Precious Metals Forum

Go Back   Precious Metals Forum > Precious Metals and Economic News > PM Bug

Like Tree19Likes

Reply
 
LinkBack Thread Tools
Old 05-03-2013, 07:41 AM   #21
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,028
Liked: 2449 times
Quote :
Arizona Governor Jan Brewer vetoed a measure on Thursday that would have made gold and silver legal tender in the state, saying the legislation could have resulted in lost tax revenue.
...
More: http://www.reuters.com/article/2013/...94202M20130503

__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 10-07-2013, 10:37 AM   #22
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,028
Liked: 2449 times
Texas & Louisiana remove State sales taxes on gold/silver. Surprised I didn't know about this sooner:
Quote :
As of October 1, the sales tax levied on purchases of gold, silver and platinum bullion and numismatic coins in Texas is now eliminated. It is the first time that a state has expanded an existing sales tax exemption for gold and silver.

Previously, Texans were paying 6.25% on all precious metals purchases under $1,000, a tax that was considered especially burdensome to small investors. Gov. Rick Perry signed H.B. 78 into law on June 14.
...
Earlier this year, Louisiana became the second U.S. state to enact legislation to eliminate the sales tax on gold and silver coins and bullion. The sales tax, which is 4% in Louisiana, was eliminated on gold and silver purchases beginning on August 1. Louisiana Gov. Bobby Jindal signed H.B. 682, a bill identical to the Texas legislation, during the last week of June.
...
http://www.mineweb.com/mineweb/conte...7023&sn=Detail
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 06-23-2014, 07:29 AM   #23
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,028
Liked: 2449 times
Quote :
Oklahoma has a new law that recognizes gold and silver as legal tender and eliminates the sales tax on buying the two metals.

The law came from Senate Bill 862. After reading that document, I still had trouble understanding what the advantages of the new law are for state residents, so I called two of the bill’s authors, Rep. Gary Banz, R-Midwest City, and Sen. Nathan Dahm, R-Broken Arrow.

“The new law does two things,” Banz said. “First, it removes the sales tax on buying gold. Before you had to pay sales tax when you bought it and capital gains tax when you sold it. So that was double-taxation.

“And, second, it removes a stipulation about keeping gold in a registered depository in order to not have to pay taxes.”

Utah enacted a similar law a couple of years ago, and about 12 other states are considering them.

Essentially, it appears the biggest benefit of the change for the average person is that it puts gold and silver on a level playing field with stocks and bonds as far as the cost involved in investing.
...
http://www.tulsaworld.com/business/j...8fbacb5c2.html
ancona likes this.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 06-23-2014, 08:45 AM   #24
Ground Beetle
 
mike's Avatar
 
Join Date: Feb 2012
Location: Texan in Sweden
Posts: 549
Liked: 306 times
"I still had trouble understanding what the advantages of the new law are for state residents..."

Spoken like a true statist retard.
ancona likes this.
__________________
"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary."

H. L. Mencken

comparegoldandsilverprices.com
mike is offline   Reply With Quote
Old 07-01-2014, 10:42 AM   #25
Predaceous stink bug
 
Potemkin's Avatar
 
Join Date: Jul 2013
Posts: 220
Liked: 31 times
Some time ago I read about a Texan university that has gold bullion deposited somewhere.
Potemkin is offline   Reply With Quote
Old 07-01-2014, 12:35 PM   #26
Yellow Jacket
 
ancona's Avatar
 
Join Date: Nov 2011
Location: Waaay south
Posts: 3,370
Liked: 2046 times
Gold is money just as silver is money. It always has been, and our Constitution says it must be. No other coinage is permitted under the Constitution
BigJim likes this.
__________________
All things being equal, the simplest answer is quite often the correct answer - Occam
ancona is offline   Reply With Quote
Old 07-01-2014, 02:04 PM   #27
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,028
Liked: 2449 times
Originally Posted by Potemkin View Post:
Some time ago I read about a Texan university that has gold bullion deposited somewhere.
That's an endowment fund for the University of Texas:

http://www.pmbug.com/forum/f4/kyle-b...-201/#post1097
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 03-07-2017, 07:32 AM   #28
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,028
Liked: 2449 times
So back in May 2013, Arizona Gov. Jan Brewer vetoed a legal tender effort there. Looks like they are going to try again:
Quote :
... this Wednesday the Arizona Senate Finance and Rules Committees will consider legislation (HB 2014) officially defining gold, silver, and other precious metals as legal tender. The bill also exempts transactions in precious metals from state capital gains taxes ...
http://ronpaulinstitute.org/archives...oney-monopoly/
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 05-15-2017, 07:36 AM   #29
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,028
Liked: 2449 times
Arizona finally got the measure passed:
Quote :
(May 10th, 2017) – Sound money advocates scored a major victory today when the Arizona state senate voted 16-13 to remove all income taxation of precious metals at the state level. The measure heads to Governor Doug Ducey, who is expected to sign it into law.
...
More: http://goldsilverworlds.com/physical...n-gold-silver/
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 05-22-2017, 01:51 PM   #30
Predaceous stink bug
 
Join Date: Mar 2012
Posts: 108
Liked: 42 times
Today, 5/22/17, is the deadline for Gov Ducey to sign or veto the bill (HB2014). If he does neither, it becomes law automatically.
singleshot is offline   Reply With Quote
Old 05-23-2017, 12:35 PM   #31
Predaceous stink bug
 
Join Date: Mar 2012
Posts: 108
Liked: 42 times
It passed:

http://www.activistpost.com/2017/05/...ver-coins.html
PMBug likes this.
singleshot is offline   Reply With Quote
Old 01-17-2018, 02:55 PM   #32
Fly on the wall
 
Join Date: Jan 2018
Posts: 32
Liked: 0 times
Gold and silver have never been illegal. We should invest in it to protect our savings.
Christian is offline   Reply With Quote
Old 02-16-2018, 07:16 AM   #33
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,028
Liked: 2449 times
Quote :
The Idaho State House today overwhelming approved a bill which excludes gains or losses on the sale of precious metals, coins, and bullion from an Idaho taxpayer's taxable income.

