GOLD IS GOOD ACT
1. Gold and silver shall be considered forms of legal tender for all public debts and all private debts in which both parties consent to the form of payment.
2. For public debts the conversion rate of legal tender shall be 90% of the average spot price for silver or gold.
3. Silver and gold offered as payment for public debts shall be of a clearly marked fineness of .9 or greater minted into a uniformly sized coin, round, or bar:
A. by the governments of Atlasia, any Region therein, or any foreign country determined by the Secretary of State to have accurate and trustworthy mints; or
B. by a private mint that has not been determined by the Attorney General or any federal or Regional court of competent jurisdiction to have engaged in counterfeiting, adulteration, fraudulent weighing or marking, or any similar unfair trade practice related to the purity, weight, or identification of minted products.
4. For private debts, both parties shall consent to the conversion rate of legal tender as well as the purity, weight, form, and mint of the gold or silver. This may include private currencies in the form of warehouse certificates entitling the bearer to redeem the certificate for a fixed amount of existent gold or silver on demand.
5. Gold or silver paid to an employee or contractor pursuant to an employment contract shall be treated as income and shall not be subject to any additional capital gain tax upon the sale or conversion of such gold or silver into Atlasian currency.
6. Gold or silver may be paid directly to an employee as part of a 401(K) or IRA retirement package on the same terms and with the same tax rate as any other investment. If the employee does not sell or convert the gold or silver into Atlasian currency until retirement then such gold or silver shall not be subject to any additional capital gain tax upon the sale or conversion of such gold or silver into Atlasian currency upon retirement.
7. To ensure accountability and less corruption, every employer and employee that utilizies gold and silver for wages and income will be regulated under a public ledger that keeps track of the gold payments. An integer (number) will be used for each employer/employee that keeps track of the gold stock and where the gold is being sent. The ledger will be subject to regulation once a year.
8. The regulation mandating that merchants and traders regulated by the Commodity Futures Trading Commission (CFTC) must pre-fund a margin account prior to offering to buy CFTC regulated securities shall be amended to exempt merchants and traders who transfer their margin at the time of the trade. 17 CFR 30.7 shall be amended accordingly.
9. This act shall take effect July 4, 2023.
Passed
8-5-0-5 in the Atlasian Senate assembled.
- R, PPT
