Thursday, May 11, 2017

Arizona officially removes taxation on gold and silver purchases and sales

On May 10 the Arizona state legislature completed its approval of Bill 2014 which removes the state taxation on the sale and purchase of physical gold and silver.

This move is also the first step by the state to once again recognize gold and silver as Constitutional money, and to begin the process towards one day allowing the precious metals to be used in commerce within its borders.

Arizona also joins Utah, Idaho, Texas, Oklahoma, and Virginia in either proposing or passing legislation to work towards the legalization of gold and silver as money.

Sound money advocates scored a major victory today when the Arizona state senate voted 16-13 to remove all income taxation of precious metals at the state level. The measure heads to Governor Doug Ducey, who is expected to sign it into law. 
Under House Bill 2014, introduced by Representative Mark Finchem (R-Tucson), Arizona taxpayers will simply back out all precious metals “gains” and “losses” reported on their federal tax returns from the calculation of their Arizona adjusted gross income (AGI). 
Dr. Ron Paul noted, “HB 2014 is a very important and timely piece of legislation. The Federal Reserve’s failure to reignite the economy with record-low interest rates since the last crash is a sign that we may soon see the dollar’s collapse. It is therefore imperative that the law protect people’s right to use alternatives to what may soon be virtually worthless Federal Reserve Notes.” - Goldseek

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