Can Texas become 1st tax free Gold state?
Texas Governor Rick Perry is expected to approve a bill that eliminates the sales tax on precious metal coins and bullion.
Texas is all set to become the first state to fully expand a tax exemption for gold and silver coins after Texas Senate passed H.B. 78, the bill that eliminates the sales tax on precious metal coins and bullion.
Texas Governor Rick Perry is expected to approve a bill that eliminates the sales tax on precious metal coins and bullion.
Analysts said The timing of this bill should be a boost to the already booming market of physical gold and silver purchases that have accelerated since the attack on paper metals in the commodities market.
Existing Texas statute applies the 6.25% sales tax to purchases of gold and silver under $1,000.
They added that anyone should be able to own and acquire gold and silver currency with a declining dollar and expanding inflation, investing in gold and silver is the best solution around for middle class economic revival.
Currently, there are 15 US states that have partial, or complete exemption of taxes for the purchase of gold and silver bullion.
Since the beginning of April, precious metal retailers have experienced a massive shortage on products as consumers recognize the fragility of the dollar and the global banking system, especially after the confiscations that took place two months ago in Cyprus.
Texas' move to expedite gold and silver commerce to their citizens may also be tied to the growing movement towards possible succession, that has been simmering in the Lone Star state for decades.
And while the Texas constitution does not provide an amendment for succession, several state ratification documents for the Constitution in 1788 implied that when the Federal government had strayed from lawful, constitutional rule, the people (states) had the right and power to resume control over their own dominions.
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