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