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Washington • Utah Sen. Mike Lee joined with fellow Republicans on Tuesday to introduce legislation that would jettison federal capital gains taxes for gold or silver coins.
Lee's measure would treat gold or silver coins the same as regular U.S. currency in transactions, a change that he hopes will encourage a change in the nation's monetary system.
Utah was the first state in the nation to make gold or silver coins legal tender for transactions and removed any state capital gains taxes. Twelve other states have made or are considering such a move.
Lee noted that the U.S. dollar has lost about 98 percent of its value since the Federal Reserve was created in 1913.
"This bill is an important step towards a stable and sound currency whose value is protected from the Fed's printing press," Lee said.
Lee co-sponsored the legislation with Sens. Jim DeMint of South Carolina and Rand Paul of Kentucky.