to accept gold and silver as payment
4) allows the state to tokenize precious metals and create a blockchain-based digital currency
The bill would also establish gold and silver as ‘legal tender’, which would exempt them from the capital gains tax. This is the tax that governments force people to pay when they buy or invest in something and then sell it at a higher value.
As I have discussed many times, the US Dollar has lost 99% of its value since the introduction of the Federal Reserve in 1913. As such, many people have been inclined to get rid of our dollars and hold our savings in more stable forms of money, such as gold and silver. Many people who are concerned for their families’ financial wellbeing would love to see this bill passed into law. Astute people hold a large portion of the wealth in the form of gold and silver. Especially in New Hampshire, an ever-increasing number of establishments are accepting gold and silver as payment. But we do need to pay taxes to the state and local governments. Currently, the government only accepts dollars. If people could pay their taxes with real money (gold and silver), it would make their lives easier and better. It would also improve NH’s financial health immensely.
…which brings me to my next point.
If New Hampshire’s government wants to be the most financially robust state in the union, possessing real money that doesn’t lose value each day may be the best way to accomplish that.
Many New Hampshire residents are not satisfied with their savings being in dollars. Their savings lose purchasing power every day, and this is not sustainable.
House Bill 1674 had a public hearing in the Commerce Committee on January 9th. You can email HouseCommerceCommittee@leg.state.nh.us to let them know how you feel about this bill.
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