AN EXPLANATION OF THE FACTIONS  
 

[ DONATE TO RMN ] [ View Thread ] [ Archive Search Page ] [ RMN Reading Room ] [ CGI Media News Room ] [ SUBSCRIBE TO RMN ]

RMN is Reader Supported

Our Goal for
MAR 6 - APR 5:
$1,500

Powered by FundRazr

Click Widget
or Click Here to contribute.

Checks & Money Orders:

Raye Allan Smith
P.O. Box 95
Ashtabula, OH 44005


Users Online:
121

Who Founded RMNews?


Dewitt Jones' Video
"Celebrate What's Right
With The World"


"When the
Starships Fly!"

Listen at YouTube


The Theme for The Obergon Chronicles

Listen at YouTube


The Obergon Chronicles ebook


RUMOR MILL
NEWS RADIO


CGI ROOM
Common Ground
Independent Media


WHAT ARE
THE FACTIONS?


THE AMAZING
RAYELAN ALLAN


BIORHYTHMS

LOTTO PICKS

OTHER WAYS TO DONATE





RUMOR MILL NEWS AGENTS WHO'VE BEEN INTERVIEWED ON RUMOR MILL NEWS RADIO

______________

NOVEMBER 2008

Kevin Courtois - Kcbjedi
______________

Dr Robin Falkov

______________

Melinda Pillsbury Hr1

Melinda Pillsbury Hr2

______________

Daneen Peterson

______________

Daneen Peterson

______________

Disclosure Hr1

Disclosure Hr2
______________

Scribe
______________

in_PHI_nitti
______________

Jasmine Hr1
Jasmine Hr2
______________

Tom Chittum Hr1
Tom Chittum Hr2
______________

Kevin Courtois
______________

Dr Syberlux
______________

Gary Larrabee Hr1
Gary Larrabee Hr2
______________

Kevin Courtois
______________

Pravdaseeker Hr1
Pravdaseeker Hr2
______________

DECEMBER 2008

Tom Chittum
______________

Crystal River
______________

Stewart Swerdlow Hr1
Stewart Swerdlow Hr2
______________

Janet Swerdlow Hr1
Janet Swerdlow Hr2
______________

Dr. Robin Falkov Hr1
Dr. Robin Falkov Hr2
Dr. Robin Falkov Hr3

JANUARY 2009 ______________

Patriotlad
______________

Patriotlad
______________

Crystal River
______________

Patriotlad
______________

Dr. Robin Falcov
______________

Patriotlad

FEBRUARY 2009

Find UFOs, The Apocalypse, New World Order, Political Analysis,
Alternative Health, Armageddon, Conspiracies, Prophecies, Spirituality,
Home Schooling, Home Mortgages and more, in:

Rumor Mill News Reading Room, Current Archive

Why in the World Are Taxes Levied on Money Itself?

Posted By: RumorMail
Date: Tuesday, 30-Aug-2016 12:37:36
www.rumormill.news/55302

By Jp Cortez

Imagine if you asked a grocery clerk to break a $5 bill, and he charged you a 35 cent tax. Silly, right? After all, you were only exchanging one form of money for another.

But try walking to a local precious metals dealer in more than 25 states and exchanging 20 Federal Reserve notes for an ounce of silver. If you do that kind of money exchange, you will get hammered with a sales tax. That’s the price you can pay for bucking the system and picking up a piece of the only true money mentioned in the U.S. Constitution.

Of course, sales taxes haven’t been around forever.

Revenue hungry government officials in the 1930s brought us the first broad based, general sales taxes. Kentucky and Mississippi were the first adopters, and it spread rapidly from there.

Today, sales taxes are part and parcel of any shopping experience, in 45 states in the Union. Whether you buy a shirt or a hamburger, tax collectors want a piece of the action and force merchants to collect anywhere from 2.5% to 7.5% on top of your transaction total and forward it to the bureaucrats and politicians in your state capital.

Putting aside whether taxes on consumer goods is right or wrong, charging sales taxes on money itself is beyond the pale. In effect, those states that collect taxes on your purchases of precious metals are inherently saying gold and silver are not money at all.

It’s not difficult to see how these laws negatively affect those who choose to protect themselves from inflation and financial turmoil by saving some of their money in precious metals. Investors won’t want to pay, for example, $100 in taxes on purchase of a $1,350 one-ounce gold coin. It’s a competitive marketplace, so buyers will often purchase online or even travel out of state to obtain their precious metals.

