The Framers of our nation established that gold and silver are money, but federal taxing authorities in recent decades have required taxpayers to pay taxes on this form of money when its exchange for Federal Reserve Notes results in nominal capital “gains.” But that problem may soon be mitigated, at least in Idaho. A prominent Gem State state representative has advanced legislation to remove state income taxes when Idaho taxpayers sell their precious metals. House Majority Leader Mike Moyle introduced House Bill 206 on February 23rd to amend Idaho revenue statutes, providing “that capital...
Idaho Bill Would End Taxation of Gold and Silver
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