With recent news revealing that 1 in 7 Americans were living in poverty last year, new taxes that remove value from the economy seem preposterous.

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In the Senate, Jim DeMint, Mike Lee and Rand Paul are offering the Sound Money Promotion Act, which would remove the tax on the appreciation in the value of gold and silver coins that have been declared legal tender by the federal or a state government.

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He quotes bankers who say that such a guarantee might encourage more banks to lend to growth companies based on the value of their intangible assets, because the guarantee would remove much of the risk for banks.

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