Alabama Repeals Sales Tax on Gold and Silver Bullion

[AZJoe]

Alabama Repeals Sales Tax on Gold and Silver Bullion

Last week, Alabama Gov. Kay Ivey signed a bill into law exempting the sale of gold and silver bullion from state sales and use tax. ...

A similar bill passed in Wyoming last week and is waiting for action by the governor. Titled the Wyoming Legal Tender Act, House Bill 103 defines gold and silver specie as “legal tender,” meaning it would be recognized as a medium of exchange for the payment of debts and taxes in the state. It would prohibit the state or local governments from levying any property, sales of capital gains taxes on gold or silver specie. Practically speaking, gold and silver specie would be treated as money, putting it on par with Federal Reserve notes in Wyoming. ...

A bill that would exempt gold and silver bullion, along with other precious metals and some coins, from state sales and compensating use tax is also working its way through the Kansas legislature. ...

 

[oyarde]

Been law here for awhile . How would you like to pay sales tax on a 1320 dollar ounce of gold ?

 

[Danke]

Feds will still get their cut.

 

[oyarde]

Feds will still get their cut.

LOL

 

[wizardwatson]

Feds will still get their cut.

If state's were serious, they could simply give tax credits temporarily to compensate for federal taxation of legal tender transactions related to gold and silver (constitutionally allowed for states to use as money) and then sue the federal government to recover those funds.

Win-win for taxpayer and state's rights battle.