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Arizona Goes for the Gold
Posted By Isaac Nuriani
Arizona is one of the most charming of the 50 states, a haven for patriotic Americans who love liberty and freedom. That’s why we are delighted, but not surprised, to learn that on May 22, the Grand Canyon State joined Texas, Idaho and Utah in recognizing gold and silver as legal tender.
Yes, that’s right – these states have reclaimed their constitutional right to recognize gold and silver as legal tender. The United States Constitution declares in Article I, Section 10, "No state shall...make anything but gold and silver coin a tender in payment of debts." We like the symbolism: Arizona adopted the law, known as HB 2014, in reaction to the flood of paper money printed by the U.S. Treasury at the behest of the Federal Reserve. The state is lining up behind sound money instead of “Federal Reserve Notes,” which is what is used as money today.
But even more importantly, because of Arizona’s action, its citizens’ will not owe state capital gains tax on gold and silver coins when sold at a profit. The law allows Arizonans to back out of all legal tender gains and losses, as declared on their federal income taxes, from their state’s adjusted gross income.
Profit from Gold Investments in Legal Tender won’t Increase Arizonans’ State Taxes
This is an important concept, because, if this applies to you, it means you won’t be penalized by the effect of inflation (i.e., loss of value) on paper money, at least at the state level. You see, gold gains value with inflation, while paper currency loses value, so inflation creates a nominal gain for physical gold investments over time. But if you live in Arizona, your state taxes won’t rise an extra penny when you convert gold and silver coins to greenbacks.
So far, seven states have passed laws recognized gold and silver as legal tender, and many more are considering it.
Do YOU love the idea of getting tax-free gains on gold and silver? We can offer you that today! We call it the Augusta™ Gold IRA from Augusta Precious Metals. You can fund this as a Roth IRA with post-tax contributions up to $6,500 a year, if you’re 50 or older. As long as you follow the rules, you can buy gold and silver coins in the Roth IRA and never pay taxes on any profits you withdraw.
Alternatively, you can invest in a traditional physical gold IRA from Augusta (or a traditional physical silver IRA), take a tax-deduction on your contributions, defer taxes on any gains on your silver and gold investments, and pay taxes only on withdrawals. Either way, you get important tax benefits with Augusta’s physical gold IRA or silver IRA, so don’t wait another second – open yours today!
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