Gold & Silver Taxes Dropped in 45 States, 13 End Capital Gains: Why It 'Scares' the Fed - Jp Cortez
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- เผยแพร่เมื่อ 4 มิ.ย. 2024
- Jeremy Szafron, Anchor at Kitco News, interviews Jp Cortez, Executive Director of the Sound Money Defense League, to discuss the transformative steps states across the U.S. are taking to remonetize gold and silver. In this interview, Cortez explains how states are eliminating taxes on precious metals to restore them as viable money and combat inflation. Cortez also dives into federal initiatives aimed at solidifying the constitutional stance that treats gold and silver not just as assets but as legal tender. This interview covers the potential impacts on the economy, the philosophy behind sound money, and the practical implications for everyday Americans.
Follow Jeremy Szafron on X: @JeremySzafron ( / jeremyszafron )
Follow Kitco News on X: @KitcoNewsNOW ( / kitconewsnow )
Follow Jp Cortez X: @JpCortez27 ( / jpcortez27 )
00:00 Introduction
01:30 The Importance of Sound Money
03:30 State Legislation on Precious Metals
06:00 Impact on Individual Finances:
09:00 Federal Policies and Sound Money
12:00 Addressing Common Criticisms
15:00 The Role of Gold and Silver Today
18:00 Practical Challenges and Solutions
22:00 Conclusion
#SoundMoney #GoldSilverMoney #FinancialFreedom #InvestInPreciousMetals #TaxReform #EconomicStability #goldusa #MoneyMetals #InflationHedge #GoldStandard #SilverInvesting #MonetaryPolicy #USConstitution #EconomicReform #ProtectWealth
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For those who don’t know, the Federal Reserve is a private enterprise, not a government agency.
It is not a reserve either
As “Federal” as FedEx
And you are not the PUBLIC or the Government created Birth Certificate.
"The Creature From Jekyll Island" tells the story of how it was created by a group of bankers in order for them to regulate themselves.
O g the Fed Reserve is a Private Bank that Loans us our own money, in effect. It’s unfathomable .
There should be no capital gains tax on any money or currency or people cannot protect against inflation
Why should real estate be subject to capital gains taxes on gains represented by inflation? It is no different than being taxed on inflationary gold/silver gains.
You could stop at " No capital gains" the appreciation of the dollar value of capital is either from the erosion of currency or the adding value to the economy.
I think it hilarious that the government thinks they can control the exchange of bullions. It's actually sad and pathetic they even try.
Secondly, most people think about the "price" of gold wrong. Gold is a stable form of money as it never fluctuates but rather the value of the dollar fluctuates (usually downward) against gold. They counterfeit and devalue their fiat currencies which then requires more of that currency to be used to buy gold. That counterfeiting is a form of wealth theft or taxation. The government then thinks they are entitled to apply an additional tax on the wealth they stole. The mafia wasn't that brazen.
I agree. I would be willing to give up a write off of losses in exchange. We shouldn't be taxed on capital gains nor should we be able to reduce our taxes by capital losses either, IMO..
No taxes either They print it out of thin air
This guy deserves a big THANK YOU from every American.
Going the distance .
🇺🇸🌎
💯 MVP
🇺🇸
And from Non American's also..
About time we followed the Constitution and stopped letting Presidents Amend it.
*Residents
@@michaelgresham1980 Shady Acres Retirement Home. 🤦♂️
noob question is there anything in constitution say contitution can be ammended?
Zionist controlled Presidents ?
The pResident & CONgress do not work for the People, they work for the Federal Reserve cartel.
Get curency out of the Banks Buy gold and silver
The dollar is by definition a fiat CURRENCY. Gold and silver that holds wealth is MONEY. Money and currency are not the same thing.
Stopppp@@bubbajones4522
@@bubbajones4522 "Dollar" is not Exists. Fed Reserve Note is NOT dollar.. Dollar "Bill" no different than any "Utility" /"Water" / "Phone" Bill Accepted.. Same Negotiable Debt Instrument drawn on Contract/ssn. Good luck for "Gold". No way these corrupt crooks will ever implement GOLD.. Your are 1 step away from "Goldman Sux Digital BS Coin" or equivalent drawn on Hot air..
Stack stack stack 😊
Did that some years ago. Took every cent out decades ago, and purchased silver eagles .
Taxing us on gold and silvers capital gains, is no different than telling us to eat cake~
If you can afford cake…
Or bugs.
