This is a new piece of legislation that has been introduced in the USA to remove all federal income tax from the sale of Gold and Silver Coins and Bullion. It’s been backed by the Sound Money Defense League and while we have seen several US States introduce similar legislation in recent years, this one is being tabled at the Federal level so it’ll be very important to see if it can get up.
Source
For stackers in the US a reduction of taxes on trading Precious Metals is more likely than not going to encourage more people to start stacking and existing stackers to stack more. For other stackers around the world this is another strong indicator that people are slowly waking up to the issues with the Inflation Dominated Fiat Currencies around the world and they are starting to look for alternatives.
Over here in Australia we can live in hope that our lawmakers may eventually follow the Americans lead and do something similar. If you want to learn more about this proposed legislation, you can download a PDF of the Act HERE. It has been designated H.R.8279 and you can track it’s progress on the Congress site HERE
There was a time that the old Dominion of Canada back up their dollar notes in land. How they did that I'm not sure but the coins were sterling silver. While 999 bullion is currently tax free in Canada, junk silver coins are charged a Goods and Services Tax.
I missed this. Great find, I’ll be tracking it for sure.
I wouldn't count on it passing. Similar legislation has been introduced before.
Sounds like good news!
I hope it actually passes, but I'm not holding my breath!
I pray that it passes!
Thanks for bringing this up! I actually didn't realize federal income tax would be due if I sold my stack. And while I don't have any plans to divest, I certainly hope this (or something very like it) passes.
Given that the rich undoubtedly use gold as an inflation hedge, I don't doubt that this will pass in some form or another.
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Wao this is great and amazing News.