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Coin Tax Question
COALPORTER
Posts: 2,900 ✭✭
Do any countries have a luxury tax or VAT on coins?
I was thinking of working with my local congressman on a bill that would place a luxury tax on coins and other expensive colletables. Seems like a good way to generate revenue for our broken down Government.
I was thinking of working with my local congressman on a bill that would place a luxury tax on coins and other expensive colletables. Seems like a good way to generate revenue for our broken down Government.
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Let me guess - you voted for Obama.
<< <i>Are you serious? I'm already paying sales tax on the coins I buy at local B&Ms in NJ. >>
Well, I'm mainley thinking of very very expensive coins. Like over 100K or something. This is less than .01% of transactions, so it won't bother most collectors.
(transparent, as any Obama fan might say ) lol
<< <i>
<< <i>Are you serious? I'm already paying sales tax on the coins I buy at local B&Ms in NJ. >>
Well, I'm mainley thinking of very very expensive coins. Like over 100K or something. This is less than .01% of transactions, so it won't bother most collectors.
(transparent, as any Obama fan might say ) lol
Doesn't that just make an already expensive purchase more painful? For example, say I were to buy a $100k coin at a B&M (highly unlikely I know) in NJ. Then I'd have to pay $7,000 in sales tax. And now you want to add more salt to an already injurious sales tax?
Sales taxes ... capital gains taxes ... inheritance taxes ...
Plenty of taxes on coins already, of any value.
Continue this thread, Coalporter. You'll make plenty of enemies, no matter which 'colletables' you are 'mainley' thinking of taxing further.
I knew it would happen.
What he said.
Fellow Business Executives:
As the SVP of a business that employees 140 people, I have resigned myself to the fact that Barrack Obama is our President, and that our taxes and government fees will increase in a BIG way.
To compensate for these increases, I figure that the Clients will have to see an increase in our fees to them of about 8%. Since we cannot increase our fees right now due to the dismal state of our economy, we will have to lay off 8 of our employees instead. This has really been eating at me for a while, as we believe we are family here and I didn't know how to choose who will have to go.
So, this is what I did. I strolled through our parking lot and found 8 Obama bumper stickers on our employees' cars and have decided these folks will be the first to be laid off. I can't think of a more fair way to approach this problem. These folks wanted change; I gave it to them.
If you have a better idea, let me know.
Sincerely,
(name removed)
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
They should have been using Segways.
<< <i>Hope you took that Obama sticker off your car. Read on...
Fellow Business Executives:
As the SVP of a business that employees 140 people, I have resigned myself to the fact that Barrack Obama is our President, and that our taxes and government fees will increase in a BIG way.
To compensate for these increases, I figure that the Clients will have to see an increase in our fees to them of about 8%. Since we cannot increase our fees right now due to the dismal state of our economy, we will have to lay off 8 of our employees instead. This has really been eating at me for a while, as we believe we are family here and I didn't know how to choose who will have to go.
So, this is what I did. I strolled through our parking lot and found 8 Obama bumper stickers on our employees' cars and have decided these folks will be the first to be laid off. I can't think of a more fair way to approach this problem. These folks wanted change; I gave it to them.
If you have a better idea, let me know.
Sincerely,
(name removed) >>
As the SVP of a business that employees 140 people, I hope he is able to spell Barack right
Sunshine Rare Coins
sunshinecoins.com/store/c1/Featured_Products.html
The U.S. barely missed having a VAT in the early 1930s when President Hoover’s administration proposed it. The idea surfaced again in 1933/34 but was opposed by President Roosevelt and never seriously considered thereafter. An outgrowth, however, was the rapid spread of retail sales taxes collected by the states.
<< <i>Hope you took that Obama sticker off your car. Read on...
Fellow Business Executives:
As the SVP of a business that employees 140 people, I have resigned myself to the fact that Barrack Obama is our President, and that our taxes and government fees will increase in a BIG way.
