It begins Idaho & Arizona pass bills to remove Capital gains taxes on gold & silver

[MindWars]

IT BEGINS…. Idaho & Arizona Pass Bills To Remove “Capital Gains Taxes” On Gold & Silver – SRSrocco Report
In just the past week, lawmakers in Idaho and Arizona have passed bills removing “Capital Gains Taxes” from gold and silver coins and bars. Normally, when individuals sell gold or silver, they must pay capital gains on any increase on the value of their precious metals investments. However, gold and silver are really not investments per say, rather they perform as real money.

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This could be a good thing at least people won't have to pay taxes on this crap too if it gets passed.
Make one wonder why the start of this Gold and or silver for currency starting. Maybe they know something the average public .

 

[defcon4]

IT BEGINS…. Idaho & Arizona Pass Bills To Remove “Capital Gains Taxes” On Gold & Silver – SRSrocco Report
In just the past week, lawmakers in Idaho and Arizona have passed bills removing “Capital Gains Taxes” from gold and silver coins and bars. Normally, when individuals sell gold or silver, they must pay capital gains on any increase on the value of their precious metals investments. However, gold and silver are really not investments per say, rather they perform as real money.

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This could be a good thing at least people won't have to pay taxes on this crap too if it gets passed.
Make one wonder why the start of this Gold and or silver for currency starting. Maybe they know something the average public .

It won't happen. It should but it won't. The Federal Reserve wouldn't have free reign printing money ad libitum without being accountable to our government.
Episode 292 – Century of Enslavement: The History of the Federal Reserve : The Corbett Report

 

[defcon4]

https://www.corbettreport.com/cache/coepamphlet.pdf

 

[Picaro]

IT BEGINS…. Idaho & Arizona Pass Bills To Remove “Capital Gains Taxes” On Gold & Silver – SRSrocco Report
In just the past week, lawmakers in Idaho and Arizona have passed bills removing “Capital Gains Taxes” from gold and silver coins and bars. Normally, when individuals sell gold or silver, they must pay capital gains on any increase on the value of their precious metals investments. However, gold and silver are really not investments per say, rather they perform as real money.

---------------------------------------------------------------------------------------------

This could be a good thing at least people won't have to pay taxes on this crap too if it gets passed.
Make one wonder why the start of this Gold and or silver for currency starting. Maybe they know something the average public .

Yes, they are currency hedges, and should be tax exempt; however speculators screw up the price cycles like they do every other commodity, and they should pay the same tax rates as gamblers do on their winnings. It's not hard to separate out the hedges and buy and holds from the speculators, at least for those holding the larger amounts. As for the Fed, as always it's the political hacks running it that are the problem, not the principle of one itself.

 

[defcon4]

IT BEGINS…. Idaho & Arizona Pass Bills To Remove “Capital Gains Taxes” On Gold & Silver – SRSrocco Report
In just the past week, lawmakers in Idaho and Arizona have passed bills removing “Capital Gains Taxes” from gold and silver coins and bars. Normally, when individuals sell gold or silver, they must pay capital gains on any increase on the value of their precious metals investments. However, gold and silver are really not investments per say, rather they perform as real money.

---------------------------------------------------------------------------------------------

This could be a good thing at least people won't have to pay taxes on this crap too if it gets passed.
Make one wonder why the start of this Gold and or silver for currency starting. Maybe they know something the average public .

Yes, they are currency hedges, and should be tax exempt; however speculators screw up the price cycles like they do every other commodity, and they should pay the same tax rates as gamblers do on their winnings. It's not hard to separate out the hedges and buy and holds from the speculators, at least for those holding the larger amounts. As for the Fed, as always it's the political hacks running it that are the problem, not the principle of one itself.

The U.S. Treasury should control the money supply, issuance with full accountability to Congress and the President respectively. All Central Banks should be Nationalized world wide. That would be a game changer.

 

[MindWars]

I know a few years ago they did pass allowing gold and silver as tendcy

Arizona Committee Passes Bill To Support Sound Money
Arizona Committee Passes Bill To Support Sound Money

Bill Status Inquiry

 

[Picaro]

IT BEGINS…. Idaho & Arizona Pass Bills To Remove “Capital Gains Taxes” On Gold & Silver – SRSrocco Report
In just the past week, lawmakers in Idaho and Arizona have passed bills removing “Capital Gains Taxes” from gold and silver coins and bars. Normally, when individuals sell gold or silver, they must pay capital gains on any increase on the value of their precious metals investments. However, gold and silver are really not investments per say, rather they perform as real money.

