U.S. Representative Introduces Bill to End Federal Taxation on Gold and Silver
derryb
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"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
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I think if this concept was limited to US Mint issued precious metals with a denomination, ie. "money", sold by the US Treasury (Mint) there is a strong basis to file a suit against the IRS ruling and send it to the Supreme Court because it is a Constitutional issue, and we should defend our gold and silver "currency" from taxation.
Unfortunately, this imaginary legislation attempt will never pass, and probably should not pass, because it adds Pt and Pd, and refined bullion:
A tax-neutral measure, the Monetary Metals Tax Neutrality Act states that “no gain or loss shall be recognized on the sale or exchange of (1) gold, silver, platinum, or palladium minted and issued by the Secretary at any time or (2), refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.”
My US Mint Commemorative Medal Set