To compensate for these increases, I figure that the Clients will have to see an increase in our fees to them of about 8%. Since we cannot increase our fees right now due to the dismal state of our economy, we will have to lay off 8 of our employees instead. This has really been eating at me for a while, as we believe we are family here and I didn't know how to choose who will have to go.
So, this is what I did. I strolled through our parking lot and found 8 Obama bumper stickers on our employees' cars and have decided these folks will be the first to be laid off. I can't think of a more fair way to approach this problem. These folks wanted change; I gave it to them.
If you have a better idea, let me know.
Sincerely,
(name removed) >>
As bad as microsoft laying people off because they only had a 4 billion dollar profit last quarter.
Hoard the keys.
<< <i>Most countries have some sort of Value Added Tax (of VAT) that is applied at various stages of production and distribution, including retail & auction sales.
The U.S. barely missed having a VAT in the early 1930s when President Hoover’s administration proposed it. The idea surfaced again in 1933/34 but was opposed by President Roosevelt and never seriously considered thereafter. An outgrowth, however, was the rapid spread of retail sales taxes collected by the states. >>
Thanks. That's very interesting. I wonder how much tax one would pay in England on a 100K coin.
UK VAT was 17+% now it is currently 15%.
If you live outside the EU and are visiting the UK you can get most VAT you pay refunded.
Note VAT can be avoided. Businesses that do less than £67,000 per annual gross sales do not have to charge VAT. Meaning even UK residents do not have to pay the VAT.
<< <i>Hope you took that Obama sticker off your car. Read on...
Fellow Business Executives:
As the SVP of a business that employees 140 people, I have resigned myself to the fact that Barrack Obama is our President, and that our taxes and government fees will increase in a BIG way.
To compensate for these increases, I figure that the Clients will have to see an increase in our fees to them of about 8%. Since we cannot increase our fees right now due to the dismal state of our economy, we will have to lay off 8 of our employees instead. This has really been eating at me for a while, as we believe we are family here and I didn't know how to choose who will have to go.
So, this is what I did. I strolled through our parking lot and found 8 Obama bumper stickers on our employees' cars and have decided these folks will be the first to be laid off. I can't think of a more fair way to approach this problem. These folks wanted change; I gave it to them.
If you have a better idea, let me know.
Sincerely,
(name removed) >>
I wonder how long it will be before the lucky eight will win their class action discrimination suit and Mr. Clever SVP will find himself unemployed and damaged goods.
<< <i>I was thinking of working with my local congressman on a bill that would place a luxury tax on coins and other expensive collectibles >>
Well, even if such a bill were to be passed, how many people do you think would actually abide by it? Very few, I suppose.
<< <i>Do any countries have a luxury tax or VAT on coins?
I was thinking of working with my local congressman on a bill that would place a luxury tax on coins and other expensive colletables. Seems like a good way to generate revenue for our broken down Government.
Sheesh! Less than a week in, and the brainstorming has started. What great new taxes can we come up with? We'll just tax all of our problems away (taxes that only those who buy "expensive collectables" will have to pay, of course!)
I'll stop now before I get myself in trouble.
Have a nice day.
<< <i>So, this is what I did. I strolled through our parking lot and found 8 Obama bumper stickers on our employees' cars and have decided these folks will be the first to be laid off. >>
As long as their tires are properly inflated they are good little liberals.
<< <i>I really wish that stupidity could be taxed, instead of the reverse. >>
That's not even a small bit funny. I would be totally "BanKrupt" if that was the case.
<< <i>
<< <i>Hope you took that Obama sticker off your car. Read on...
Fellow Business Executives:
As the SVP of a business that employees 140 people, I have resigned myself to the fact that Barrack Obama is our President, and that our taxes and government fees will increase in a BIG way.
To compensate for these increases, I figure that the Clients will have to see an increase in our fees to them of about 8%. Since we cannot increase our fees right now due to the dismal state of our economy, we will have to lay off 8 of our employees instead. This has really been eating at me for a while, as we believe we are family here and I didn't know how to choose who will have to go.
