Economic News

Another state seeking to recognize gold and silver as money as Idaho on verge of making metal purchases tax free

Last year the state of Arizona passed a law which once again recognized gold and silver as money, and removed all local taxes on the sale and purchase of the precious metals.  Now on Feb. 12 we may be soon be adding another state to this list as legislators in Idaho are on the verge of passing the same type of law that Arizona has regarding both gold and silver as money.

The Idaho State House today overwhelmingly approved a bill which helps restore constitutional, sound money in the Gem State. 

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. 

Backed by the Sound Money Defense League, Idaho Freedom Foundation, and Money Metals Exchange, HB 449 is a tax-neutral bill which excludes gains and/or losses on the sale of precious metals coins and bullion from an Idaho taxpayer’s taxable income. 

“Gold and silver are the only money mentioned in the U.S. Constitution, and they should not be subject to tax,” said Stefan Gleason, President of Money Metals Exchange, an Idaho-based national precious metals dealer. “This legislation will help Idaho citizens protect themselves from the inflation and financial turmoil caused by the Federal Reserve System.” 

An increasing number of Idaho citizens are realizing that owning gold and silver as a form of savings can help protect against the ongoing devaluation of America’s currency. However, under current law, the taxpayer who sells their precious metals may end up with a capital “gain” in terms of Federal Reserve Notes – commonly referred to as “dollars.” – Sound Money Defense

Source: thedailyeconomist.com