Georgia Bill Would Force State Taxpayers To Pay Only In Gold Or Silver
When will this gold standard idiocy finally end? Just curious:
Georgia state Rep. Bobby Franklin (R) loves to introduce far-right reactionary bills. Among his greatest hits are an assault of Georgia’s authority to vaccinate its citizens, an unconstitutional bill declaring Roe v. Wade a “nullity,” and, of course, a bill eliminating income taxes.
Yet Franklin may have outdone himself with his “Constitutional Tender Act,” which would require all transactions with the state of Georgia — including the payment of taxes — to be paid with U.S. minted gold or silver coins unless the state agrees to grant a special waiver for each transaction:Pre-1965 silver coins, silver eagles, and gold eagles shall be the exclusive medium which the state shall use to make any payments whatsoever to any person or entity, whether private or governmental. Such coins shall be the exclusive medium which the state shall accept from any person or entity as payment of any obligation to the state including, without limitation, the payment of taxes; provided, however, that such coins and other forms of currency may be used in all other transactions within the state upon mutual consent of the parties of any such transaction.
Were Franklin’s bill ever to become law it would have immediate and catastrophic consequences for Georgia’s economy. Among other things, the U.S. Mint simply does not make very many gold and silver coins — the Mint has even suspended sales of precious medal coins when demand rises above very low levels — so it is unlikely that enough coins even exist to allow Georgia taxpayers to pay more than a fraction of their tax obligations if they are required to do so in U.S. minted gold or silver.