Cake a la Marie Antoinette, or ice cream a la Nancy Pelosi
add to that, that there seems to be no constitutional basis for any tax anyway. We have been cheated big time
The true purpose of incorporated governments is to transfer wealth from workers to the ruling class.
If I bought an ounce of gold ten years ago for a 1000 and sold 10 years from now for 5000 they would want a capital gain tax on the 4 k difference. Even if the purchasing value remained the same??? Greed and stupidity at the highest levels!
It's not stupidity, they don't want precious metals directly competing with paper currencies at fair market value the fed would lose control.
How would the govt prove that you didn't buy that ounce 6 months prior at $4500? Paying cash at a coin shop or from a private seller, no records.
What if you bought 100 coins for 100k and sold for 500k with no capital gains taxes? I wonder how the banks and the IRS would look at that bank deposit, assuming you wanted to buy a house or something. Looks suspicious. Account frozen, etc. I assume it would help to deposit a cashier's check instead of cash.
@@timsilva1944 If you don’t have a receipt, you will pay capital gains on all of it!
@@timsilva1944 They can't. It's up to you to be honest. lol
Go to Thailand and you'll see gold stores everywhere. When Thais have extra money they don't put it in the bank, they buy gold. When they need money they sell gold.
India also does this ...
They also buy lots of digital gold. Bitcoin mainly. Just dollar cost avg as savings
Also the premium is way lèss
When they have extra currency, they buy money, when they need extra currency, they sell money ;)
@@MetalBum haha no. There is no such thing as digital gold.
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They will become more than assets. They are the future of currencies!
Everybody in the United States that is a citizen should watch this TH-cam video.
That's why i'm sharing.
I love it when young people speak like this. It gives me some hope for the future.
Have you guys read G E Griffin's book "The Creature From Jekyll Island"?
Until we End the Fed we can't have sound money!
Yes I have...
His book World Without Cancer is eye opening as well. Free pdf online, too.
Actually we now have a way! Due to technology..
Please add a list of states that have eliminated these taxes in the description.
All except HI, NM, NJ, VT, & ME. There are complexities though. For example, Florida has no income tax on individuals meaning no income or capital gains taxes on anything. But, sales taxes apply on gold sales that do not exceed $500 in a single transaction. Also, the bullion must be in the form of bars, ingots, or coins. Also, there are purity requirements such as 99.5% for gold.
Yes Please
@@walt1955 gold and silver is not taxed in Maine
@@preciousmetals7114 It is
@@walt1955I thought no taxes over purchases over 500 bucks.
Give us a list of these states. Please.
Gold is honest money - No wonder governments don't like it!
But the biggest impediment to using gold & silver as money is our government is not creating the current coin as Constitutionally required!
Also the generally accepted idea that anything - including pieces of paper - can be used as money encourages the ignorance around money!
Also our academic world promotes fiat currency either out of ignorance or duplicity and our mis-guided military tramples upon any nation not using WEF approved fiat currency anywhere in the world!
That's tragic!
@cambriawellness3102 tragic and true.
The exorbitant privilege is soon coming to an end
People want free stuff from their Gov't..not freedom from their Gov't. People want social security, Medicare, education..they want a businessman to run the economy...they believe artificially suppressed interest rates are a good thing.
The Gov't is a reflection of its people
Bet if you traded gold and silver merchants would not turn you away.
How can you tax silver and gold? Its money!! Next thing you know they'll tax your cash!!
And air! And sunlight! Hmmm….what else can they do unto us?
They already Tax your cash--Its called Inflation :-D
If they tax capital gains on gold we all should be able to write off our capital losses on cash inflation.
Wow, if they remove the icapital gains tax on Gold and silver.. the price willl continue to push hard.
only if people hold them in self custody. the market is full of paper gold and silver = price is suppressed.
@@cesuntbanii Yes, indeed. Is that leveraged when it is paper gold? Don't really understand why you wouldn't hold the hard asset.. but Im sure there are reasons.
@@nicholas296 well... it's quite inconvenient and expensive and potentially dangerous to hold the physical, especially if you're rich... that's the reason we invented the paper currency which was initially convertible to gold at the banks. but I don't see a new gold standard unless we use actual coins for commerce and we get some cheap but reliable gold "readers" so we can assay the coins on the spot. this is where bitcoin enters the stage.