So, this is what I did. I strolled through our parking lot and found 8 Obama bumper stickers on our employees' cars and have decided these folks will be the first to be laid off. I can't think of a more fair way to approach this problem. These folks wanted change; I gave it to them.
If you have a better idea, let me know.
Sincerely,
(name removed) >>
I wonder how long it will be before the lucky eight will win their class action discrimination suit and Mr. Clever SVP will find himself unemployed and damaged goods. >>
Well the little story makes for lighthearted reading, but do you really think they would be told they were losing their jobs because of a bumper sticker on their car? Besides what are the odds that at least one of those 8 was a key person they didn't want to lose?
<< <i>Hope you took that Obama sticker off your car. Read on...
Fellow Business Executives:
As the SVP of a business that employees 140 people, I have resigned myself to the fact that Barrack Obama is our President, and that our taxes and government fees will increase in a BIG way.
To compensate for these increases, I figure that the Clients will have to see an increase in our fees to them of about 8%. Since we cannot increase our fees right now due to the dismal state of our economy, we will have to lay off 8 of our employees instead. This has really been eating at me for a while, as we believe we are family here and I didn't know how to choose who will have to go.
So, this is what I did. I strolled through our parking lot and found 8 Obama bumper stickers on our employees' cars and have decided these folks will be the first to be laid off. I can't think of a more fair way to approach this problem. These folks wanted change; I gave it to them.
If you have a better idea, let me know.
Sincerely,
(name removed) >>
So you lay off the eight smartest people at your company, your business will fail.
To ensure there is some "skin" in the OP's suggestion, I suggest that any coins (or other collectibles included in the bill) that the OP buys over the next 5 years be subjected to the final VAT, regardless of coin purchase price. And those approving or sponsoring the bill should also put their skin into it as well. Now give me 5.
roadrunner
Plenty of taxes on coins already, of any value.>>
How about custom duties? Seems though I remember that at some point in the last 50 years, the US was going to charge them on proof sets but not mint sets. Anybody else remember this? I though the modern idea of customs was to protect local manufacturers and not primarily as a revenue source. I don't know of any domestic manufacturers of foreign proof sets.
<< <i>Most countries have some sort of Value Added Tax (of VAT) that is applied at various stages of production and distribution, including retail & auction sales.
>>
All the better reason to live in this country and not most others.
By that all I mean is just drive the high value sales off shore like most of the jobs.
<< <i>I do not think you will find very many takers on this forum. That is somewhat like getting support for banning guns on a pro-NRA chatroom. Have you tried posting your idea on a pro-welfare site? They may like to hear about new ideas that will tax me more and hand it over to others. >>
My sentiments exactly.
Will’sProoflikes
Will’sProoflikes
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
March of Time - 27 Centuries in Gold
https://coins.www.collectors-society.com/WCM/CoinCustomSetView.aspx?s=36590
Hopefully you had enough time to read the removed rant.
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
<< <i>I have an idea....let's tax tea. >>
Having been born in Boston I have to respond to this as it alludes to the Boston Tea Party.
The Tea Party was actually the result of the British removing the tariffs and duties on tea sold by the East India Tea Co. Up to this point the tarriff of about 3% had made tea from other sources,( smuggled tea ), cheaper than most legal imports. When the British exempted the East India Tea Co this undercut the other sources of tea both legal and illegal.
Many american colonist saw this as an attempt to give a monopoly to a large company that had lobbyist back in the British parliament. Some of those that were smugglers lead the outcry against the Tea Act. Hence it was excluding a company from tax, not placing a new tax, that upset people. There are a number of aspects to this but this is a very basic explanation.
