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Idaho House votes not to tax income from gold and silver sales

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Published : February 14th, 2018
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Category : GoldWire

The Idaho State House today overwhelming approved a bill that 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 that are reported on a taxpayer's federal income tax return would be removed from the calculation of the taxpayer's Idaho taxable income.

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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
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