Capital gains tax on gold and silver sales is absolutely nuts it's taxing our own currency. People better watch out Biden has a new plan to put almost to 50% capital gains tax on the sales of either gold or silver your house everything. The last step in the bigwigs the Federal Reserve owning everything and you own nothing. Schools stop teaching our children who actually owned the Federal reserve. It has made our politicians that much more crooked they get away with so much the average person would be in prison for the rest of their life or on death row for the murders that they have done.
This is FREAKING HUGE! Wow! I pray this passes.
The people are finally getting it, now that they are all just about broke.
So if we are charged capital gains when we sell our metals then we should also be able to wright off the purchasing power losses on paper currency
Or don’t report
Really need to go on a Gold /Silver standard and coinage if the US wants any chance of surviving.
True indeed because BRIC and other 3rd world countries that are rich in Gold are taking back control of their Gold and will be backing their currency in gold... The USA fiat dollar is in TROUBLE the only thing the USA has is their military force and that's not going to work much longer because other countries are NO LONGER AFRAID of the USA plus they are now able to get weapons from China and Russia... America is Falling fast
Would put both metals extremely high due to supply/demand.
There is a way already.
Jp has a good grasp of the problem. Nice to see young guys stepping up. This is a step in the right direction. A good spokesman, he has my vote. Good video.
If needed, *_"sales tax only. No others - and only at the local level."_** No more central banks.*
Fifth plank of the Communist Manifesto was the creation of the central banking system
Banks on the way out.
Yes, local sales tax on goods for the maintenance of the city ONLY
Florida charges a sales tax on the sale of precious metals. Governor Desantis and the Florida Republicans even started taxing online purchases as well. Not good.
Remove cap gains federally. Let us keep the money we are risking.
13:32 'The US govt has had a monopoly on that power (printing money) since 1913.' Slip of the tongue. The Fed Reserve.. NOT the govt.
major distinction
They are effectively the same.
Brilliant guest. Thanks all
I use it as a retirement fund and emg fund...
He sure started out nervous but quickly settled right in. Good interview, lots of reality from the guest.
Jeremy was stoked and wants to have him on again. Its not too often that jeremy concludes his interviews with that acknowledgement. I too loved the interview
Kitco is the best.
Jp Cortez knows his stuff. I'd like to hear him going deeper into many of these issues.
Keep up the good fight JP Cortez!
NYS charges 8% sales tax on AU and AG. That's why I am moving out.
If you are right leaning good for you. If you are left leaning stay in the shit show you created
Thanks so much for doing great work for all people. Awesome 👏👏👏👏
I'm from Hong Kong so forgive my ignorance on these matters but...US Constitution, Article I, Section 10, Clause 1:
"No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility."
Surely the Federal Reserve can be charged with constitutional violations for issuing and allowing paper money to be used? And if gold is the unit of account, then capital gains taxes on gold are also nonsensical. Now that the gold standard has gone we should expect that any capital gains taxes should be levied on the fiat dollar, bought by gold.
Tangible assets, not just gold and silver, are the way forward
Regarding volatility whether it be gold or silver or Bitcoin. The volatility will only be in the beginning. When it becomes ubiquitous the volatility will be negligible. Currently the lack of volatility in gold and silver is strictly due to paper contract manipulation of the price. If we are ever to have some money it cannot be held in any form of derivative. Derivatives distort and ought to be illegal. You cannot buy or sell something you do not own. That is ridiculous. This is the real reason for the distortions and the reason that the true value of gold and silver is not yet realized. Manipulative derivatives will also be a problem for Bitcoin. The whole purpose of real money is to remove the ability to manipulate.
Nah. Where Bitcoin differs, is that there is complete transparency in terms of supply. There is a known quantity which has been mined and a finite amount which is yet to be. This provides true scarcity. Gold on the other hand, that’s a market of smoke and mirrors; a day doesn’t pass when another claim is made and yet, no one can verify them.
Big paradigm change. Even if a deriv was designed, it would ultimately root back to the transparent Bitcoin blockchain. You can forensically analyse whether the deriv issuer is ‘good’ for it or not. You can’t do that with gold - there is no ledger anywhere which undeniably documents ownership (…and hint hint, why do you think it’s so over sold? 😜)
Excellent interview, thank you Kitco News and JP Cortez
JP knows!
The guest is educated & accurate - Thank you JP!!! We love the truth!
Congrats this is incredible news for all persons 🎉
Spot on !!!
J.P absolutely correct about “Gold standard to debt standard “
This is great news! And this guy is amazing...
