Stefan Gleason Blog | Congressman Mooney Introduces Bill To End Federal Taxes On Gold And Silver | Talkmarkets - Page 2
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Gleason is president of Money Metals Exchange, a national precious metals investment company and news service with over 450,000 readers, 35,000 paid customers, and $120 million in annual sales. He launched the company while president of a national newsletter publishing ... more

Congressman Mooney Introduces Bill To End Federal Taxes On Gold And Silver

Date: Wednesday, March 31, 2021 3:38 AM EDT

Under current IRS policy, a taxpayer who sells his precious metals may end up with a capital “gain” in terms of Federal Reserve Notes and must pay federal income taxes on this “gain.”

But the capital “gain” is not necessarily a real gain. It is often a nominal gain that simply results from the inflation created by the Federal Reserve and the attendant decline in the Federal Reserve Note dollar’s purchasing power.

Under Rep. Mooney’s bill, precious metals gains and losses would not be included in any calculations of a taxpayer’s federal taxable income.

“Inflation is a regressive tax that especially harms wage earners, savers, and retirees on a fixed income,” said Jp Cortez, policy director at the Sound Money Defense League. “We are encouraged to see legislation targeting the evils of the Federal Reserve System.”

“The IRS does not let taxpayers deduct the staggering capital losses they suffer when holding Federal Reserve Notes over time,” said Stefan Gleason, president of Money Metals Exchange, the U.S. company named  Best Overall Precious Metals Dealer by Investopedia.com.  “So it’s grossly unfair for the IRS to assess a capital gains tax when citizens hold gold and silver to protect them from the Fed’s policy of currency devaluation.”

The text of the H.R. 2284 can be found here and additional information on its current status is located here.

 

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