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originally posted by: Phage
a reply to: ScepticScot
Out of curiosity, how much of that investment was based on subprime mortgages and inflated real property pricing?
Gold and Silver Are Money
In a first and significant step towards the remonetization of Gold and Silver, Idaho voted tonight to remove income tax on precious metals. This is the first step in what will likely be a cascade of other states following suit.
Last week we discussed here the Arizona Senate Finance and Rules Committees' calling out the Fed on Gold Taxation by considering legislation (HB 2014) officially defining gold, silver, and other precious metals as legal tender. The bill also exempts transactions in precious metals from state capital gains taxes, thus ensuring that people are not punished by the taxman for rejecting Federal Reserve notes in favor of gold or silver.
The main arguments in favor of removing taxation on Precious metals can be summarized as this:
taxation on any appreciation in Gold's value undermines its value as an inflationary hedge
If gold and silver are priced in USD, then their price changes are a reflection on the USD buying power, nothing more
You don't pay tax when the buying power of the USD increases when buying EU goods. So why should Gold be treated differently?
The removal of income tax and capital gains tax puts Precious Metals on a level playing field with FIAT currencies