Individual US States push for gold and silver legalization

pmbug

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Texas & Louisiana remove State sales taxes on gold/silver. Surprised I didn't know about this sooner:
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.
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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.
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http://www.mineweb.com/mineweb/content/en/mineweb-political-economy?oid=207023&sn=Detail
 

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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.
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http://www.tulsaworld.com/business/...cle_9d86c9a7-d228-56e0-a26b-7d18fbacb5c2.html
 

mike

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"I still had trouble understanding what the advantages of the new law are for state residents..."

Spoken like a true statist retard.
 

Potemkin

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Some time ago I read about a Texan university that has gold bullion deposited somewhere.
 

ancona

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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
 

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singleshot

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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.
 

Christian

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Gold and silver have never been illegal. We should invest in it to protect our savings.
 

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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.
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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-votes-not-to-tax-income-from-silver-and-gold-sales/700591802
 

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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.
 

singleshot

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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.
 

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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.
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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.
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https://www.moneymetals.com/news/2019/01/30/west-virginia-gold-silver-taxation-001705
 

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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.
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https://blog.tenthamendmentcenter.c...w-to-start-treating-gold-and-silver-as-money/
 
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