---------------------------------------------------------------------------------------------

This could be a good thing at least people won't have to pay taxes on this crap too if it gets passed.
Make one wonder why the start of this Gold and or silver for currency starting. Maybe they know something the average public .

Yes, they are currency hedges, and should be tax exempt; however speculators screw up the price cycles like they do every other commodity, and they should pay the same tax rates as gamblers do on their winnings. It's not hard to separate out the hedges and buy and holds from the speculators, at least for those holding the larger amounts. As for the Fed, as always it's the political hacks running it that are the problem, not the principle of one itself.

The U.S. Treasury should control the money supply, issuance with full accountability to Congress and the President respectively. All Central Banks should be Nationalized world wide. That would be a game changer.

I wouldn't be against nationalizing it. The U.S. insisted on the Reichbank being 'privatized' after WW I, and that was a total disaster on the German economy.

 

[defcon4]

IT BEGINS…. Idaho & Arizona Pass Bills To Remove “Capital Gains Taxes” On Gold & Silver – SRSrocco Report
In just the past week, lawmakers in Idaho and Arizona have passed bills removing “Capital Gains Taxes” from gold and silver coins and bars. Normally, when individuals sell gold or silver, they must pay capital gains on any increase on the value of their precious metals investments. However, gold and silver are really not investments per say, rather they perform as real money.

---------------------------------------------------------------------------------------------

This could be a good thing at least people won't have to pay taxes on this crap too if it gets passed.
Make one wonder why the start of this Gold and or silver for currency starting. Maybe they know something the average public .

Yes, they are currency hedges, and should be tax exempt; however speculators screw up the price cycles like they do every other commodity, and they should pay the same tax rates as gamblers do on their winnings. It's not hard to separate out the hedges and buy and holds from the speculators, at least for those holding the larger amounts. As for the Fed, as always it's the political hacks running it that are the problem, not the principle of one itself.

The U.S. Treasury should control the money supply, issuance with full accountability to Congress and the President respectively. All Central Banks should be Nationalized world wide. That would be a game changer.

I wouldn't be against nationalizing it. The U.S. insisted on the Reichbank being 'privatized' after WW I, and that was a total disaster on the German economy.

I wonder why?

 

[Picaro]

IT BEGINS…. Idaho & Arizona Pass Bills To Remove “Capital Gains Taxes” On Gold & Silver – SRSrocco Report
In just the past week, lawmakers in Idaho and Arizona have passed bills removing “Capital Gains Taxes” from gold and silver coins and bars. Normally, when individuals sell gold or silver, they must pay capital gains on any increase on the value of their precious metals investments. However, gold and silver are really not investments per say, rather they perform as real money.

---------------------------------------------------------------------------------------------

This could be a good thing at least people won't have to pay taxes on this crap too if it gets passed.
Make one wonder why the start of this Gold and or silver for currency starting. Maybe they know something the average public .

Yes, they are currency hedges, and should be tax exempt; however speculators screw up the price cycles like they do every other commodity, and they should pay the same tax rates as gamblers do on their winnings. It's not hard to separate out the hedges and buy and holds from the speculators, at least for those holding the larger amounts. As for the Fed, as always it's the political hacks running it that are the problem, not the principle of one itself.

The U.S. Treasury should control the money supply, issuance with full accountability to Congress and the President respectively. All Central Banks should be Nationalized world wide. That would be a game changer.

I wouldn't be against nationalizing it. The U.S. insisted on the Reichbank being 'privatized' after WW I, and that was a total disaster on the German economy.

I wonder why?

I keep threatening to start a thread on the Wiemar Republic, but never find the time to.

 

[defcon4]

IT BEGINS…. Idaho & Arizona Pass Bills To Remove “Capital Gains Taxes” On Gold & Silver – SRSrocco Report
In just the past week, lawmakers in Idaho and Arizona have passed bills removing “Capital Gains Taxes” from gold and silver coins and bars. Normally, when individuals sell gold or silver, they must pay capital gains on any increase on the value of their precious metals investments. However, gold and silver are really not investments per say, rather they perform as real money.

---------------------------------------------------------------------------------------------

This could be a good thing at least people won't have to pay taxes on this crap too if it gets passed.
Make one wonder why the start of this Gold and or silver for currency starting. Maybe they know something the average public .

Yes, they are currency hedges, and should be tax exempt; however speculators screw up the price cycles like they do every other commodity, and they should pay the same tax rates as gamblers do on their winnings. It's not hard to separate out the hedges and buy and holds from the speculators, at least for those holding the larger amounts. As for the Fed, as always it's the political hacks running it that are the problem, not the principle of one itself.

