Wednesday, March 30, 2011

Utah: Forget dollars. How about gold?

Gather 'round, gold standard enthusiasts.
There is a new law in the state of Utah that might be of interest.

The Beehive State has a new measure on the books that eliminates state taxes on the exchange of gold and silver coins and directs the legislature to study an "alternative form of legal tender."

The law, signed by Gov. Gary Herbert last week, also recognizes gold and silver coins issued by the federal government as legal tender in the state.

Of course, they already are. But people use them as investments, not pocket change.

The big legal change in Utah is that the state tax code now treats gold and silver coins -- issued by the U.S. Mint -- as currency rather than an asset. That means no capital gains or other state taxes will be levied when the coins are exchanged.

1 comment:

  1. SCAM! They want to give people face value for a 1oz gold coin. It says $50 value on a 1oz gold coin with a market value of $1400+. Hell, I'll give you TWICE that much myself. I wonder how many idiots take the face value offer. Is this a subtle way to confiscate precious metals from the people?


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