“Everything’s bigger in Texas” with the exception of sales tax on precious metals, as Texas is “fixin to” become the first state in the country to completely abolish the tax on gold and silver coins.
Currently, Texans are paying 6.25 percent on all gold and silver purchases of less than $1,000, but the Texas Senate recently passed a bill to become tax exempt on all bullion orders.
House Bill (H.B.) 78 will now travel to Texas Gov. Rick Perry, who can sign to eliminate the sales tax and aid average income Texans that want to buy precious metals.
Texas Representative David Simpson filed the bill and it has gained steam throughout the past few months. Presently, Texans that can afford more than $1,000 in gold and silver are assessed no sales tax, but Simpson wanted to eliminate the sales tax completely and lift the burden of those that could only purchase less than $1,000.
Rich Danker, American Principles Project economic director, testified on behalf of the bill. He noted in a press release that this bill assists middle to lower income citizens wanting to acquire gold and that taxing gold, which is money, doesn’t make sense.
Investors and collectors across the globe often turn to precious metals like gold and silver to preserve their wealth. Inflation worries and the declining of the dollar make bullion an attractive buy and among the safest ways to maintain purchasing power.
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