Edited for typos
edited to correct something>> Actually the secondary market in bullion would be perfectly taxable through an excise tax. Such a tax is not on the product but on the transfer of title. The reason they could not do this for coins is that there is no systematic way to reliably commoditize rare coins and then quantify them. Bullion OTOH is easy as there is a trading commodity standard and a certain purity and mass and could be taxed by the transfer of title per troy ounce.
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tax when it was lowered. So there is a little check box there if you
wish to pay the higher tax.
guess how many use it out of a state of millions? yea. you guessed
it. like a 100 or so people.
even liberals do not want to pay taxes. they want you to.
And if he's only taxing 0.1% of the transactions, just how big an impact in terms of tax revenues do you think would result? Brilliant, eh?
Do any of your solutions not involve raising someone's taxes?
An excellent point. I wonder if the subject EVER comes up on Congressional Hill? Prolly not.
Lastly, here's my idea - a $10.00/gallon on gasoline at the pump. No, make it $20.00/gallon. Let's just get it over with and see what happens. Then, maybe the people can see the result more clearly.
I knew it would happen.
<< <i>Hey I have an idea. Let's confiscate everyones wages and raise taxes on all capital gains profit to 100 percent and then lets give it all to those individuals who sit around making the politicians feel guilty. What a country! >>
That is a ridiculously incorrect oversimplification of where the revenue drain is. There are a lot of special interests competing for their share of wealth distribution aggressively and have over many Congressional administrations. The best organized are the ones who can do this most deceptively making the others lok like the bandits. Follow the money gradients to see who is really taking taxpayers' money. It isn't going to welfare mamas by any large margin, nor to desert tortoise rescue groups or any of the typical target types.
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Are you serious????
<< <i>
<< <i>Hey I have an idea. Let's confiscate everyones wages and raise taxes on all capital gains profit to 100 percent and then lets give it all to those individuals who sit around making the politicians feel guilty. What a country! >>
That is a ridiculously incorrect oversimplification of where the revenue drain is. There are a lot of special interests competing for their share of wealth distribution aggressively and have over many Congressional administrations. The best organized are the ones who can do this most deceptively making the others lok like the bandits. Follow the money gradients to see who is really taking taxpayers' money. It isn't going to welfare mamas by any large margin, nor to desert tortoise rescue groups or any of the typical target types. >>
Sorry for my oversimplification. This is not the place for detail or even the discussion of tax policy. Just expressing a concern I have about the direction we are going and the mentality behind the original post.
Capitalism is not supposed to punish the wealthy. Unlike a class system (where you will always be at the level you are born into) you have the ability to move up (and down) in wealth class. This is what equal opportunity is supposed to be about. Many confuse equal opportunity with equal. Many of the wealthy people own or run companies that employ most of us. So there is some truth to the story about the bumper sticker post (that their answer to higher business taxes would be to lay off people). We might see this in NJ. The government spent most of the unemployment fund (and not on benefits) so if it runs dry, they plan to impose an additional tax on businesses. This will cause more layoffs!
The answer is not more taxes. It is more jobs and education. And we don't need to put more money into education, parents need to value it enough to get their kids to attend school and learn (and stop making excuses).
OK, I'm climbing down from the soapbox now.
P.S. Hey fc, do you think that the MA senators and congressmen were among the 100? LOL
<< <i>As the SVP of a business that employees 140 people, I hope he is able to spell Barack right >>
I also hope this apocryphal S(tupid)VP is prepared to defend unlawful termination litigation brought by any employees terminated using such criteria.
60 years into this hobby and I'm still working on my Lincoln set!
Yes, we need more and better education. We need upcoming generations to understand the importance of valuable career choices for themselves and their society/nation. We need people to expect accomplishment and hard work as their lives' goals, not ritual praise for trivial nonsense like they were raised to expect from daycare forward. We need innovators. Somewhere people got the idea that Japan's economic success was to be carboncopied and ours discarded. They are abyssmmal innovators per capita. You get nowhere if you train everyone to think and work alike and discourage anything that departs form working from an organized team approach.
Off my soapbox......but keeping it nearby.
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