Posted on 04/13/2022 11:23:39 AM PDT by algore
(Richmond, Virginia - April 12, 2022) - By signing sound money legislation yesterday, Virginia Governor Glenn Youngkin has ended Virginia’s discriminatory practice of assessing sales taxes on smaller purchases of gold, silver, platinum, and palladium bullion and coins.
Virginia’s House Bill 936, originally introduced by Del. Amanda Batten, was considered by multiple House and Senate committees before passing overwhelmingly out of both chambers and reaching the governor’s desk.
Virginia had been one of only seven states in the United States maintaining merely a partial sales tax exemption on purchases of precious metals. Virginia’s regressive practice of taxing only purchases under $1,000 singled out small-time savers for a tax penalty that larger gold and silver purchases do not face.
By enacting HB 936, Virginia has set an example for legislators in California, Connecticut, Florida, Massachusetts, Maryland, and New York, where smaller-sized purchases (under $500, $1,000, or $1,500) of precious metals are still hit with sales taxes.
The full Virginia sales tax exemption on the monetary metals is effective on July 1, 2022 and will remain in effect until at least June 30th, 2025.
Meanwhile, full exemption bills are pending in Alabama, Hawaii, New Jersey, and Tennessee, as the national backlash against taxing constitutional money accelerates in today’s environment of rising inflation and geopolitical conflict.
Including Virginia, 41 U.S. states now fully or partially exempt gold and silver from the sales taxes. That leaves 9 states and the District of Columbia as the primary jurisdictions that still harshly penalize citizens seeking to protect their savings against the serial devaluation of the Federal Reserve Note.
I’m not even sure if my body weight in gold even exists in the entire state of Connecticut.
Maybe I’ll start with 0.01% though.
I, along with many scientists consider those to be metals
:)
I look for them to ban all private ownership of Gold and Silver when they cut over to digital..Don’t say it can’t happen as it happened under FDR...
And don’t keep anything in a safe deposit box. FDR sent treasury thugs to steal gold out of safe deposit boxes leaving paper money with the same face value, a twenty dollar bill for a $20 gold piece.
I personally think the Feds will go hard after anyone holding precious metals as they will demand full compliance to Fedcoin and block bartering.
I’m a small fry investor- just have some silver and some copper. I have it in my own safe. I’m saving it for my kids, and the feds have NO rights to it…
I have never had to pay tax on any precious metal purchase. But, I don’t live in Virginia.
I just know the Federals did it once and nothing to stop them from doing it again.
Their problem is finding out who’s holding what. It’s not like it sold with serial numbers or a paper trail.
Personally, I’ve never told anyone what I’ve got, what I’ve bought or where.
Very wise man...The only issue I could see is depending how you have your metal broken down so you could barter with..I bought a bunch of silver and gold bullion slugs a long time ago and have a few bars of each when metal was cheap, today it’s to expensive.
My view, pre-1965 US dimes, quarters and half dollars are the most desirable. The form is familiar to Americans and Canadians, and they’re small enough to spend. Add to that 1/10 and 1/4 gold eagles for big stuff. Silver is king for bartering
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