A bill introduced in the Kansas House (HB2123) on Jan. 25. would make gold and silver legal tender in the state, recognizing it as a medium of exchange for the payment of debts and taxes. Passage of this bill would build on a foundation set in 2019 when Kansas repealed the sales tax on gold and silver bullion.
Physical holdings in gold or silver are subject to a capital gains tax equal to your marginal tax rate, up to a maximum of 28%. However, under current law, gold and silver are not subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.
In 2019, Kansas’ government exempted "all sales of gold or silver coins; and palladium, platinum, gold or silver bullion.”
Kansas was home to many native American Indian tribes, all of which lived on a land that provided them with everything from bison to vegetables. Most of this land was prairie, but it was turned into farmland by a wave of immigrants after the Civil War. Kansas has since become one of the biggest agricultural states in the USA, producing vast quantities of wheat, corn and soybeans, among other crops.
The capital of Kansas is Topeka and its biggest city is Wichita, with these two accounting for about a million people, out of the total state population of 3 million. These cities provide a large chunk of the state GDP of $150 billion or so, with everything from publishing to chemicals, machinery, mining and more all playing a role.
The largest employers in the state are Spirit Aero systems, the world’s largest first-tier aero structures manufacturer. Founded in 1927, this company builds aircraft, including Boeing 737s. Sprint Corporation, the fourth-largest telecommunications provider in the United States, employs more than 8,000 Kansas residents. General Motors employs over 4,000.
We advise all customers from the United States to check their local tax laws, and we can not be held responsible for local tax charges that result from incoming shipments of precious metals.
Note: GoldBroker cannot provide tax, legal, or other advice, so if you are not sure about the taxation to your personal circumstances, we recommend that you seek independent advice from a qualified professional.
All of these texts were accurate at the time of writing, but tax laws are constantly changing and it’s not easy to keep track of those changes. Because of this, we can not be held responsible for any false or out-of-date information.