Diversifying into precious metals tax free from an out-of-state national dealer such as Idaho-based Money Metals Exchange is a good option, because states are restricted in attempts to regulate interstate commerce. But state sales taxes reduce investors’ options and thereby have the negative effect of causing local dealers to lose business, threatening jobs and, even reducing those states’ overall tax revenues.
Your Nominal “Gains” from Owning Precious Metals Are Taxed as Income

But the tax problem doesn’t stop at sales taxes. Income taxes are another way in which government bureaucrats penalize holders of precious metals. If you own gold to protect against devaluation of America’s paper currency, you may end up with a “gain” when priced in dollars. Not necessarily a real gain, mind you. It’s a nominal gain on which the government will assess a tax.

At the federal level, your nominal gains on precious metals are taxed at the discriminatorily high 28% long-term capital gains tax rate. (Capital gains on other assets are taxed at 15% or 20%, depending on your income level). And the “gain” you receive from owning our constitutional money increases your taxable income at the state level, too. Shame on you for diversifying away from those paper Federal Reserve Notes!
States Are Eliminating Sales Taxes on Precious Metals

Utah is the leader in rolling back unfair taxation on precious metals. Not only did the Beehive State repeal sales taxes, but it also exempted gains on certain precious metals from the income tax.

Indiana lawmakers have also taken steps to roll back taxation on money. Effective July 1 of this year, House Bill 1046 became law, and Indiana will no longer collect a sales tax on purchases of precious metals by its residents.

State Senator Brandt Hershman (R-IN) argued that the removal of the sales tax also encourages people to save for their retirement by investing precious metals into Individual Retirement Accounts, or IRAs. He highlighted one of the many reasons for the bill, saying, “If you buy a stock or bond or put money into a savings account, you don’t pay sales tax on those items. But you were paying sales tax on these.”

Following in Indiana’s footsteps, Tennessee is eying similar changes. Two bills, HR1627 and SB1610, are working their way through the Tennessee legislature. These bills aim to “exempt the sale of gold, silver, and platinum coins and bullion that are used as mediums of exchange from sales tax.”
Louisiana Reverts Back to Pillaging Its People

Prior to 2013, Louisiana charged a sales tax on constitutional money. Representative Paul Hollis, a first term member of the Louisiana House of Representatives, led the charge to make the sale of precious metals exempt from sales taxes. Unfortunately, a so-called Republican representative named Jim Morris promoted a bill that reinstated the draconian sales tax on precious metals purchases and many other things. That will cost Louisiana jobs and drive investor money out of the state.

As more states reduce the costs and barriers to precious metals ownership, those who diversify some of their savings into hard money will continue to grow, and the concept of sound money will become more widely accepted.

Every day we are seeing the American people open their minds to the historic role that sound money has played. We’ve seen a few presidential candidates talk about it. A few state legislatures, too, have recognized the danger of being totally reliant on a monetary system based on debt and unbacked fiat money, and they’re taking concrete steps to liberalize the laws surrounding gold and silver ownership.

While there is a tremendous amount of work to do, we should be encouraged that the stranglehold central planners have over our money is beginning to loosen. People are taking notice that something about the debt-laden economy and their money isn’t right. And people are realizing that money backed by nothing isn’t actually money at all.

Read More



RMN is an RA production.

Articles In This Thread

Why in the World Are Taxes Levied on Money Itself?
RumorMail -- Tuesday, 30-Aug-2016 12:37:36
Reader: The reason that gold is taxed is because it is NOT money.
RumorMail -- Tuesday, 30-Aug-2016 14:24:44
Reader: Economist Talks Endgame Scenarios: “Physical Precious Metals Markets May Freeze Up… $5,000 Gold Is A Conservative Estimate”
RumorMail -- Tuesday, 30-Aug-2016 14:28:52

The only pay your RMN moderators receive
comes from ads.
If you're using an ad blocker, please consider putting RMN in
your ad blocker's whitelist.


Serving Truth and Freedom
Worldwide since 1996
 
Politically Incorrect News
Stranger than Fiction
Usually True!


Powered
by FundRazr
Click Widget
or Click Here to contribute.


Organic Sulfur 4 Health

^


AGENTS WEBPAGES

Provided free to RMN Agents

Organic Sulfur 4 Health

^


AGENTS WEBPAGES

Provided free to RMN Agents



[ DONATE TO RMN ] [ View Thread ] [ Archive Search Page ] [ RMN Reading Room ] [ CGI Media News Room ] [ SUBSCRIBE TO RMN ]

Rumor Mill News Reading Room, Current Archive is maintained by Forum Admin with WebBBS 5.12.

If you can't find what you're looking
for using our RMN search, try the DuckDuckGo search below:


AN EXPLANATION OF THE FACTIONS