Rep. Phil Hart (R- Athol) wants gold and silver coin to be an alternative to paper money, formally known as Federal Reserve Notes. Hart, who is currently being sued by the federal government for unpaid taxes, wants gold and silver currency exempt from tax. He’s titled the bill the ‘Idaho Constitutional Money Act of 2012′.
Here’s the statement of purpose for Hart’s House Bill 430:
[legislator leg_id=IDL000063 align=right]
This legislation provides for the use of gold and silver coin as legal tender in the state of Idaho as an alternative to the Federal Reserve Notes that currently circulate as our only currency. The legislation allows for the legal and voluntary use of such gold and silver coins should the parties of a transaction agree that their business shall be handled in such manner. The legislation identifies Article I, section 10, clause 1 of the United State Constitution as established authority for a state to conduct business in such a manner.
The legislation also exempts gold and silver coins that have been declared to be legal tender by the laws of the United State from being subject to taxation due to their use or as a result of their ownership.