Congratulations to our Ohio Campaign for Liberty grassroots supporters who helped push the bill ending sales taxation on gold, silver, and other precious metals across the finish line!
Since money itself is not taxed, it only stands to reason you should not be taxed when you trade one currency for another.
It’s vital that American citizens are able to protect themselves against the continued devaluation of Federal Reserve Notes (also known as “dollars”), especially now that Congress is spending with reckless abandon and the Federal Reserve is printing money at a rate not seen before.
By ending the unjust taxation on precious metals, Ohioans will no longer be punished with taxes simply for choosing gold instead of dollars, and they have also taken a major step forward in ending the Fed’s monopoly on money.
Read more about this important victory below.
Ohio Becomes 41st State to End Sales Taxes on Gold and Silver
By Mike Gleason
Last week, Ohio Governor Mike DeWine signed a law ending sales taxation of gold, silver, platinum, and palladium bullion and coins. The Buckeye State joins Arkansas as the two states having canceled taxation of the monetary metals so far this year.
Backed by the Sound Money Defense League, Money Metals Exchange, Campaign for Liberty, grassroots activists, and coin dealer representatives, the Ohio legislation bill restores the right of Ohio investors, savers, and small businesses to acquire precious metals without being slapped with sales and use taxes.
Including Ohio, 41 U.S. states now fully or partially exempt gold and silver from state sales taxes.
That leaves nine states –Vermont, New Jersey, Maine, Tennessee, Kentucky, Wisconsin, New Mexico, Mississippi, and Hawaii – and the District of Columbia as jurisdictions that still harshly penalize citizens acquiring the monetary metals to protect their savings against the serial devaluation of the Federal Reserve Note.
Of those remaining nine states, Hawaii, Maine, Mississippi, New Jersey, Tennessee, and Wisconsin have recently considered measures to remove the sales tax in their states.
To be sure, the nine states that still fully tax the monetary metals are increasingly embarrassing themselves, because the national tide has turned decisively against this foolish and unjust practice.