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What impact has been seen from Utah's "gold standard" law?
The law was nominally passed to eliminate taxes on the exchange of gold and silver coins that are minted by the U.S. Treasury, but it doesn't seem too friendly on actually using the coins as currency (ie a 1 oz coin is worth the face value of $50 even though the market value is closer to $1800).
Some background:
3 Answers
- megLv 710 years agoFavorite Answer
Utah has one of the highest tax rates on capital gains, and many states have none, I do not see people moving to Utah and using gold as a way to avoid taxes, and less than 3 million people live there.
- Spotty JLv 710 years ago
It has a very minor impact, benefiting people who are selling silver or gold, who'll no longer have to pay tax on such transaction. Bully for them. It has no other impact at all.
Calling US Mint gold and silver collectibles "legal tender" is a legal fiction that has absolutely no meaning at all in the real world. I suppose it would only be meaningful if the price of gold and silver collapsed so much that the face value of the coins came to be worth more than the metal content.
