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Utah State Rep. Brad Galvez on the state’s new program to pay taxes with gold or silver.
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As money can it actually will look to -- in the company from Salt Lake City, Utah is Utah State represented crowding out next.
All right in the state of Utah I believe I'm allowed to pay my bills this under the government in gold so how does it -- cannot from top and pay -- parking ticket in a small piece of gold cannot.
Not not currently the way the system set up right now start actually started last year house bill 317 we passed.
BO.
That said in the state -- that gold set records issued by the federal government are considered legal tender.
And executive and capital gains tax because when you tax money you -- monetize it my mother nature taxes.
And made a voluntary -- not mandatory people can choose to accept or not accept it.
Currently the -- Utah's not set up to accept a gold silver coin after the payment of taxes.
But we did this year pass and kind of a companion bill.
That.
Says that -- when you purchase something.
At some good job doesn't move this along to at some point in the future I could pay my taxes in -- -- did you -- with gold coins correct.
That that is intent that's correct when -- on -- correct when.
Well this past this past year we passed a bill that says now when you purchase something -- -- or recordings you have to pay your taxes in gold and silver coin so in other words a seller.
Would be required to accept it as a percent of the Goldenson record the sales tax as a -- percent of gold and silver coin.
Right now when the person the seller remit sit back to the state they will do using Federal Reserve notes.
-- where this is an incremental approach where the intent would be is that in the next session we will move forward with some additional legislation that -- you continue to push in that direction so I.
I could go into a dealership and -- -- -- And give the cod did gold coins front.
That's correct and I would pay the price according to the price of gold baton day give the man 101000 dollars worth of gold coins for a 101000 dollar cost.
That deal though would then have to pay the tax.
On that gold is and it.
Who pays the tax.
Well let me -- makes a guess what car example just an example if we were say with -- 35000 dollar car.
And we were to pay it with 1000 silver Eagles in other words yeah they're marketed at a dollar but the value to say 3535 dollars for an ounce of gold.
So they repay thirty -- thousand dollars for that vehicle.
The the buyer then would pay his tax to the seller.
As a percent of the -- -- they -- -- this is a 10% tax rate.
They would then pay 10% of this over to the seller in in tax okay net seller Dan.
Would convert attend to that reserve notes and pay the state and Federal Reserve notes as a dispute right now.
What we look forward to seeing this in practice come back and join -- when somebody pays -- taxes a -- come with so overall goal going -- how this thing actually plays out.
So welcome the show got to have you with I'm terribly so I'm flat at a time.
But we'll have you back -- -- explain this in more detail when the system gets in place Brad Elvis thanks for joining us appreciate it --
