> We don't tax people on the FMV of gold when they dig it out of the ground.
Why shouldn't we? We tax people on the FMV of something valuable created out of thin air, why should gold be an exception?
Why shouldn't we? We tax people on the FMV of something valuable created out of thin air, why should gold be an exception?
There are income taxes which apply when goods or services are sold.
There are sales taxes when goods are purchased.
There are property taxes when goods are owned.
Nothing gets taxed on creation.
For example, on gasoline. The tax occurs at the pump, not at the refinery.
"An excise, or excise tax, is any duty on manufactured goods that is normally levied at the moment of manufacture for internal consumption rather than at sale."
I'm very familiar with how the excise tax on alcohol works, it's definitely a tax on creation not consumption.