West Virginia Legislature Votes to End Sales Taxation on Gold & Silver

Stefan Gleason

President at Money Metals Exchange

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Gleason is president of Money Metals Exchange, a national precious metals investment company and news service with over 1,000,000 readers, and more than 500,000 paid customers. He launched the company while president of a national newsletter publishing company dedicated to helping subscribers protect their freedoms, assets, and privacy. He founded Money Metals Exchange in 2010 in direct response to the abusive methods of national advertisers of rare, collectible, and numismatic coins who mark up their coins to 50%, 100%, or even higher above their actual melt value. Money Metals believes the average investor should never purchase precious metals that are not priced at or near their actual melt value. The rare coin market is only suitable for highly experienced collectors with money to blow. Previously, Gleason served as Vice President of the National Right to Work Legal Defense Foundation in Springfield, Virginia. As the first strategic litigation organization in the individual rights and free enterprise movement, the Foundation has led the national legal battle to block the expansion of union special privileges over workers and the U.S. economy since 1968. In addition to managing fundraising programs and many of the internal dynamics of the Foundations $7 million-a-year operation, he was the Foundations primary spokesman on a number of critical, high-profile legal cases, some of which were heard by the U.S. Supreme Court. Gleason has frequently appeared on national television shows and networks such as Fox News Channels OReilly Factor and Special Report with Brit Hume, CNBCs Closing Bell, Christian Broadcasting Network, CNN, and C-SPANs Washington Journal. He has frequently been interviewed on national radio shows such as the Lars Larson Show, Michael Reagan Show, G. Gordon Liddy Show, and Ken Hamblin Show. Gleasons articles comments have appeared in The Wall Street Journal, Detroit News, Washington Times, and National Review, among thousands of other national, state, and local newspapers, wire services, and Internet sites. A seasoned business leader, investor, political strategist, and grassroots activist, Gleason is also a graduate of the University of Florida with a BA degree in Political Science.less

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West Virginia Legislature Votes to End Sales Taxation on Gold & Silver

Date: Friday, March 8, 2019 6:29 PM EDT

**For Immediate Release**

West Virginia Legislature Overwhelmingly passes Senate Bill 502, Removing Sales Tax from Precious Metals at the State Level

Charleston, West Virginia (March 8^th, 2019) -- Sound money advocates rejoiced today as the West Virginia legislature overwhelmingly passed Senate Bill 502 and sent it to Governor Jim Justice for his signature.

First passed in the West Virginia senate unanimously last month, the measure removes state sales taxation of precious metals, specifically on gold, silver, platinum, and palladium bullion and coins.

State Senator Craig Blair (R-District 15) introduced SB 502 with the goal of encouraging precious metals purchasers to keep their investment dollars in the state rather making investments elsewhere. The bill impacts purchases of platinum, gold, palladium, or silver bullion valued upon its precious metal content, whether in coin, bar, or ingot form.

The Sound Money Defense League helped make the case to West Virginia legislators, explaining why charging sales taxes on money itself is beyond the pale. In effect, those states that collect taxes on purchases of precious metals are inherently saying gold and silver are not money at all.

“West Virginia's legislature has taken a huge step forward with the passage of SB 502. Thanks to the efforts of Senator Blair and other groups, Governor Justice can sign a measure eliminating obstacles in the way of West Virginia citizens to protect themselves from the inflationary practices of the Federal Reserve,” said Jp Cortez, Policy Director of the Sound Money Defense League.

The Sound Money Defense League has pointed out that charging sales taxes on purchasing the monetary metals is tantamount to charging an 80-cent tax after asking a gas station attendant to change a 20-dollar bill.

Assuming the governor signs SB 502, effective on July 1, 2019, West Virginia would join the ranks of the 38 other states that have elected to reduce or eliminate sales taxation on gold and silver. Other states have advanced legislation to eliminate income taxation on gold and silver (Arizona, Utah, and Idaho) or setting up precious metals depositories to help citizens save and transact in gold and silver bullion (Texas and Tennessee).

Learn more about what states are doing to promote sound money policies here.

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