Gold, silver sales are still being taxed, is that about to change soon? Jp Cortez

Jp Cortez of the Sound Money Defense League discusses with David Lin, anchor for Kitco News the importance of eliminating sales taxes on physical gold and silver, which he considers "sound money".

Unlike traditional investments like stocks and bonds, retail investors who buy and sell precious metals must pay sales taxes, but that could soon change. So far, 42 states have removed some or all of the taxes from gold and silver transactions. “The last several years have been really promising in eliminating sales taxes in many states,” Jp Cortez, Policy Director, Sound Money Defense League explained. “Last year Arkansas and Ohio both decided to move forward with removing sales tax on precious metal transactions.”

Cortez continued, “This year Kentucky, Mississippi, Hawaii, New Jersey, and Tennessee are all considering removing sales taxes on gold and silver purchases as well.”

The Sound Money Defense League is a public policy project in collaboration with money metals exchange to remonetize gold and silver.

Cortez spoke to David Lin, anchor at Kitco News on eliminating taxes on gold and silver transactions. Read More

Source: Kitco.com

Disclaimer: This article and video are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.