Josh Sigurdson sits down with author and economic analyst John Sneisen to talk about the acceptance of gold in Arizona as money!
As the story goes,
The Governor of Arizona Doug Ducey has signed into law a bill, HB 2014, which removes all state income tax on precious metals coins. The measure was passed in the Arizona Senate on May 10 by a margin of 16-13.
When people buy gold or silver to protect themselves against the devaluation of America’s paper currency, they frequently end up with a “gain” when exchanging the metal back into dollars.
However, this is not necessarily a real gain, regarding purchasing power. This “gain” is often nominal because of the slow but steady devaluation of the dollar. The government nevertheless assesses it as a gain for tax purposes.
Taxation is theft. These capital gain taxes are absolutely absurd! It’s great to see this eliminated!
The bill, called House Bill 2014, was introduced by Republican Mark Finchem who insisted that taxing exchanges of “legal tender” like gold coins is a tax on money.
Though it’s worth pointing out the creation of worthless fiat currency is in itself a tax on money if you think about it.
This is helpful to the cause of taking down the monopoly of the Federal Reserve banking Cartel, at least in Arizona.
Ron Paul spoke in favor of this bill and went to committee meetings which really helped drive this home.
The Arizona governor had vetoed very similar bills several times in the past.
Josh and John go into the resilience and preservation of value that is sound money like gold and silver and why it’s so important to own!
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
John Thore Stub Sneisen
Graphics by Bryan Foerster and Josh Sigurdson
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