BOISE, Idaho (Feb. 12, 2017) – Today, the Idaho House passed a bill that would offset federal capital gains taxes on gold and silver specie, encouraging its use and taking another step toward breaking the Federal Reserve’s monopoly on money.
The House of Delegates Revenue and Taxation Committee Committee introduced House Bill 449 (H449) on Jan. 30. The legislation would exclude gains and/or losses on the sale of precious metals coins and bullion reported for federal tax purposes from an Idaho taxpayer’s taxable income. In effect, H449 would allow Idaho taxpayers to offset federal capital gains/losses reported to the IRS on their state taxes.
H449 would be a revenue neutral policy over the long run. That’s because both precious metals gains and losses are backed out of the calculation of taxable income for Idahoans.
In effect, the passage of H449 would help “legalize the Constitution” by treating gold and silver specie as money.
“Gold and silver are the only money mentioned in the U.S. Constitution, and they should not be subject to tax,” Money Metals Exchange president Stefan Gleason said. “This legislation will help Idaho citizens protect themselves from the inflation and financial turmoil caused by the …
Read more at The Tenth Amendment Center
(The opinions in this article are the opinions of the author and do not necessarily represent the views of Southern Nation News or SN.O.)