More U.S. States Are Knocking Down Gold And Silver Barriers
By: Mike Gleason
GoldSeek.com
Wednesday, 17 January 2018
In 2017, Arizona, Louisiana, Virginia, Texas, and North Carolina, and even Minnesota made progress on the sound money front. In 2018, other states could do so as well.
36 states have already removed sales taxes from precious metals transactions, and bills being pushed this year by sound money advocates in Alabama and Tennessee could add to that list.
Both Utah and Oklahoma have passed legal tender laws recognizing gold and silver as money. The monetary metals can be used freely as a means of payment.
Meanwhile, a bill expected to be introduced in Wyoming next month would repeal both sales and income taxes on bullion while also affirming gold and silver as legal tender and strengthening gold clause contracts.
Other states, including Arizona and Idaho, have moved forward on legislation to exempt gold and silver bullion from capital gains taxes. Since Money Metals Exchange is located in Idaho, we would be particularly excited to see our national headquarters state become a haven for sound money.
Last year, a bill to eliminate capital gains taxes on precious metals passed the Idaho House. Money Metals President Stefan Gleason testified before the House Committee on Revenue and Taxation, and here is some of what he had to say:
Stefan Gleason: Our mission is to educate people also about precious metals and help them diversify into this reliable and more stable form of money, really truly a Constitutional money with tremendous history going back to the founding of our country. Gold and silver have been chosen for thousands of years as money because of their qualities as financial insurance, as a store of value, and its practicality as a medium of exchange. The bill I want to talk about today is a straightforward bill. Basically, we don’t want to tax money in Idaho. Idaho already does not tax precious metals with its sales tax, and we’re asking for it to be removed from the calculation of income tax in Idaho.
The Rest…HERE
