On the recordJuly 25, 2024
My constituents are getting crushed by inflation caused by out-of-control Washington spending, which reduces the purchasing power of their dollar. Many Americans turn to gold and silver for a better store of value, yet the IRS classifies gold and silver as ``collectibles'' alongside artwork and baseball cards, which subjects them to a punitive 28 percent capital gains tax, despite the U.S. Constitution affirming gold and silver as money. The IRS does not let taxpayers deduct losses they suffer from holding U.S. dollars, so it is unfair to assess a capital gains tax when citizens hold gold and silver to protect against inflation. My legislation, H.R. 8279, the Monetary Metals Tax Neutrality Act, would end the Federal income taxation of gold, silver, and bullion, and I urge my colleagues to support this commonsense measure. Permanently Allow Localized Hiring Authority at Hazelton Federal Prison
