You are here

Arizona legislature votes to scrap gains tax on gold and silver coins

Section: Daily Dispatches

Lawmakers: All That Glitters Shouldn't Be Taxed

By Howard Fischer
Arizona Capitol Times, Phoenix
Wednesday, May 10, 2017

Want a way to avoid taxes on your capital gains?

State lawmakers gave final approval to legislation today providing a way to do just that. But it remains unclear whether Gov. Doug Ducey is willing to go along.

Arizona law says if someone invests in something, whether art, collectible cars, or commercial real estate, and then sells it for more than the cost, that difference is subject to state income taxes.

What HB2014 seeks to do is carve out an exception when people invest in gold and silver coins produced by the U.S. Mint.

But Rep. Mark Finchem, R-Oro Valley, said this isn’t some tax scam.

He said it reflects his belief that the purchase of gold and silver coins with federal reserve notes -- those dollar bills now printed by the government -- is simply an exchange of one form of currency for another. Finchem said that would be like taxing someone for exchanging two dimes and a nickel for a quarter. ...

... For the remainder of the report:

http://azcapitoltimes.com/news/2017/05/10/lawmakers-all-that-glitters-sh...



ADVERTISEMENT

Goldco Is America's No. 1 Gold IRA Provider

Goldco Precious Metals was founded by Trevor Gerszt in 2006 with a mission to help Americans protect their retirement accounts from market volatility and inflation by adding precious metals like gold and silver.

Experts predict that we are headed toward another economic crash like the one in 2008. If you aren't prepared, your retirement savings could vanish. At Goldco we take the time to understand our customers' investment goals and objectives and give them the resources to feel confident that their money will be there for them when they need it.

To learn more about adding gold and silver precious metals to your retirement accounts, please visit Goldco here:

https://goldco.com/



Join GATA here:

International Metal Writers Conference
Sponsored by Cambridge House
Sunday-Monday, May 28-29, 2017
Vancouver Convention Centre, East Building
Canada Place
Vancouver, British Columbia, Canada
http://cambridgehouse.com/event/68/international-metal-writers-conference

GATA Reception at the International Metal Writers Conference
5-8 p.m. Monday, May 29, 2017
Lions Pub
888 West Cordova St.
Vancouver, British Columbia, Canada

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16