State representatives voted 60-9 to pass House Bill 449 sending the measure introduced by House Majority Leader Mike Moyle and Senate Assistant Majority Leader Steve Vick to the Senate for a hearing in the Local Government and Taxation Committee.
...
Utah and Arizona already have similar measures to remove income taxes from the monetary metals. Legislators in Wyoming, Kansas, Tennessee, and Alabama are working to exempt precious metals from sales and use taxes – just like Idaho and over 35 other states have already done.
https://www.kxly.com/news/idaho-vote...ales/700591802
singleshot likes this.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 04-02-2018, 08:41 PM   #34
Predaceous stink bug
 
Join Date: Mar 2012
Posts: 108
Liked: 42 times
Wyoming joins the "Real Money" revolution:

https://mises.org/power-market/wyomi...-crypto-valley

Along with recognizing gold and silver as money, they opened the door to cryptocurrency as a new asset class.
PMBug likes this.
singleshot is offline   Reply With Quote
Old 04-02-2018, 08:45 PM   #35
Predaceous stink bug
 
Join Date: Mar 2012
Posts: 108
Liked: 42 times
Originally Posted by Christian View Post:
Gold and silver have never been illegal. We should invest in it to protect our savings.
Yeah, gold was illegal to own from 1934 to 1975 in the good ole USA.
mmerlinn likes this.
singleshot is offline   Reply With Quote
Old 04-03-2018, 07:34 AM   #36
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,028
Liked: 2449 times
I'm guessing that Wyoming's challenges to Federal power are going to be quashed, but IMO it's significant as it's a starting point for inertia much like the legal marijuana (or medical marijuana) issue has been playing out State by State.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 04-08-2018, 07:37 PM   #37
Predaceous stink bug
 
Join Date: Mar 2012
Posts: 108
Liked: 42 times
I'm hoping that the 10th Amendment movement keeps gaining momentum and more states "man up" and defy the severely out of touch DC crowd.
singleshot is offline   Reply With Quote
Old 09-20-2018, 09:30 AM   #38
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,028
Liked: 2449 times
I found a nifty chart on this page scoring all the states on their sales tax policy for precious metals:

https://www.moneymetals.com/guides/sound-money-index
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 01-31-2019, 07:08 AM   #39
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,028
Liked: 2449 times
Quote :
West Virginia legislator Delegate Pat McGeehan (R-01) has introduced the West Virginia Sound Money Act, House Bill 2684, to eliminate all tax liability on gold and silver in the state.

Following in the footsteps of the Wyoming Legal Tender Act, which passed in Wyoming overwhelmingly last year, the West Virginia Sound Money Act is a similar measure that will remove all taxation against gold and silver, including sales and use tax, property tax, individual income tax, and corporate income tax.
...
This measure comes on the heels of the introduction of three sound money bills introduced in Wyoming last week that aim to protect the state’s funds with gold and silver. Bills to remove taxation on sound, constitutional money are also being introduced in Wisconsin, Tennessee, Maine, and Virginia.
...
https://www.moneymetals.com/news/201...axation-001705
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 04-01-2019, 08:40 AM   #40
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,028
Liked: 2449 times
Quote :
CHARLESTON, W. Va. (March 27, 2019) – Today, West Virginia Gov. Jim Justice signed a bill into law that takes an important first step towards treating gold and silver as money instead of a commodity.

Sen. Craig Blair (R-Martinsburg) introduced Senate Bill 502 (SB502) on Feb. 1. The new law repeals sales and use tax on gold and silver bullion.

SB502 defines “investment metal bullion” as “elementary precious metal which has been put through a process of smelting or refining, including gold, silver, platinum, and palladium, and which is in such a state or condition that its value depends upon its content and not its form.” It defines investment coins to include numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, palladium, or other metal and of the United States or any foreign nation with a fair market value greater than any nominal value of such coins.

The Senate passed SB502 by a vote of 33-0. The House concurred with a 90-9 vote. With Justice’s signature, the law will go into effect July 1.
...
https://blog.tenthamendmentcenter.co...lver-as-money/
ancona likes this.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
The relentless push lower ancona Silver Bug 6 03-22-2013 07:59 AM
States asking Tax Collectors to be more aggressive benjamen STS 2 05-28-2012 09:52 AM
Krokodil: a case for drug legalization Shelby-villian STS 14 03-09-2012 02:01 PM
Man Who States the Obvious vox Fiat Ponzi 2 11-01-2011 02:17 PM


All times are GMT -5. The time now is 12:58 AM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2019 Measuring Up. All Rights Reserved.