How badly the $ depreciation against gold backing at $36 an oz in 1971 and now $2,346 an oz losing 6,500% value in 55 years of money printing freely by Fed Reserve without domestic productive backing causing massive budget deficits for non stop wars that must be stopped.
The mood of the public is felt locally, first. I've seen city council members hopping mad at state government, and state officials hopping mad at the Feds. That this issue has been felt at State levels is good news. The US Congress will be the last to know (they're 4,000 miles away from me), but the states are already starting to put their foot down.
When you sell your 1oz of gold in the future you will be not wealthier you only keep your purchasing power over time but they want ot still from you using capital gain. But the problem is there is no gain you only kept your purchasing power over time
Agreed, but you could make the same argument about investing in the stock market. Average yields are pretty close to real inflation rates I think.
It's the ultimate defense. If you are looking for gains, for profits you are going to need to take risk. Gold is about protecting against risk.
Ha, ha, not really. You actually gain a great deal. You need to study, the rise of salaries in the last 50 years versus the rise of the gold prices ( you would notice that the salaries rose really only by 5 times but gold rose by 62 times) , the price of real estate to the gold prices also. You would be amazed, how much wealthier you would be if you bought gold in 1970 and kept it till today versus the real estate that was supposed to be the best investment. Not. Not only purchasing power, but you would be way richer, and that's not a joke.
For starters, the average salary in 1970 was $9870, which was equal to 253 oz of gold at $38.9 an oz. Today 253 is worth $601,080, the average salary in US is about 59K and that equals to 24oz of gold. Whoever told you that gold only keeps the purchasing power has lied to you.
Encouraging. Not enough. Not near enough...but, encouraging.
Jeremy asks the best questions
Great video, thank you.
Thank you.
ALERT!!!
Everyone, sell your GLD and SLV paper contracts! Only the first few will get anything for them, after that they will be worthless and useless!
Do it quickly!!!!!!
SO TRUE... More people need to WAKE UP .. Purchase only Gold and Silver in Real physical form... The only true money...
NEVER buy paper gold or silver....only buy the real - tangible - stuff from a reputable dealer.
Never buy SLV the first way. Only PSLV .
People who own paper, own paper 😅
@@TheKlaus3001 I wouldnt buy PSLV Either. Only Physical...
God Speed to this young man!
Excellent guest!
Whoa! And there you have it! Are we there yet? I can't wait! Can't print gold/silver at least not yet.
Actually they have created gold. They have discovered how to turn lead into gold and they have done it. But it is a nuclear fision process that is far more expensive to create the gold then it is worth.
Great video !! a lot of great points
Good info, thanks!
Very forward thinking! Nothing shall be money but Gold and Silver. Our 4 fathers already knew paper water down money is terrible.
Really appreciate hearing from this man. We all need to understand the money, gold and economic situation in our country.
Very good interview!
Love ❤️. JP. WOW !!
Great Show! Thanks!🦖
Wonderful video !!
Doesn't seem to be something that will be compatible with digital. Rather see gold and silver and scratch digital.
Great interview
Good info
Great interview invite him back in the future
The Government should make all Precious Metals legal Tender!!! Wishful thinking....
They can’t they must use the smoke and mirrors concept so they can keep us unaware of their poor decisions when creating money from thin air and overspending so much.
They at one point won’t need to. The dollar will look like toilet paper or fire starter material. Flash silver in front of a vendor or a $20 bill. Guess what the vendor will take.
@@annettefujii7331 Yes, and that person with the silver would have had that silver for a while, because in a currency crisis the gold and silver supply would have been wiped out. "Bad money pushes good money out."
Liked and shared. Taxes are to high, we need this.
A few decades... Thanks Ron Paul. The population can change Congresses' minds in an instant. They could wake up one day and follow the Constitution if we want them to.
Great info!! Thank you.. states may not be charging taxes when you purchase, but they’re still charging taxes on the sale. Which is defeating the purpose. Especially since the federal government is charging a capital gains tax for anyone that sells.
How are people supposed to get ahead who decide to purchase precious metals?
Good Lord, it’s like trying to open up a concrete wall with a toothpick
Good interview and a sign of the times. The fiat is dying. We all know it.
Need more people like this guy!
Bring JP BACK !!!
Great video great info. Let’s awaken the masses.
In San Antonio the coin shops are empty. We love wars here
Good information
Amen!
