6 votes

HB 78 Passes Texas House & Senate, Removes Sales Tax on Gold, Silver, and Other Precious Metals!

It's been a while since I posted something as I've been really busy with freelance life! But I just couldn't pass on sharing this!

http://openstates.org/tx/bills/83/HB78/

Relating to the exemption from the sales and use tax for certain coins and precious metals.

Summary: HB 78 would exempt the sale of gold, silver, or numismatic coins, or of platinum, gold, or silver bullion from taxes levied by Chapter 151, Tax Code, dealing with limited sales, excise, and use tax.

Analysis: HB 78 would limit government by restricting the amount of revenue Texas can take by taxing coins. This promotes the property rights of coin collectors by not taxing them for coin purchases.

Thanks to State Rep. David Simpson and everyone else who supported this bill!

I'd rather not be cheering on government, but this is a step in the right direction.




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<$1k only

Hey guys

I'm from Rep. Simpson's hometown of Longview, and I'm a big fan of his for many reasons.

I worked in the industry for a gold dealer here in Austin. The only time sales tax was required to begin with was on purchases of less than 1k. If you purchased more than that, sales tax 8.25% didn't apply anyway.

I sold to clients nationwide, now I consult. Texas was the only state that required me to charge sales tax, and this seems to bring Texas in line with every other state in that respect.

So this is a nominal win if you routinely purchase less than 1k and live in TX. The only thing is, you need to purchase around 3k to save enough cash to buy one silver coin.

Still a big fan of the good David Simpson, representin' East TX! I would say the next real item on the agenda would be for gold and silver to be made legal tender in TX......we need to bring the good Doctors Paul for that one.

Peace,

Free Diddy

This is outstanding. Simpson

This is outstanding. Simpson is a friend of the Liberty movement, I met him at the Texas convention with some RP people.

Southern Agrarian

Very cool...

...Texas is looking better and better everyday...

GJ Texans!

Keep your eye on the prize! - Ending legal tender laws in order for the Federal Reserve System to self-destruct is of the upmost importance.
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