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Idaho Votes To Remove Income Taxation From PM's

Discussion in 'Gold Silver (All things Metal)' started by searcher, Mar 14, 2017.



  1. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Idaho House of Representatives Votes Overwhelmingly to Remove Income Taxation from Precious Metals


    -- Published: Tuesday, 14 March 2017


    Boise, Idaho (March 14, 2017) – 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.

    Bill sponsor Representative Mike Moyle (R) and the entire Republican caucus voted for the measure. 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’s currency.

    Backed by the Sound Money Defense League, Idaho Freedom Foundation, Money Metals Exchange, and grassroots activists, HB 206 expands Idaho’s existing sales tax exemption to end Idaho income taxation of sales of “precious metals bullion” and “monetized bullion.”

    "According to the U.S. Constitution, Article I, Section 10, there is only one thing that a state can declare as currency if they think that our federal currency is going out of whack and some might argue that they think our federal currency is going out of whack already,” said Representative Ron Nate (R) from the House floor.

    "If we are not going to allow people to declare capital losses on their Federal Reserve Notes or their dollar holdings, it would also be unfair to tax people for their gold and silver holdings. Gold and silver is an alternative to holding Federal Reserve Notes and it is the ONLY alternative that the U.S. Constitution says that the state can allow as another currency. It's unfair to tax it just as [it's unfair] to tax losses on Federal Reserve Notes" continued Rep. Nate.

    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 taxed at the federal level – and taxed again by Idaho.

    Under HB 206, precious metals gains and losses reported on a taxpayer’s federal income tax return would be removed from the calculation of the taxpayer’s Idaho taxable income.

    “Policies that discourage precious metals ownership reduce the likelihood that Gem State citizens will take prudent steps to insulate themselves from the inflation and financial turmoil caused by the Federal Reserve System,” said Stefan Gleason, director of the Sound Money Defense League. “Precious metals bullion is already exempt from Idaho’s sales tax. HB 206 removes the final disincentive in Idaho tax law that stands against ownership of the monetary metals.”

    States are taking actions to defend sound money because the monetary system in America, largely run by the Federal Reserve, has dramatically undermined the purchasing power of the currency to the detriment of savers and wage-earners in particular.

    Legislators in Utah and Oklahoma have already enacted similar income tax measures and Arizona may enact its own version of HB206 in the new few weeks. Other states such as Tennessee, Maine, and Alabama are working to remove precious metals from the sales tax – just like Idaho and over 20 states have already done.

    For more information on House Bill 206, please follow this link.



    http://news.goldseek.com/GoldSeek/1489516918.php
     
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  2. JayDubya

    JayDubya Gold Chaser Platinum Bling

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    Hope this idea takes hold elsewhere.
     
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  3. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    IT BEGINS…. Idaho And Arizona Pass Bills To Remove “Capital Gains Taxes” On Gold And Silver


    -- Published: Thursday, 16 March 2017

    By Steve St. Angelo, SRSrocco Report

    In just the past week, lawmakers in Idaho and Arizona have passed bills removing “Capital Gains Taxes” from gold and silver coins and bars. Normally, when individuals sell gold or silver, they must pay capital gains on any increase on the value of their precious metals investments. However, gold and silver are really not investments per say, rather they perform as real money.

    [​IMG]

    Thus, the lawmakers in Idaho and Arizona realize their citizens shouldn’t 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.

    According to the article, Arizona State Senate Committee Passes Bill To Treat Gold As Money, Remove Capital Gains Tax:

    Today, an Arizona Senate Committee passed 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’s monopoly on money.

    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 “derived from the exchange of one kind of legal tender for another kind of legal tender.” The bill defines legal tender as “a 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.” “Specie” means coins having precious metal content.

    In effect, passage of the bill would, as Paul noted, “legalize competition in a Constitutional fashion.”

    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.

    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. According to the article, Idaho House Of Representatives Votes Overwhelmingly To Remove Income Taxation From Precious Metals:

    Boise, Idaho (March 14, 2017) – 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.

    Bill sponsor Representative Mike Moyle (R) and the entire Republican caucus voted for the measure. 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’s currency.

    So, we now have two states within the week that have passed bills removing capital gains tax on gold and silver. 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. 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.

    But, what is even more interesting is that Utah just recently (Jan 27th 2017) introduced a bill for a State Gold Depository. The article, Utah Bill Sets Stage For State Gold Depository, Further Encourages The Use Of Metals As Money, stated the following:

    A bill introduced in the Utah legislature would build on the state’s Legal Tender Act, creating a foundation for further action to encourage the use of gold and silver as money, and take another step toward breaking the Federal Reserve’s monopoly on money.

    Rep. Ken Ivory (R-West Jordan) introduced House Bill 224 (HB224) on Jan. 27. The legislation would add several provisions to state law designed to encourage the use of gold and silver as legal tender. Passage would set the stage for expansion of gold repositories in the state and authorize further study on several sound money policies.