I love gold and silver, of course, and I like this new reintroduction to fair trading and state investments. I don't like the idea of mining more gold, due to the land grab from the Indigenous, the pollution of their rivers from mercury, etc. If only these miners would share the profit with them, at least, or provide them with legal leases and protection, that would be something. The process of mining needs to change to protect the rivers, fundamentally, before we should pursue this any further. Same for lithium and cobalt.
Kitco 👏👍👈
In the U.K. no tax on gold coins like Britannias, however silver has 20% tax added, that’s why I rule out stacking silver
Awesome
God bless you MAN.
There's no such thing as digital gold.
There is! Tons of people are buying! Traded on the market!
@@annettefujii7331 wait till they cut off the power again. Gold and silver are only useful in physical form. If you don't hold it, you don't own it. You are far too trusting.
@@valerieprice1745 understood. Since 2000. Was cheap then. No. Not in the manipulated market. Just waiting for metal prices to reflect true value. BTW I don’t trust anyone or anything.
@@annettefujii7331 the metal is the money. If the money reflects the true value against fiat currency, you will use currency for toilet paper, and spend your gold and silver for land to grow food. Learn to grow, card, spin, and weave fiber. Most people don't know how, and clothing yourself is as important as feeding yourself. I can raise food and fiber, spin, knit, weave, and crochet now. I'm skilling up, just in case.
@@valerieprice1745 Good for you!
Texas does not charge sales tax on Bullion -silver-gold and no state income tax.
You missed a state, California still charges sale tax on any purchase below $2000
Liked and Subscribed 👍Thanks for the .9999 fine video. Life is good......God Bless
Great interview. Crypto col
This is great news! We now have a way to use GOLD and SILVER as a currency not just investments! I'm glad i found a way!
Gold and Silver 🫶🏽
Kitco is the fox news of the gold and silver community.
You saying they are 'deliberately' lying?
It is foolish to think Fox News is some sort of quality standard. Being marginally better than everything else on TV doesn't make them truthful. Or are you stating that Kitco is subpar?
Is that supposed to be a compliment??
I'd rather not compare Kitco to trash like Fox News.
I like Jeremy as the new host. I think he is a viable replacement for David. Awesome 👍💯
JP Cortez is talking perfectly the truth.
"NJ still taxes Gold & silver"...are you implying that Jersey has unreasonable taxes? ...I'm shocked!!!
Somehow your "shock and horror" about the greed and dishonesty of NJ just isn't convincing. Ha ! It is, after all, Biden's home state.
Interesting👍
You could stop at " No capital gains" the appreciation of the dollar value of capital is either from the erosion of currency or the adding value to the economy.
Does this full accounting you mentioned, mean that we must register all our private holding of gold and silver?
1913 scam
The year the country died
1933 is my understanding as to when we left the gold standard. But we had allready printed so much paper their want enough gold in the work to cover the paper we printed. Roosevelt worst president ever!
In Europe on buying gold we don’t tax but there is a tax on vending your gold which is decline during time and on 22 th years is zero in France.
The navy spent one trillion dollars on carrier ships that are grounded
buy gold and silver before it is too late
5:55 Create the goldback is the answer to your question. Utah, South Dakota, Nevada, Wyoming and New Hampshire have all issued goldbacks in denominations of 1/1000th, 1/200th, 1/100th, 1/40th and 1/20th of a troy ounce. They are allowed by the Constitution to do so as long as it is gold and silver. 25 to 50% of small businesses in those states will accept them for goods and services. They also offer a service to vault your gold or silver then lease it out for 2-3% interest.
The premium on goldbacks make them not worth touching. Good for a novelty item.
@@weezem No, the premium follows from transaction to transaction. The only way you lose if you melt it for the gold which is dumb because you lose the utility.
@@savagefist1029 you're still paying 100% premium on them regardless of you retain it or not. You're willing to pay $4600 for one ounce of gold in goldbacks then that's on you. If I want to conduct low value exchanges, I'll use silver.
@@weezem Good luck finding people that can validate if your silver is real. Plenty of fake coins out there. Goldbacks have yet to be counterfeited. And yes, I will pay $4600/oz when I'm able to spend $4600. Of course I wouldn't buy them if I could only get $2.50 of goods and services but that is not how they work. It's not that hard to grasp.
@@savagefist1029 what's hard to grasp is you buying gold for spending. I don't need luck proving my silver is real. A lot of silver has security features on them to make them hard to counterfeit. As I said, goldbacks are just a novelty item.