Stefan Gleason | Jan 17, 2024 12:09PM ET
Representatives in Vermont realize that their state has become a big outlier, and that it’s high time for the state to end their practice of taxing purchases of gold and silver.
House Bill 295, a measure that removes this taxation from gold and silver coins and bullion and thereby allows Vermont to align with the balance of U.S. states, including all of Vermont’s neighbors who currently enjoy a competitive advantage, was carried over from the 2023 session. Reps. Peterson, Clifford, Demar, Higley, and Smith carry this bill on the heels of the New Jersey legislature voting to end the sales tax on precious metals in their state without a single "no" vote.
Due to dramatically rising federal debt along with the excessive issuance of Federal Reserve note dollars (or their electronic equivalent), Vermont savers have been losing significant purchasing power as inflation rages across America.
Acquiring gold and silver as savings is one way citizens are able to protect themselves from this inflation.
There are strong public policy reasons why so few states still impose a sales tax on precious metals purchases…and why House Bill 295 is good policy:
The harm is exacerbated when you consider that ALL of Vermont’s neighbors (Massachusetts, New Hampshire, New York) have already stopped taxing gold and silver.
The national backlash against inflation caused by federal spending, debt, and money printing is growing. State legislators this year have already introduced an unprecedented number of bills to remove government impediments to buying, saving, and using gold and silver.
The Green Mountain State is currently ranked 50th, dead last, in the 2024 Sound Money Index. By passing HB 295, Vermont can vastly improve its Sound Money Index ranking, as well as become the 44th state to end sales taxes on precious metals.
More than a dozen states have introduced pro-sound money legislation in 2024 so far, including Alaska, Indiana, Iowa, Georgia, Kansas, Kentucky, Missouri, New Hampshire, New Jersey, Oklahoma, Vermont, West Virginia, and Wisconsin.
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