Alabama Gov. Kay Ivey signed a bill recently removing all income taxes on capital gains from the sale of gold and silver, enabling the state to take an important step forward in reinforcing sound money principles.
A bill to end the capital gains tax on gold, silver, and precious metals passed the Alabama House of Representatives on Tuesday and is now heading to Gov. Kay Ivey’s desk for her signature.
For thousands of years, money was based on precious metals like gold and silver, but in the 20th century, the United States moved away from metal-based currency and toward fiat currency backed only by full faith and trust in the federal government.
The popularity of digital currencies like Bitcoin has skyrocketed over the past decade. CBDCs, like cryptocurrencies, are digital, but the main difference is that CBDCs fall under the control of the federal government.