The following important message comes to us from Stefan Gleason, the Director of the Sound Money Defense League. Please pay close attention and take a moment to contact your Legislators about this important issue TODAY.
Dear Idaho Supporter,
In the next few days, we have a window of opportunity to strike a MAJOR BLOW for sound money in Idaho.
And if you believe money – i.e. gold and silver – should NOT be taxed, we need your help contacting your state senator about House Bill 206.
Let me explain.
Last month, Representative Mike Moyle (R-Star) introduced House Bill 206 to remove precious metals “gains” and “losses” from a taxpayer’s Idaho adjusted gross income (AGI).
And earlier this week, the Idaho House PASSED this important bill by a 56-13 margin, sending it on to the Senate!
We need to persuade the Senate to hold a hearing and vote on HB 206. But this all must happen in the next few days – before the Senate adjourns for the year.
Please, take a moment right now to find your own state senator using this lookup tool and contact him or her today.
Or you can just call the Capitol switchboard at 208-332-1000 and they will forward your call.
Ask your Senator to do everything they can to pass HB 206 and end the unjust Idaho income taxation of precious metals.
Of course, owning gold and silver as a form of savings can help protect against the ongoing devaluation of America’s currency.
However, under current law, the taxpayer who sells their precious metals may end up with a capital “gain” in terms of Federal Reserve Notes – commonly referred to as dollars.
This capital “gain” is not necessarily a real gain, but rather it is often a nominal gain that simply results from the inflation created by the Federal Reserve and the decline in the dollar’s purchasing power.
Under House Bill 206, however, precious metals gains and losses reported on a taxpayer’s federal income tax return would be removed from the calculation of the taxpayer’s Idaho taxable income.
There are huge benefits to passing HB 206.
Right now, Idaho tax law discourages precious metals ownership and reduces the likelihood that Gem State citizens will take prudent steps to insulate themselves from the inflation and financial turmoil caused by the Federal Reserve System.
Fortunately, precious metals bullion is already exempt from Idaho’s sales tax.
HB 206 removes the final disincentive in Idaho that stands against ownership of the monetary metals.
The impact on the state’s revenues is small, but HB 206 has a larger impact on Idahoans’ freedoms by expanding their ability to protect the purchasing power of their savings.
Your help today could make the difference in securing passage of this important bill. Your own senator may be inclined to listen to you.
That’s why I ask that you CALL your state senator at 208-332-1000 RIGHT NOW and urge him or her to vote for HB 206.
If you don’t want to call the Capitol switchboard, it’s super easy to look up your own senator’s contact information right here. Please do it right now while you are thinking about it!
We have a small but very real window of opportunity to pass HB 206.
Stefan Gleason, Director
Sound Money Defense League
P.S. Please call your state senator at 208-332-1000 today and ask for their support on HB 206. We only have a few days to get this bill passed before the senate adjourns for the year.
You can find your specific senator’s direct phone and email right here. Please CALL and EMAIL him or her right now if at all possible. Gold and silver are money, and they should not be taxed in Idaho. HB 206 will end this practice and strike a major blow for sound money!
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