Gold And Silver Tax Break In Arizona

May 16, 2017

Common sense is taking hold in Arizona’s state legislature. Taxpayers who have gains or losses on sales of gold and silver will no longer have to report this on their state tax returns. Speaking in support of the legislation, former Representative RonPaul said, “We ought not to tax money, and that’s a good idea. It makes no sense to tax money.”

When converting gold and silver back to paper money, taxpayers often end up with a gain that is more to do with the devaluation of the dollar than with an actual gain in actual purchasing power. State Representative Mark Finchem said, “What the IRS has figured out at the federal level is to target inflation as a gain. They call it capital gains.”