IT BEGINS…. Idaho And Arizona Pass Bills To Remove “Capital Gains Taxes” On Gold And Silver
By: Steve St. Angelo, SRSrocco Report
Thursday, 16 March 2017
In just the past week, lawmakers in Idaho and Arizona have passed bills removing “Capital Gains Taxes” from gold and silver coins and bars. Normally, when individuals sell gold or silver, they must pay capital gains on any increase on the value of their precious metals investments. However, gold and silver are really not investments per say, rather they perform as real money.
Thus, the lawmakers in Idaho and Arizona realize their citizens shouldn’t have to pay taxes on their gold and silver holdings because they have increased in value due to the debasement of the U.S. Dollar by loose Federal Reserve monetary policies.
According to the article, Arizona State Senate Committee Passes Bill To Treat Gold As Money, Remove Capital Gains Tax:
Today, an Arizona Senate Committee passed a bill that would eliminate state capital gains taxes on gold and silver specie, and encourage its use as currency. Final approval of the legislation would help undermine the Federal Reserve’s monopoly on money.
Former US Rep. Ron Paul testified today in the Senate Finance Committee in support of House Bill 2014 (HB2014). The legislation, which previously passed the state House by a 35-24 vote, would eliminate state capital gains taxes on income “derived from the exchange of one kind of legal tender for another kind of legal tender.” The bill defines legal tender as “a medium of exchange, including specie, that is authorized by the United States Constitution or Congress for the payment of debts, public charges, taxes and dues.” “Specie” means coins having precious metal content.
In effect, passage of the bill would, as Paul noted, “legalize competition in a Constitutional fashion.”