Washington State Politicians Drop Cynical Attempt to Impose New Taxes on Gold & Silver

22nd April 2019 Off By binary
Washington State Politicians Drop Cynical Attempt to Impose New Taxes on Gold & Silver

By Money Metals News Service

Sound Money Group, In-State Dealers, and Grassroots Activists Deter Tax-Hungry Politicians

Well, here’s some encouraging news…

Efforts in Washington State to impose sales tax on gold and silver were SHUT DOWN today thanks to intense efforts by the Sound Money Defense League, a group of in-state coin dealers led by Dan Duncan of Pinnacle Rarities, and a large number of vocal grassroots supporters.

Here’s the backstory…

Since last month, a few misguided Washington State senators and representatives have been trying to ram through a new tax on constitutional money.

Their cynical efforts stalled out last month on the senate side, and today, the House Finance Committee voted decisively against imposing a new sales tax on precious metals.

Maintaining current law and not levying sales taxation on gold and silver coins and bullion reaffirms their status as money in Washington State, in keeping with Article 1, Section 10 of the U.S. Constitution.

Remaining in sync with every state in the Pacific Northwest, Washington has so far upheld their sales tax exemption on the monetary metals that was passed almost 35 years ago.

Sound Money Defense League’s Jp Cortez testified before the legislature in Olympia, Washington, noting that “taxing gold and silver is a de facto penalty on the only form of money mentioned in the Constitution.”

Local dealers also testified that their businesses could be damaged or destroyed — and coin conventions and the economic activity they bring would leave the state — if sales taxes were suddenly slapped on gold and silver investors.

In addition to the compelling testimony, the politicians proposing the new taxes faced an angry backlash from citizens across Washington who learned of their scheme.

Both Washington and Nebraska have turned back attempts to repeal their long-standing tax exemptions this year.

The Sound Money Defense League, local dealers, and other in-state groups provided compelling testimony to maintain current protections for gold and silver investors in these states, stopping the efforts of tax-hungry politicians.

In reality, the national trend is toward removing rather than re-imposing unjust sales taxation from precious metals.

The governor of West Virginia last month signed a bill to remove sales tax on gold and silver, and Tennessee, Kansas, Wisconsin, and Maine are considering bills to eliminate taxation on gold and silver right now.

In total, 39 states have now wholly or partially exempted the monetary metals from sales and use taxes.

 


The Money Metals News Service provides market news and crisp commentary for investors following the precious metals markets.

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