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Texas Statewide Proposition 9, November 2019 Election

Posted: Mon Oct 21, 2019 6:49 pm
by ochotona
VERY IMPORTANT ITEM TO VOTE FOR, AND YOU SHOULD VOTE FOR PROP 9 !!!

STATE OF TEXAS PROPOSITION 9
PROPUESTA NÚMERO 9 DEL ESTADO DE TEXAS
TIỂU BANG TEXAS DỰ LUẬT SỐ 9
TEXAS 州,議案 9

"The constitutional amendment authorizing the legislature to exempt from ad
valorem taxation precious metal held in a precious metal depository located in
this state."

"Enmienda constitucional que autoriza a la Legislatura eximir de impuestos ad
valorem a los metales preciosos guardados en un depósito de metales
preciosos con sede en este Estado."

"Tu chính án hiến pháp ủy quyền cho cơ quan lập pháp miễn trừ thuế giá trị tài
sản đối với kim loại quý được giữ trong kho lưu trữ kim loại quý nằm trong tiểu
bang này."

"本憲法修正案授權立法機關對存放在本州貴重金屬庫中的貴重金屬免徵從價税。"

FOR or AGAINST

Re: Texas Statewide Proposition 9, November 2019 Election

Posted: Mon Oct 21, 2019 8:37 pm
by pugchief
Are you currently taxed annually on the value of precious metals you own?

Re: Texas Statewide Proposition 9, November 2019 Election

Posted: Mon Oct 21, 2019 8:59 pm
by Xan
Maybe it's to prevent municipalities from attempting it?

Re: Texas Statewide Proposition 9, November 2019 Election

Posted: Tue Oct 22, 2019 5:27 am
by ochotona
pugchief wrote:
Mon Oct 21, 2019 8:37 pm
Are you currently taxed annually on the value of precious metals you own?
No. Perhaps they want to plug a loophole before it gets used.

Re: Texas Statewide Proposition 9, November 2019 Election

Posted: Tue Oct 22, 2019 9:35 am
by shekels
From the Texas Tribune
Proposition 9
How it will read on the ballot: “The constitutional amendment authorizing the legislature to exempt from ad valorem taxation precious metal held in a precious metal depository located in this state.”

What it means: This would allow the legislature to create a property tax exemption for precious metals held in state depositories — like the Texas Bullion Depository, scheduled to open next year in Leander.

Re: Texas Statewide Proposition 9, November 2019 Election

Posted: Tue Oct 22, 2019 3:15 pm
by technovelist
ochotona wrote:
Tue Oct 22, 2019 5:27 am
pugchief wrote:
Mon Oct 21, 2019 8:37 pm
Are you currently taxed annually on the value of precious metals you own?
No. Perhaps they want to plug a loophole before it gets used.
Yes, I believe this is a precautionary measure.

Re: Texas Statewide Proposition 9, November 2019 Election

Posted: Tue Oct 22, 2019 4:28 pm
by jacksonm2
I only keep my physical gold where I can get my physical hands on it any time I want.

If somebody like Elizabeth Warren gets elected she's going to need around 32 trillion dollars to fulfill her campaign promises just for Medicare for all and that was before the latest thing I read that she said today which I don't even remember what it was. Double or tripling funding for whatever it was is the best I can remember.

I have no idea where she will get that money but a 100 percent ad valorem tax on gold wherever she can get her hands on it it will probably be way more easy to get from the Texas depository than the Perth Mint.

If that sounds like a paranoid delusion on my part, well excuse me. I've seen such paranoid delusions come to fruition on this hostile planet we live on. Very unlikely yes, impossible no. Ask people in South Vietnam and Venezuela.

Right now I keep just enough gold bullion on hand to live on for one year and the rest is in ETF's. Jesus said in the Sermon on the Mount that you shouldn't store up treasures for the future and that one day at a time should be sufficient. Well, I don't trust Jesus that much any more so I went with one year.

Re: Texas Statewide Proposition 9, November 2019 Election

Posted: Tue Oct 22, 2019 4:33 pm
by ochotona
jacksonm2 wrote:
Tue Oct 22, 2019 4:28 pm
If that sounds like a paranoid delusion on my part, well excuse me. I've seen such paranoid delusions come to fruition on this hostile planet we live on. Very unlikely yes, impossible no. Ask people in South Vietnam and Venezuela.

It's not paranoid and not delusional. No need to apologize. Hey isn't it interesting our ballots in Houston have to be in Vietnamese? so many Vietnamese came here.

Re: Texas Statewide Proposition 9, November 2019 Election

Posted: Tue Oct 22, 2019 5:04 pm
by jacksonm2
ochotona wrote:
Tue Oct 22, 2019 4:33 pm
jacksonm2 wrote:
Tue Oct 22, 2019 4:28 pm
If that sounds like a paranoid delusion on my part, well excuse me. I've seen such paranoid delusions come to fruition on this hostile planet we live on. Very unlikely yes, impossible no. Ask people in South Vietnam and Venezuela.