The U.S. Treasury should control the money supply, issuance with full accountability to Congress and the President respectively. All Central Banks should be Nationalized world wide. That would be a game changer.

I wouldn't be against nationalizing it. The U.S. insisted on the Reichbank being 'privatized' after WW I, and that was a total disaster on the German economy.

I wonder why?

I keep threatening to start a thread on the Wiemar Republic, but never find the time to.

No hurry, nobody will do it for you....Ping me on that one when you do.

 

[Care4all]

if you bought it for $1000 and sold it for $1500, how is that not capital gains? you uesd the dollar to buy it and you got paid via the dollar when you sold it, much like any stock???

 

[Picaro]

if you bought it for $1000 and sold it for $1500, how is that not capital gains? you uesd the dollar to buy it and you got paid via the dollar when you sold it, much like any stock???

It's not a capital gain, it's a currency revaluation; not the same thing. there is no capital investment or real equity generated. It's just gambling winnings for those who are speculators. Stocks are equity in a business or corporation. Gold is just another currency.

 

[Care4all]

if you bought it for $1000 and sold it for $1500, how is that not capital gains? you uesd the dollar to buy it and you got paid via the dollar when you sold it, much like any stock???

It's not a capital gain, it's a currency revaluation; not the same thing. there is no capital investment or real equity generated. It's just gambling winnings for those who are speculators. Stocks are equity in a business or corporation. Gold is just another currency.

I guess I still don't understand? ???

Did the person buying the gold for $1000 and then selling it for $1500 not have a $500 GAIN in dollars, much like a person buying $1000 in Microsoft stock and selling it for $1500 had a $500 gain in dollars when sold?

I mean, how is selling the gold you bought for $500 more than you paid NOT A GAIN?

wouldn't that push every investor, even more so, in to buying gold and or silver, just to skirt the capital gains tax vs a buy of some stocks???

 

[Picaro]

Because the base value of the standard currency never changes, in this case gold, while the value of the fiat currency, which isn't real money, it's a promissory note, fluctuates constantly, up or down. If the gold were capital, then every time the dollar increases in value then one would allowed to claim a loss and deduct it from their taxes. Since they don't, then that means it isn't being treated as capital, right? Is that understandable?

What is Capital? definition and meaning

Capital

A Kg of gold is a Kg of gold. Why should one have to pay capital gains when it is the relative value of some currency fluctuating in amounts relatively while the gold remains exactly the same amount? It makes no sense to tax inflation of a currency as a capital gain. To be consistent, the govt. would take the increase in value of the dollar itself, deflation, not the inflation caused value.

Would you think you have a taxable capital gain if your $100 savings increased due to the dollar becoming stronger over the last year by say, 4%, and the state and IRS came along and taxed you for a 4% capital gain on that $100? Of course not, so why would that be the case with gold on the inflation side? Shouldn't gold owners also be able to take a tax deduction for depreciation on their holdings if it's to be treated as capital investment instead of a neutral hedge like any other property owner?

 

[DrainBamage]

Because the base value of the standard currency never changes, in this case gold, while the value of the fiat currency, which isn't real money, it's a promissory note, fluctuates constantly, up or down. If the gold were capital, then every time the dollar increases in value then one would allowed to claim a loss and deduct it from their taxes. Since they don't, then that means it isn't being treated as capital, right? Is that understandable?

Fiat currency is real money. Look up the definition of money, there is no requirement for it to be represented by an object of physical value. Money = medium of exchange = real in every sense of the word.

Gold is definitely capital, from your own link = "The money, property, and other valuables which collectively represent the wealth of an individual or business."

A Kg of gold is a Kg of gold. Why should one have to pay capital gains when it is the relative value of some currency fluctuating in amounts relatively while the gold remains exactly the same amount? It makes no sense to tax inflation of a currency as a capital gain. To be consistent, the govt. would take the increase in value of the dollar itself, deflation, not the inflation caused value.

Gold doesn't remain the same, it fluctuates relative to the dollar. When you sell commodities (like gold, or cotton, or coal, or beef) their fluctuation relative to the dollar is what you pay taxes on.

Shouldn't gold owners also be able to take a tax deduction for depreciation on their holdings if it's to be treated as capital investment instead of a neutral hedge like any other property owner?

No, any more than the value of baseball cards or pork bellies appreciated or depreciated relative to the dollar. The dollar isn't taxed as a capital gain because it cannot fluctuate relative to the dollar.

