Government tax proposed for gold and silver

If you switched from stocks and bonds to gold or silver in an attempt to retain your retirement nest egg you may be in for a huge surprise.

Loss of capital gains revenue for the government from the stock market because of the economic downturn has triggered a new revenue source.

The “Fair Treatment for Precious Metals Investors Act” has been born.

The bill, if passed will amend the Internal Revenue Code of 1986 to treat gold, silver, platinum, and palladium, in either coin or bar form, in the same manner as equities and mutual funds for purposes of the maximum capital gains rate for individuals.

The bill, sponsored by Senators Mike Crapo (R-ID); Harry Reid (D-NV); John Ensign (D-NV); and James Risch (R-ID)

S 1367

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