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BY SRSROCCO<\/p>\n
In just the past week, lawmakers in Idaho and Arizona have passed bills removing \u201cCapital Gains Taxes\u201d from gold and silver coins and bars.\u00a0 Normally, when individuals sell gold or silver, they must pay capital gains on any increase on the value of their precious metals investments.\u00a0 However, gold and silver are really not investments per say, rather they perform as real money.<\/p>\n
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Thus, the lawmakers in Idaho and Arizona realize their citizens shouldn\u2019t 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.<\/p>\n
According to the article, Arizona State Senate Committee Passes Bill To Treat Gold As Money, Remove Capital Gains Tax<\/strong><\/em><\/a>:<\/p>\n Today, an Arizona Senate Committee\u00a0passed 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\u2019s monopoly on money.<\/strong><\/p>\n 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<\/strong> \u201cderived from the exchange of one kind of legal tender for another kind of legal tender.\u201d The bill defines legal tender as \u201ca 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.\u201d \u201cSpecie\u201d means coins having precious metal content.<\/p>\n In effect, passage of the bill would, as Paul noted, \u201clegalize competition in a Constitutional fashion.\u201d<\/p><\/blockquote>\n This Arizona House Bill to remove capital gains taxes on gold and silver is a BIG STEP forward to reintroduce precious metals back as their rightful role as REAL MONEY or HIGH QUALITY STORES OF VALUE.\u00a0<\/strong><\/p>\n While the Arizona State Senate Committee passed a bill last week to remove capital gains on gold and silver, Idaho did the same thing just yesterday.\u00a0 According to the article, Idaho House Of Representatives Votes Overwhelmingly To Remove Income Taxation From Precious Metals<\/strong><\/em><\/a>:<\/p>\n Boise, Idaho (March 14, 2017) \u2013 By an overwhelming 56-13 margin, the Idaho House of Representatives today voted to end all Idaho taxation on precious metals, e.g. gold and silver coins and bars.<\/p>\n Bill sponsor Representative Mike Moyle (R) and the entire Republican caucus voted for the measure.\u00a0 If the Republican-controlled Idaho Senate follows suit and Governor Butch Otter (R) signs the bill, Idaho citizens will better be able to use gold and silver as a form of savings which protects against ongoing devaluation of America\u2019s currency.<\/p><\/blockquote>\n So, we now have two states within the week that have passed bills removing capital gains tax on gold and silver.\u00a0 However, Utah was the first state in 80 years to pass a bill back in 2011 that made gold and silver legal tender once again.\u00a0 Thus, individuals in Utah are legal to use gold and silver coin to pay either taxes or for goods and services if both parties agree.<\/p>\n