Changes announced to state income taxes

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  • terra nova Park City, UT
    Feb. 9, 2013 8:31 p.m.

    Well see, it works like this. If that $20 gold piece you picked up last year at the "buy gold its the end of the world" festival last year got used at the local 7-11 to buy a couple of cans of soda and a hot-dog, you don't have to pay capital gains on it. Cause then it is MONEY. Not smart money. But money, none-the-less. No tax owed.

    But if you bought it for $2000 and later sold it for $3000, there was a gain.

    Now, I know this may be a serious struggle, but stay with me... when you buy collector coins only the "uninitiated" spend them as money. If you cease using coinage as "money" it becomes something else. It transcends to a collectable. It morphs into an investment. Remarkably, if you put your $2000 into a stock investment and sell it in later for $3000, you have a gain there too.

    It's fair. You wouldn't want the tax code to be unfair would you?

    You're not going to spout some ridiculous legal fiction about how the Constitution this, and the Constitution that... are you?

    Oh, I hope not. I sincerely hope not.

  • My2Cents Taylorsville, UT
    Dec. 22, 2012 4:36 a.m.

    I hope this gets challenged in court real soon, how can monetized money be called a capital gains? It's like saying if you have an earned income its a capital gain and will be taxed at 40-50%.

    And I think is why this process has never been implemented in the past, there is no basis to value this money. Gold and silver are monetized currency and cannot be a capital gains unless it is done through stock brokers as an investment. Other wise money in the hand is exempt as capital investments.