Idaho votes to make profits from precious metals tax free
logger7
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The Idaho State House today overwhelming approved a bill which excludes gains or losses on the sale of precious metals, coins, and bullion from an Idaho taxpayer's taxable income.
State representatives voted 60-9 to pass House Bill 449 sending the measure introduced by House Majority Leader Mike Moyle and Senate Assistant Majority Leader Steve Vick to the Senate for a hearing in the Local Government and Taxation Committee.
“Gold and silver are the only money mentioned in the U.S. Constitution, and they should not be subject to tax,” said Stefan Gleason, President of Money Metals Exchange, an Idaho-based national precious metals dealer. Under HB 449, all gains and losses upon the sale of physical precious metals which are reported on a taxpayer’s federal income tax return would be removed from the calculation of the taxpayer’s Idaho taxable income.
https://www.kxly.com/news/idaho-votes-not-to-tax-income-from-silver-and-gold-sales/700591802
Comments
Good news. Florida doesn't tax the gains either, nor any other income.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Way to go. Our country’s wealth was stolen by lawmakers and law breakers so long ago. Time to get back to what’s right. Whats mine is mine and what’s yours is yours. And what’s ours is a mess.
With all the lakes in Idaho, I also believe they have more lost precious metals in boating accidents, correct?
Hello , uncle sam , here is everything I sold this year and here are the dollars you are owed . You are doing a great job
Said no one ever
What a great deal..... and so it should be all over the country.... Taxation has grown way out of hand....It could be greatly reduced if waste was eliminated... but then we would have to eliminate politicians... hmmmmm Now there is an idea.....
Cheers, RickO
It is very hard for the government to track non-social security linked income. Have a checking account with no interest, run tens of thousands of buying and selling transactions through it and you are usually going to be free of government concerns. I did it for around 10 years. However if you are in a state where they may harass you the fear becomes bad.
I heard Weiker about a year and a half ago speak about how the state of CT was doing great after he pushed through the income tax, something he is broadly disliked for.
Yay !!!