Washington State proposed bill to make gold and silver legal tender

You do if your a store collecting sales taxes. OK did you pay you DMV fees in gold yet?

Ruben

 

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No capital gains tax?!

 

I read through much of this thread and got burned out on a lot of the misread assumptions some may have concluded to in this State House Bill. I'll try to clear up what his written in this HB.

Not meaning they will produce currency. Meaning it will be accepted as currency. Read it slow :yes:

Meaning people will have a choice between gold, silver, or fiat paper.

...and the choice to accept gold or silver over fiat paper

This doesn't mean they can mint money. This is reinforcing the term "make use"

Lines 21 to 34 outlines the gold and silver accepted. Please don't confuse the word state. Line 30 is implying foreign gold and silver. Not every foreign local is a country, some are indeed states.

That's how the monetary value of gold and silver will be determined. NO FACE VALUE

And these are the reasons why Legislators have created this House Bill.

I hope this cleared any misunderstandings up.


Cheers,
Webo

 

So who has paid there taxes in Gold yet.

 

Nobody has. The method is not yet established. If the bill passes the state treasurer will setup a method and people can choose to use it or not use it. Since it will be based on fair market value, and not a fixed ratio, it might actually work.

 

Sure and the state employees? Are they getting paid in gold? This should be interesting.

Ruben

 

Ruben, If I read the House Bill #2731 correctly, (maybe you could check this out! Google HB 2731, Status..) this Act has an Effective Date of January 1st, 2013. It's all the way at the bottom, last line.

So, of course, no one yet paying their taxes with gold!!

If I had a choice today of paying with paper versus paying with gold, I'd use the paper and hang on to my gold!

 

OK - let us know when your ready to pay with gold. I can't wait until the majority of Washington State voters get a whiff of this handywork of their state legislature.

Ruben

 

I am a Washington State voter, who coincidentally had a conversation with a random person today (pest guy over the phone, there are too many ants in the backyard) about gold and silver. He knew about the tungsten filled gold bar that was recently discovered, and we had a nice little chat about things. I can tell you that everyone who I have been in personal contact around here with knows about the importance precious metals, and I think you might be surprised how the voting turns out.

 

My sister lives in Seattle and when the cost of this is figured out, your gonna be shocked how fast the sane people reasserts themselves, especially in Kings County.

Ruben

 

Oh BTW - Seems Washington is worried about something a little less fantasiful

http://www.businessweek.com/ap/financialnews/D9M6AEL01.htm

 

OLYMPIA, Wash.

Washington state lawmakers are seeking to combat the trafficking of precious metals through a bill that would place greater restrictions on cash-for-gold operations that set up temporary storefronts and often deal in stolen goods.

The bill would require secondhand precious metal dealers to keep the items they purchase for at least 30 days and maintain detailed transaction records for three years, including the name, date of birth and address of the seller. First-time violations would be considered a misdemeanor; anything more than that would be a felony offense.

The measure would apply to any dealer who buys, sells or trades secondhand precious metals more than three times a year, whether or not that person maintains a fixed place of business within the state.

Rep. Katrina Asay, the bill's lead sponsor, says the increasing market price of gold and silver has led to a corresponding rise in both illicit cash-for-gold operations and precious-metal thefts. Home robberies in Asay's King County district were up 15 percent in the past year, and much of what was stolen were gold and silver items such as jewelry and silverware, she said.

 

Really. You spam this topic over and over demanding for someone who paid income taxes with gold in Washington state, then all of a sudden when someone from Washington state tells us there are none, you have a sister there. HaHa. You have been burnt son. Don't go away mad, but please, just go away. As I said before, after you demanded in multiple posts, that this topic wasn't about taxes. If you hadn't been such an absolute ass about it wouldn't be so funny. Well..... what goes around comes around.

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Thanks for the information webomatic. Sounds as if Washington State will be moving to make a great law for the people.

 

Whether intentional or not - sorta takes the anonymity and liquidity out of using gold and silver as legal tender.

 

right

 

Is that ghetto talk ebonics "Fatina" My sister doesn't pay taxes in gold in Seattle.

Hey "Fatima", who is going to pay their taxes in Gold in Washington? Are you?

Ruben

 

I simply think that once all of the costs are added up versus the small amount of people who choose to pay in PM, voters will have a fit. How many tens or hundreds of thousands of dollars will it take to educate, buy equipment, and service the whole state with this option? Are they going to accept gold dust? Do you really think they will be able to distinquish the new silver plated fake Canadian coins being produced from China now? These new coins are nearly the correct weight and will pass a silver test on their surface.

I simply see a classic government charlie foxtrot just so a few politicians can score some points with certain constituencies.

Just my opinion.

Chris

 

Yeah - I just said that, but Mr "fatima" was too busy with ghetto talk to let the idea sink in.

 

The real problem with proposals like this, if the people are serious and not just trying to get free political airtime, is that the taxes are levied in dollars. Since that is the case, accepting anything else, "I will pay in 15 grams of gold, 18 bales of cotton, 3 tons of corn, and 2 cows", is simply bartering for taxes.

If they really wished to be serious, they would assess the taxes in grams of gold, and adjust how many dollars you had to pay them based on the current worth of dollars versus gold that day. That would accomplish what people here wish to accomplish, put the state on the gold standard.

Anything short of assessing what you owe the state in grams of a PM is simply a dog and pony show wasting taxpayer resources.

 

At this time, I don't think the general public owns enough gold and silver for it to be much of an issue. However as to the gold dust question, the law, as stated above would seem to preclude this. My interpretation of the proposed law, thoughtfully posted above, is that the state will declare US Mint coins and a subset of other mint coins valid as legal tender along with issuing their own bullion coins. People will have to keep in mind that using fake coins to pay the state, unlike trying to pass them off on eBay, will immediately bring in law enforcement to investigate the matter. I don't think fake Chinese coins will be an issue.

As to the OP's question, how will it affect the price of bullion now, (and what this topic is about), I think it's a positive for bullion buyers.