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State of Virginia about to vote on bill calling gold and silver sound money, and remove taxes

Goldhedge

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#1
State of Virginia about to vote on bill calling gold and silver sound money, and remove taxes from its purchase

11:00 AM

On Jan. 20, a House subcommittee in the state of Virginia passed a key component that will soon allow a bill to go to the floor for a vote on whether to consider gold and silver as money, and remove all taxation mechanisms on its purchase by individuals.

House Bill 1668 (HB1668) would facilitate the exemption of taxes on purchases of gold, silver, and platinum bullion if the price exceeds $1000.



A Virginia bill that would remove sales taxes from some purchases of gold and silver passed an important House subcommittee Wednesday. The legislation would take an important first step toward encouraging its regular use as currency and breaking the Federal Reserve’s monopoly on money. A bipartisan coalition of delegates sponsor House Bill 1668 (HB1668). The legislation would exempt gold, silver, or platinum bullion or legal tender coins whose sales price exceeds $1,000 from from state sales tax. Each piece of gold, silver, or platinum or legal tender coin need not exceed $1,000, provided that the sales price of one entire transaction of such pieces exceeds $1,000. ” Under the proposed law, the exemption would remain in place until June 30, 2022. A House Committee on Finance subcommittee approved the measure 10-0. - Tenth Amendment Center
By removing taxes on gold and silver purchases, the state of Virginia is opening the door for businesses, individuals, and even government agencies to accept and use gold at a future date as money.

Virginia also joins in the growing number of states (Oklahoma, Utah, and Texas) who are either creating state run gold depositories, or passing legislation that returns gold and silver to their rightful place as a monetary unit.



http://www.thedailyeconomist.com/2017/01/state-of-virginia-about-to-vote-on-bill.html
 

Uglytruth

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With everyone so broke I wonder if this is a way to flush it out of desperate people's hands. It's about as far away from what they are projecting as "normal" and plastic as you can get. What will it be valued at?
Does the state know something no on else does? Pay in gold & they put it into storage for a revaluation in the near future helping their bottom line? If paying with metal do you really thing anyone would / could get change in metal?
 

Scorpio

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#4
yet the state finds it very hard to let go,

only on purchases over $1K

conversely, there should be no disclaimers on it
 

TRYNEIN

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#5
I wonder...does that mean the banks will exchange FRN's for gold...without the premiums???
 

goldielox1

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#6
This is no big deal. What is a big deal is when they say there's no tax on "selling". Right now they call it a gain when you "buy" 1 ozt of Au and then "sell" 1 ozt of Au for FRN or goods.