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Arizona ends tax on purchase, exchange of gold, silver coins

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(Russia Today) The Governor of Arizona Doug Ducey has signed into law a bill which removes all state income tax on precious metals coins. The measure was passed in the Arizona Senate on May 10 by a margin of 16-13.

 

When people buy gold or silver to protect themselves against the devaluation of America’s paper currency, they frequently end up with a “gain” when exchanging the metal back into dollars.

 

However, this is not necessarily a real gain, regarding purchasing power. This “gain” is often nominal because of the slow but steady devaluation of the dollar. The government nevertheless assesses it as a gain for tax purposes.

 

The bill, called House Bill 2014, was introduced by Republican Mark Finchem who insisted that taxing exchanges of “legal tender” like gold coins is a tax on money.

 

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