It's not paranoid and not delusional. No need to apologize. Hey isn't it interesting our ballots in Houston have to be in Vietnamese? so many Vietnamese came here.
Yes, that is truly interesting. I think I could probably successfully predict the percentage of Vietnamese voters who would vote in favor of the proposition. At least the older ones. Their kids? Hard to say. Depends on how much they have Americanized.

Re: Texas Statewide Proposition 9, November 2019 Election

Posted: Tue Oct 22, 2019 8:16 pm
by technovelist
jacksonm2 wrote:
Tue Oct 22, 2019 4:28 pm
I only keep my physical gold where I can get my physical hands on it any time I want.

If somebody like Elizabeth Warren gets elected she's going to need around 32 trillion dollars to fulfill her campaign promises just for Medicare for all and that was before the latest thing I read that she said today which I don't even remember what it was. Double or tripling funding for whatever it was is the best I can remember.

I have no idea where she will get that money but a 100 percent ad valorem tax on gold wherever she can get her hands on it it will probably be way more easy to get from the Texas depository than the Perth Mint.
The Texas depository was designed specifically to be resistant to such thievery.

Quoting from the enabling legislation for the depository (https://statutes.capitol.texas.gov/Docs ... V.2116.htm):

"Sec. 2116.023. CONFISCATIONS, REQUISITIONS, SEIZURES, AND OTHER ACTIONS VOID. (a) A purported confiscation, requisition, seizure, or other attempt to control the ownership, disposition, or proceeds of a withdrawal, transfer, liquidation, or settlement of a depository account, including the precious metals represented by the balance of a depository account, if effected by a governmental or quasi-governmental authority other than an authority of this state or by a financial institution or other person acting on behalf of or pursuant to a directive or authorization issued by a governmental or quasi-governmental authority other than an authority of this state, in the course of a generalized declaration of illegality or emergency relating to the ownership, possession, or disposition of one or more precious metals, contracts, or other rights to the precious metals or contracts or derivatives of the ownership, possession, disposition, contracts, or other rights, is void ab initio and of no force or effect."

Of course we don't know how the Supreme Court would rule if the feds tried to seize those assets, but I think we can say that the State of Texas would resist with all its might, which is considerable. The feds can't just do anything they want to the States.

Re: Texas Statewide Proposition 9, November 2019 Election

Posted: Wed Oct 23, 2019 9:06 am
by shekels
SECTION BY SECTION ANALYSIS
SECTION 1.Amends Subchapter B, Chapter 11, Tax Code, by adding Section 11.141, as follows:Sec. 11.141. PRECIOUS METAL HELD IN PRECIOUS METAL DEPOSITORY.
(a) Defines "precious metal" and "precious metal depository."(b) Entitles a person to an exemption from taxation of the precious metal that the person owns and that is held in a precious metal depository located in this state, regardless of whether the precious metalis held or used by the person for the production of income. (c) Prohibits the governing body of a taxing unit, notwithstanding
Section 11.14(c) (relating to authorizing the governing body of a taxing unit, by resolution or order, to provide for taxation of certain otherwise exempt tangible personal property that is not held or used for production of income), from providing for the taxation of precious metal exempted from taxation under Subsection (b).

SECTION 2.Amends Section 11.42(b), Tax Code, to provide that an exemption authorized by Section 11.11 (Public Property) or 11.141, rather than authorized by Section 11.11, is effective immediately on qualification for the exemption.
SECTION 3. Amends Section 11.43(a), Tax Code, to provide an additional exemption under Section 11.141 to the requirement that a person claiming an exemption, to receive an exemption, apply for the exemption.
SECTION 4. Provides that Section 11.141, Tax Code, as added by this Act, applies only to a tax year beginning on or after January 1, 2020.
SECTION 5. Effective date:January 1, 2020, contingent upon passage of the constitutional amendment proposed by the 86th Legislature, Regular Session, 2019, authorizing the legislature to exempt from ad valorem taxation precious metal held in a precious metal depository located in this state.


Rep. Giovanni Capriglione, a Republican from Southlake who authored the resolution that put the measure on the ballot, said removing the possibility of a tax would make Texas a more desirable place for people from all over to store their precious metals, allowing the state to better compete with other states that don’t tax precious metal deposits.

“Texas is going to be the only state in the country that will have no state income taxes, sales taxes or property taxes on gold or silver,” Capriglione said.

Re: Texas Statewide Proposition 9, November 2019 Election

Posted: Wed Oct 23, 2019 9:35 am
by Xan
jacksonm2 wrote:
Tue Oct 22, 2019 4:28 pm
I have no idea where she will get that money but a 100 percent ad valorem tax on gold wherever she can get her hands on it it will probably be way more easy to get from the Texas depository than the Perth Mint.
technovelist gave a good reply to this, but I'd also like to point out that while the Feds may have trouble seizing gold from the Perth Mint, they would have much, much less trouble seizing shares of AAAU that are held in a nationwide brokerage based in New York.