Sales Of Gold And Silver Should Not Be Taxed
Sales Of Gold And Silver Should Not Be Taxed by Steve Forbes for Forbes Magazine
TDC Note – Mr. Forbes begins this short article using language that more people should use. I have attempted to address what I believe is a very serious indictment of the American people. Language is all we have to convey ideas, thoughts and dreams that make our society function properly. If the language is bastardized, as there is a full frontal assault today via Twitter and other social media, we lose our heritage and our ability to effectively create avenues of opportunity. How can one traverse a new way of thinking if the idea can not be communicated properly?
WHEN YOU EXCHANGE a $20 bill for two $10 bills, you don’t pay sales tax on the transaction, even though, theoretically, you are “buying” the tens. The notion is utterly preposterous. Yet if you purchase a gold coin that was created by the U.S. Mint and is legally usable for commercial transactions, in some states you have to pay sales tax on that coin. Uncle Sam also says people who buy and sell such coins are liable for capital gains taxes. Of course, you would never buy a silver dollar from the mint for, say, $35 and then use it to pay for a $1 candy bar, but the point is that such coins are legal tender.