x
Breaking News
0

Idaho House Votes To Remove Income Taxation From Gold And Silver

By Stefan GleasonCommoditiesFeb 13, 2018 08:45AM ET
www.investing.com/analysis/idaho-house-votes-overwhelmingly-to-remove-income-taxation-from-gold--silver-200289836
Idaho House Votes To Remove Income Taxation From Gold And Silver
By Stefan Gleason   |  Feb 13, 2018 08:45AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 


FOR IMMEDIATE RELEASE


Idaho House Votes Overwhelmingly to Remove Income Taxation from Gold & Silver


Boise, Idaho (February 12, 2018) – The Idaho State House today overwhelming 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.”

This capital ‘gain’ is not necessarily a real gain. It’s often a nominal gain that simply results from the inflation created by the Federal Reserve and the attendant decline in the dollar’s purchasing power. Yet, this nominal gain is currently taxed at the federal level – and taxed again by Idaho. Under HB 449, all gains and losses upon the sale of physical precious metals which are reported on a taxpayer’s federal income tax return would be removed from the calculation of the taxpayer’s Idaho taxable income.

Utah and Arizona have already enacted similar measures to remove income taxes from the monetary metals. Legislators and sound money activists in other states such as 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.

Jp Cortez, Assistant director of the Sound Money Defense League, said “Passage of HB 449 by the Idaho House is an important step, but there’s still more to do. Idaho voters are already reaching out to their state senators asking them to help make Idaho the next state to join the sound money revolution sweeping the country.”

Idaho House Votes To Remove Income Taxation From Gold And Silver
 
Idaho House Votes To Remove Income Taxation From Gold And Silver

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

 
Are you sure you want to delete this chart?
 
Write your thoughts here
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email