The governor of Oklahoma just signed a law making gold and silver legal tender, beginning in November 2014. Following the leads of surrounding states like Texas, the law is another positive sign that some politicians are waking up to the importance of sound money and hard assets. The most important effect of the law will be a removal of sales tax from gold and silver purchases. Eliminating the 4.5% sales tax on gold and silver (the rate can be as high as 11% in some counties!) will essentially make precious metals that much cheaper for Oklahomans and encourage them to protect more of their savings with gold. Oklahoma Senator Kyle Loveless had this to say about the new law:
“This is a no-brainer. You wouldn’t tax a currency. You don’t tax the cash in your pocket… When you buy real estate or buy any investment, there is no tax on the purchase of it, and that’s what this is. It’s a nonsensical tax, I’m glad we were able to get rid of it.”
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