Utah House OKs more gold changes
The Utah Legislature isn't quite done with gold as currency yet.
On Friday, the House approved a resolution to support the state's freshly minted law that allows business to be conducted in precious metals as opposed to traditional U.S. currency, and another bill passed that would more easily allow both sales and capital gains taxes in gold. Both now move to the Senate.
Rep. Brad Galvez, R-West Haven, carried the resolution, HJR9, that encouraged businesses to support the alternative monetary system. It passed 50-23.
Galvez also sponsored HB157, which addressed the tax issues coming about when a sale is transacted with gold. That measure cleared 60-8.
"This is just designed to be an alternative currency," Galvez said. "It is not designed to replace the Federal Reserve by any means."
Not everyone was sold in either dollars or gold on the proposal.
"This is not mainstream thinking," Rep. Brian King, D-Salt Lake City said. "This is fringe economic theory and fringe economic policy."