Arkansas House UNANIMOUSLY Votes to End Sales Tax on Precious Metals
The Arkansas House of Representatives just UNANIMOUSLY approved a bill which helps Natural State citizens protect themselves from federal dollar devaluation.
Introduced by Senator Mark Johnson and Representative Delia Haak, Senate Bill 336 removes sales and use tax on purchases of gold, silver, platinum, and palladium coins and bullion in Arkansas. On the heels of overwhelming passage of Senate Bill 336 out of the Arkansas Senate, earlier this week Arkansas Representatives voted 93-0 to pass this measure.
During the hearing, sponsor Representative Haak explained that this exemption doesn't benefit fat cat investors or the wealthy, but rather investors of modest means. The representative also explained that the current law is unfair, as Arkansas does not tax the purchase of other investments held for resale such as stocks, bonds, ETFs, or other financial instruments.
Under current law, Arkansas citizens are discouraged from insuring their savings against the devaluation of the dollar because they are penalized with taxation for doing so. Passage of this measure would remove disincentives to holding gold and silver for this purpose. Senate Bill 336 will now be transmitted to Governor Hutchinson's desk for his signature. Arkansas seeks to become the 40th state that has ended taxation on sound money.