Apparently this bill hasn't been assigned a number yet and isn't available on the usual govco websites that track pending legislation: https://www.soundmoneydefense.org/news/2018/09/07/tax-on-gold-silver-bill-000179 Hopefully, it bears some fruit in the near future.
This could be really cool if it works out. Just think if this would carry over to all silver coins. This would make a giant change in my financial plans.
This is tricky. I 100% do not believe bullion should be subject to sales tax because it is treated as an investment. However, if treated as investment and therefore not subject to sales tax, how can we say it shouldn't be subject to capital gains like other investments? I know I would like it to not be taxed at all, because no tax would be in my own self interest, but how would that be fair or in the interest of the country?
from the article above: “My view, which is backed up by language in the U.S. Constitution, is that gold and silver coins are money and…are legal tender,” Mooney said in a House Financial Services Committee hearing this week. “If they’re indeed U.S. money, it seems there should be no taxes on them at all. So, why are we taxing these coins as collectables?” (end quote). I am not a tax lawyer, but if they are claiming they are 'legal tender' then they should be trading at the stated rate ( I believe). So a gold coin with denomination of $20 should trade at that value ( $20). Any markup would not be a legal tender portion of the transaction and should be taxed as "added value" and financial records and taxes required for that purpose. Also would tax responsibility from the past continue or can holders of such species be able to seek financial redress from the US as a refund? I very much doubt it. I feel this has not been well thought through by the people who possess and continue to acquire bullion species, but is a convenience for the sellers and bullion suppliers. Most of the gold, silver, etc. in the US originates outside the country, so it can't be a factor for the economy ,IMO. Jim
Looks like the bill was assigned a number. HR 6790: https://www.congress.gov/bill/115th-congress/house-bill/6790
Not a problem: https://www.fiscal.treasury.gov/fsfaq/fs_gifts_to_govt.htm Maybe someone at Berkshire will get that information to Mr. Awe Shucksie.
For anyone who feels strongly about this legislation, please email or write to your senators and representative and express your support or opposition to HR 6790. And for any person who might oppose removing the tax on capital gains earned while holding currency, please ask your legislators to allow us to deduct losses due to inflation from our taxes. Just a little consistency, please. DWSchmidt Grayslake, IL
