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News Link • Gold and Silver

Virginia Bill Would Take A Step Towards Supporting Sound Money

• activistpost.com By Michael Boldin

Sen. Frank Wagner (R-Virginia Beach) prefiled Senate Bill 934 (SB934) this week. The legislation would exempt some bullion or currency purchases from state sales tax. The official bill summary reads, in part:

Exempts legal tender coins whose total transaction sales price exceeds $1,000 from sales and use tax.

Under the proposed legislation, the exemption would remain in place until June 30, 2022.

IN PRACTICE

Imagine if you asked a grocery clerk to exchange $1000 in cash for smaller bills and he charged you a $53 tax. Silly, right? After all, you were only exchanging one form of money for another. But that's essentially what Virginia's sales tax on gold and silver does.

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