Skip to comments.Utah: Forget dollars. How about gold?
Posted on 03/29/2011 7:02:35 PM PDT by SeekAndFind
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.
Federal taxes still apply.
The law has limited applications. As currency, the gold and silver coins, which are usually purchased by individuals as investments, are still only worth their face value in the eyes of the state.
So even if the actual precious metal in your $50 coin has a market value of $1,400, it still only has $50 dollars worth of purchasing power.
According to a person close to Herbert, the governor signed the bill because it eliminates capital gains taxes on a popular investment. The other stuff, not so much.
"If somebody is stupid enough that they want to buy a Snickers bar at 7-Eleven with a gold coin worth thousands of dollars, they will be able to do that," the source said.
The new law is, of course, a shot at the Federal Reserve. And Utah isn't alone. A few other states are considering similar bills.
(Excerpt) Read more at money.cnn.com ...
By that standard we in Texas already recognize gold and silver as legal tenders, as we don’t have any capital gains or other taxes on the real thing.
...of course we don’t have income or capital gains taxes at all.
Back in 1955 UTAH, my dad got his pay in silver dollars while working at the Rattlesnake Uranium mine.
Wish we still could get those real silver dollars again!
GA has done the same thing.
Mostly symbolic. Let the market dictate what the price is at "bartter time" instead of a number printed on the coin, and it would be different.
Utah, the UTAH GOP and LDS have passed a law for amnesty for illegals. Utah and go to h**l.
Yeah and the GOP in TX is run by open-border RINOs who are as useless as ***** on a bull. They are LBJ Republicans. Kay Bailey, Perry, Cornyn - useless - turning Texas in California.
“Yeah and the GOP in TX is run by open-border RINOs who are as useless as ***** on a bull. They are LBJ Republicans. Kay Bailey, Perry, Cornyn - useless - turning Texas in California.”
We’ll have them replaced in a few years, and way before the Hispanics take over. We just passed voter photo-ID, so the Dems just lost 10% of their vote.