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!
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?
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.
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.
February 21st, 2008 at 4:07 am
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!
February 21st, 2008 at 10:05 am
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/
February 22nd, 2008 at 11:46 pm
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.
May 9th, 2008 at 3:22 pm
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.