Comments on: Ron Paul Introduces ‘Tax-Free Gold Act of 2008′ http://www.coinnews.net/2008/02/21/ron-paul-introduces-tax-free-gold-act-of-2008-3939/ CoinNews delivers breaking coin news, unique coin articles, coin news videos and free numismatic services for new and experienced coin collectors. Mon, 13 Feb 2012 22:25:46 +0000 hourly 1 By: ratio411 http://www.coinnews.net/2008/02/21/ron-paul-introduces-tax-free-gold-act-of-2008-3939/comment-page-1/#comment-1653 ratio411 Fri, 09 May 2008 21:22:25 +0000 http://www.coinnews.net/2008/02/21/ron-paul-introduces-tax-free-gold-act-of-2008-3939/#comment-1653 I have always wondered why you could go to a coin shop, buy a legal tender coin or note, and have to pay taxes on that legal tender! Doesn't make sense that you have pay a tax when you use money to buy money. It is more an exchange, and should in no way be taxed. Much as labor should not have a sales tax, and is not taxed in many locations. The bullion part is similar, and is especially connected to US bullion coins, which have a legal tender value attached. I hope they pass this. I have always wondered why you could go to a coin shop, buy a legal tender coin or note, and have to pay taxes on that legal tender!
Doesn’t make sense that you have pay a tax when you use money to buy money. It is more an exchange, and should in no way be taxed.
Much as labor should not have a sales tax, and is not taxed in many locations.

The bullion part is similar, and is especially connected to US bullion coins, which have a legal tender value attached.

I hope they pass this.

]]> By: Thomas http://www.coinnews.net/2008/02/21/ron-paul-introduces-tax-free-gold-act-of-2008-3939/comment-page-1/#comment-934 Thomas Sat, 23 Feb 2008 05:46:38 +0000 http://www.coinnews.net/2008/02/21/ron-paul-introduces-tax-free-gold-act-of-2008-3939/#comment-934 In the short term this bill can work as a hedge against price inflation caused by monetary inflation. Cash can be put into precious metal and then taken out again as cash without a tax burden or record-keeping headache. Turnover in coin and metal will be higher. This can also be the first step to other stabilization of the dollar, including a competition in currency. If coin or metal can be converted quickly, it is almost as good as money. More laws may be needed for it to be able to trade as though money. In the short term this bill can work as a hedge against price inflation caused by monetary inflation. Cash can be put into precious metal and then taken out again as cash without a tax burden or record-keeping headache. Turnover in coin and metal will be higher.

This can also be the first step to other stabilization of the dollar, including a competition in currency. If coin or metal can be converted quickly, it is almost as good as money. More laws may be needed for it to be able to trade as though money.

]]> By: Llama Money http://www.coinnews.net/2008/02/21/ron-paul-introduces-tax-free-gold-act-of-2008-3939/comment-page-1/#comment-898 Llama Money Thu, 21 Feb 2008 16:05:49 +0000 http://www.coinnews.net/2008/02/21/ron-paul-introduces-tax-free-gold-act-of-2008-3939/#comment-898 I like the concept, especially since I'm a new fan of the precious metals... especially in Eagle form. My question is this though - how much tax is there currently on these items? Generally they don't seem to sell for a huge premium over the spot price of the metal, so would we really save much if this bill were to become law? <p><a href="http://www.llamamoney.com/" target="_blank" rel="nofollow">http://www.llamamoney.com/</a></p> I like the concept, especially since I’m a new fan of the precious metals… especially in Eagle form. My question is this though – how much tax is there currently on these items? Generally they don’t seem to sell for a huge premium over the spot price of the metal, so would we really save much if this bill were to become law?

http://www.llamamoney.com/

]]> By: Koichi Ito http://www.coinnews.net/2008/02/21/ron-paul-introduces-tax-free-gold-act-of-2008-3939/comment-page-1/#comment-894 Koichi Ito Thu, 21 Feb 2008 10:07:00 +0000 http://www.coinnews.net/2008/02/21/ron-paul-introduces-tax-free-gold-act-of-2008-3939/#comment-894 Tax Free for buying and selling coins is the first step to abolish taxes like income tax. Income Tax is illegal and most inefficent way to make revenue for government. In addition IRS is most corrupt admistration in the nation! Tax Free for buying and selling coins is the first step to abolish taxes like income tax. Income Tax is illegal and most inefficent way to make revenue for government. In addition IRS is most corrupt admistration in the nation!

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