By JP Corez
Money Metals News Service, Eagle, Idaho
Tuesday, March 30, 2021
U.S. Rep. Alex Mooney, R-West Virginia, today re-introduced sound money legislation to remove all federal income taxation from gold and silver coins and bullion.
The Monetary Metals Tax Neutrality Act (H.R. 2284), backed by the Sound Money Defense League and free-market activists, would clarify that the sale and exchange of precious metals bullion and coins are not to be included in capital gains, losses, or any other type of federal income calculation.
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“My view, which is backed up by language in the U.S. Constitution, is that gold and silver coins are money and are legal tender,” Mooney said.
“If they’re indeed U.S. money, it seems there should be no taxes on them at all. So why are we taxing these coins as collectibles?”
Acting unilaterally, Internal Revenue Service bureaucrats have placed gold and silver in the same “collectibles” category as artwork, Beanie Babies, and baseball cards — a classification that subjects the monetary metals to a discriminatorily high long-term capital gains tax rate of 28%. …
… For the remainder of the report:
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Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA’s recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
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Support GATA by purchasing
Stuart Englert’s “Rigged”
“Rigged” is a concise explanation of government’s currency market rigging policy and extensively credits GATA’s work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon —
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This content was originally published here.