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<p>[QUOTE="desertgem, post: 3185199, member: 15199"]from the article above:</p><p>“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?” </p><p>(end quote).</p><p><br /></p><p>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.</p><p>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.</p><p><br /></p><p>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. </p><p>Jim[/QUOTE]</p><p><br /></p>
[QUOTE="desertgem, post: 3185199, member: 15199"]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[/QUOTE]
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