 

[Toro]

IT BEGINS…. Idaho & Arizona Pass Bills To Remove “Capital Gains Taxes” On Gold & Silver – SRSrocco Report
In just the past week, lawmakers in Idaho and Arizona have passed bills removing “Capital Gains Taxes” from gold and silver coins and bars. Normally, when individuals sell gold or silver, they must pay capital gains on any increase on the value of their precious metals investments. However, gold and silver are really not investments per say, rather they perform as real money.

---------------------------------------------------------------------------------------------

This could be a good thing at least people won't have to pay taxes on this crap too if it gets passed.
Make one wonder why the start of this Gold and or silver for currency starting. Maybe they know something the average public .

Yes, they are currency hedges, and should be tax exempt; however speculators screw up the price cycles like they do every other commodity, and they should pay the same tax rates as gamblers do on their winnings. It's not hard to separate out the hedges and buy and holds from the speculators, at least for those holding the larger amounts. As for the Fed, as always it's the political hacks running it that are the problem, not the principle of one itself.

The U.S. Treasury should control the money supply, issuance with full accountability to Congress and the President respectively. All Central Banks should be Nationalized world wide. That would be a game changer.

They all are, dumbcon.

 

[Toro]

if you bought it for $1000 and sold it for $1500, how is that not capital gains? you uesd the dollar to buy it and you got paid via the dollar when you sold it, much like any stock???

It's not a capital gain, it's a currency revaluation; not the same thing. there is no capital investment or real equity generated. It's just gambling winnings for those who are speculators. Stocks are equity in a business or corporation. Gold is just another currency.

Gains in other currencies are also taxed as capital gains.

 

[Toro]

IT BEGINS…. Idaho & Arizona Pass Bills To Remove “Capital Gains Taxes” On Gold & Silver – SRSrocco Report
In just the past week, lawmakers in Idaho and Arizona have passed bills removing “Capital Gains Taxes” from gold and silver coins and bars. Normally, when individuals sell gold or silver, they must pay capital gains on any increase on the value of their precious metals investments. However, gold and silver are really not investments per say, rather they perform as real money.

---------------------------------------------------------------------------------------------

This could be a good thing at least people won't have to pay taxes on this crap too if it gets passed.
Make one wonder why the start of this Gold and or silver for currency starting. Maybe they know something the average public .

I don't know what state taxes they have on gold, but capital gains on gold are still taxed at the federal level.

 

[Picaro]

if you bought it for $1000 and sold it for $1500, how is that not capital gains? you uesd the dollar to buy it and you got paid via the dollar when you sold it, much like any stock???

It's not a capital gain, it's a currency revaluation; not the same thing. there is no capital investment or real equity generated. It's just gambling winnings for those who are speculators. Stocks are equity in a business or corporation. Gold is just another currency.

Gains in other currencies are also taxed as capital gains.

I know they are. I said they shouldn't be re gold sales. There is no real capital gain involved, and nothing to tax. You're taxing inflation as if it were a gain. Why not tax dollars printed in 1973 more than dollars printed and issued in 2008 or something, if there were a gain involved? they had very different values between them. It's absurd. A Kg of gold remains a Kg of gold, no matter what or when it was created.

 

[Picaro]

Fiat currency is real money. Look up the definition of money, there is no requirement for it to be represented by an object of physical value. Money = medium of exchange = real in every sense of the word.

No, it isn't; it fluctuates constantly, which is why people want to hedge in the first place. It's fiat money not specie, a promissory note issued by a bank..

Gold is definitely capital, from your own link = "The money, property, and other valuables which collectively represent the wealth of an individual or business."

And there is no capital gain involved. A Kg of gold is still a Kg of gold, no matter what. Not the case with a dollar.

Gold doesn't remain the same, it fluctuates relative to the dollar.

The value of the dollar changes. A Kg of gold remains a Kg of gold.

When you sell commodities (like gold, or cotton, or coal, or beef) their fluctuation relative to the dollar is what you pay taxes on.

So start taxing savings when the value of your holdings of dollars increases via deflation to itself, then; see how that flies.

]No, any more than the value of baseball cards or pork bellies appreciated or depreciated relative to the dollar. The dollar isn't taxed as a capital gain because it cannot fluctuate relative to the dollar.

except that a dollar does fluctuate relative to itself, all the time, so this is just wrong. If it didn't, financial accountants couldn't allow for costs of money in their calculations of actual returns, for instance.