    Specifically, HB224 would authorize the investment of public funds in specie legal tender held in a commercial specie repository.

    Here we now have a third state encouraging gold and silver to be used a real money. Not only does this bill help to reintroduce gold and silver as sound money, it also plans to set the stage for setting up depositories across the state to house its citizens precious metals holdings. THIS IS A BIG DEAL.

    While these are only three states pushing for gold and silver to be used as real money once again, I believe it is just setting the stage for more states to follow suit as the U.S. Dollar’s value continues to evaporate due to massive monetary printing and increased public debt.

    So, as the Federal Reserve meets today to raise interest rates or the U.S. Government gets ready to increase the debt ceiling above $20 trillion, several states are preparing for a time when the U.S. Dollar is no longer is a viable form of money.

    Americans better get prepared for what’s coming. While the precious metals are still being valued in a manipulated highly leveraged gold and silver paper trading market, this is not a system that will last for much longer. When the markets finally crack under the massive amount of Debt and Derivatives, there will be a mash rush of investors into gold and silver.

    Unfortunately, when this occurs, there will be very little physical gold and silver to go around… only a MUCH HIGHER PRICES.

    Check back for new articles and updates at the SRSrocco Report.

    http://news.goldseek.com/GoldSeek/1489673100.php
     
  4. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    You can't get there from here.
    The worst tax of all - fiat money inflation.
    Taxing fake gains in real money - our rulers are insane.
    Some have tried to remove the sales tax here in Kentucky on PMs, but it was dead in the water in the past.
    Not enough people asking for it or that even understand it.
     
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  5. saskgold

    saskgold New Member

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    Be horrible if people actually had a way of protecting from inflation theft in the long term without taxation....defeats the purpose of fiat money....ie.... To steal the populations wealth
     
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  6. Silvergun

    Silvergun Silver Member Silver Miner

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    Yikes, the NIRP/war on cash/gold haters aren't going to be to happy with this one. Its refreshing to see that some states still represent our constitution and "we the people".
     
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  7. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Gold & Silver Becoming Legal Money?: Reclaiming Our Liberty as Free Persons | David Morgan
    Reluctant Preppers



    Published on Mar 24, 2017
    “Basically, if you believe that money is power, and the people own the money, then the people have the power…” ~ David Morgan

    In the face of the deep state and power centers of banking and corporatism, is there any hope left that ordinary citizens can escape from under the risk of losing our income, savings and all our assets to the elite that operate even above governments?

    Renowned silver guru David Morgan unpacks the vital significance of landmark legislation emerging in western US states as a beachhead for ordinary persons to reclaim our freedom that has been usurped and eroded over a century of fiat imposed debt.

    ---- IN THIS INTERVIEW ------

    Utah and Idaho legislatures are working to pass bills aimed at eliminating capital gains tax on Gold & silver, since these are true money, and citizens shouldn’t have to pay gains tax just due to exchange rates between different currencies, caused by Fed policy that inflates away the value of our US Dollars.

    Utah gold & silver legal tender laws, and where this is heading...

    Why is it so critical that these states' government, despite the fiat monetary system are forcing the admission that gold & silver are true money?

    As discussed at the Anarchapulco conference this week:
    “Thrive” Movie declares that banks and “corporatism” are above the government in elite levels of power today.

    Why do banks and governments hate real money?

    US Silver Eagles and US Gold Eagles are stamped by the mint with a face value of US Dollars. They are true legal tender. What does this mean and what power does this give us despite coming collapse or reset?

    Historical cycles of honest money & sound finance overtaken by central backs, fiat currency at interest, indebting all citizens with a debt they can never get out of. Truly a ponzi scheme: the first “investors” get paid back by later investors, but the pool of debtors ALWAYS increases.

    Expecting a huge reset. Will the bankers be ahead of it or behind it?

    Self Organizing Communities may be what rises in the wake of a reset.

    RichesAndResources.com - free newsletter, free movie downloads on these topics

    History of the US shows loss of power of the people from free people in federated states.

    Will the power elite fight back against free people using gold & silver as real money?
    Less than 1% of people even own gold, far fewer than 1% ever transact in gold. GoldMoney & Peter Schiff have electronic debit cards you can use to transact in gold . If you transact in gold & silver directly, your transactions can be entirely private.

    To reclaim your liberty as a free person: Don’t be a socialist (Democrat or Republican) corporate person under the Social Security System, or you are legally owned by the state.

    Check out David Morgan’s “Escape the Matrix” video:
    https://www.youtube.com/watch?v=SK3pI...

    Gold & Silver: sideways to down, more details in MorganReport
    Stocks: overall decline in overall equity market in distribution pattern from strong hand to weak hands
    Bonds: 10-year within a channel
    Zinc: Morgan Report called zinc supply shortage early, recommending a buy-and-hold mining company with strong silver & zinc potential.




    Subscribe (it's FREE!) to Reluctant Preppers for more ► http://bit.ly/Subscribe-Free

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    Promotion by http://FinanceAndLiberty.com
     

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