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West Virginia legislature votes to end sales taxation on gold and silver
From Money Metals News Service, Eagle, Idaho
Friday, March 8, 2019
CHARLESTON, West Virginia -- Sound-money advocates rejoiced today as the West Virginia legislature overwhelmingly passed Senate Bill 502 and sent it to Gov. 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.
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State Sen. Craig Blair 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 affects 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. ...
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