<< <i>There isn't a VAT in the US, and no reasonable person has proposed it. Same for a national sales tax. >>
That's correct, so let's not get ahead of ourselves here. >>
And how do you guys propose we pay for all the massive government spending or don't you think there is a problem? >>
You answer your question first since you brought it up.
Follow me on Twitter @wtcgroup Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
<< <i>< I doubt it would stop anyone from buying coins, but it will hurt business for buyers and sellers. >>
Huh? How will it hurt business if it wouldn't stop anyone from buying coins? >>
People will still pay 'their' price for a coin - but a higher percentage will go to the government of that price. Let's put it another way - does auction house commissions hurt buyers and sellers? People still buy and sell, but take the commissions into account. If auction house commissions went to 25% would they all stop doing business? If you think yes, what did you think when the commission rate went from 10% to 15%? How about when a buyers commission was added to the sellers commission?
I think that a VAT is, unfortunately, inevitable. Hopefully, the coin lobby will keep it off coins, like they have done for many state taxes, under the guise that coins are "investments".
I think that it would harm the coin market (and just about every other market) as more money will be siphoned to the government.
I have lived through the voting on, and implementation of, a similar tax here in Australia.
The GST (Goods & Services Tax) was advertised as being a replacement for other taxes, i.e. stamp duties - (yes, when you buy a house here, you pay stamp duty, or sales tax on any real estate), greatly reduced income tax, etc. It was pushed as being the greatest thing since sliced bread and the gullible, media-educated people fell for it and voted it in. Since it's implementation, not one single tax has been eliminated, no stamp duties have gone away and income tax has not been reduced at all. It is just another 10% tax across the board on everything.
I doubt that it will be something that people will be allowed to vote on and will be forced on the population just like healthcare and every other recent scheme launched against the country. It, however, will be advertised as another great thing that will help solve all our problems, though.
I really think most collectors will slow down with purchases until they get into the routine of living with less money and then adjust their collecting style to fit their budget and continue on, like everyone else will do with whatever endeavors their daily lives encompass.
Socialists don't just come in and throw everyone into a pot of boiling water. The raise the temp a bit at a time.
Right on cue. Obama suggests a value added tax maybe an option 4/21....beep, beep.............The sound of the White House backing up.
I couldn't open Rick's link so I apologize if this is a dup post. MJ
WASHINGTON – President Barack Obama suggested Wednesday that a new value-added tax on Americans is still on the table, seeming to show more openness to the idea than his aides have expressed in recent days.
Before deciding what revenue options are best for dealing with the deficit and the economy, Obama said in an interview with CNBC, "I want to get a better picture of what our options are."
After Obama adviser Paul Volcker recently raised the prospect of a value-added tax, or VAT, the Senate voted 85-13 last week for a nonbinding "sense of the Senate" resolution that calls the such a tax "a massive tax increase that will cripple families on fixed income and only further push back America's economic recovery."
For days, White House spokesmen have said the president has not proposed and is not considering a VAT.
"I think I directly answered this the other day by saying that it wasn't something that the president had under consideration," White House press secretary Robert Gibbs told reporters shortly before Obama spoke with CNBC.
After the interview, White House deputy communications director Jen Psaki said nothing has changed and the White House is "not considering" a VAT.
Many European countries impose a VAT, which taxes the value that is added at each stage of production of certain commodities. It could apply, for instance, to raw products delivered to a mill, the mill's production work and so on up the line to the retailer.
In the CNBC interview, Obama said he was waiting for recommendations from a bipartisan fiscal advisory commission on ways to tackle the deficit and other problems.
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
I've said it before, and will say it again, the politician who promotes or advocates such a tax is through, we won't see it. That doesn't mean we won't see higher tax's , just no "new" ones.
<< <i>I've said it before, and will say it again, the politician who promotes or advocates such a tax is through, we won't see it. That doesn't mean we won't see higher tax's , just no "new" ones. >>
The question posed was "what if there was a VAT and it applied to coins".
<< <i>I've said it before, and will say it again, the politician who promotes or advocates such a tax is through, we won't see it. That doesn't mean we won't see higher tax's , just no "new" ones. >>
This is the type of tax that won't be enacted before an election but rather after an election for the very reason you cite. The people have a short memory.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Comments
<< <i>
<< <i>
<< <i>There will surely be a new tax. It will have a hip new name. You will be told it will save you money in the end. MJ >>
Listen to him folks, he is telling you right >>
Ah yes, the tax that will save us money!!!
Like the gift that keeps on giving it will be the tax that keeps on taking.
<< <i>
<< <i>
<< <i>There isn't a VAT in the US, and no reasonable person has proposed it. Same for a national sales tax. >>
That's correct, so let's not get ahead of ourselves here. >>
And how do you guys propose we pay for all the massive government spending or don't you think there is a problem? >>
You answer your question first since you brought it up.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
<< <i>
<< <i>
<< <i>There isn't a VAT in the US, and no reasonable person has proposed it. Same for a national sales tax. >>
That's correct, so let's not get ahead of ourselves here. >>
And how do you guys propose we pay for all the massive government spending or don't you think there is a problem? >>
Make a new tax for million dollar coins?
<< <i>< I doubt it would stop anyone from buying coins, but it will hurt business for buyers and sellers. >>
Huh? How will it hurt business if it wouldn't stop anyone from buying coins? >>
People will still pay 'their' price for a coin - but a higher percentage will go to the government of that price.
Let's put it another way - does auction house commissions hurt buyers and sellers? People still buy and sell, but take the commissions into account.
If auction house commissions went to 25% would they all stop doing business?
If you think yes, what did you think when the commission rate went from 10% to 15%? How about when a buyers commission was added to the sellers commission?
<< <i>There isn't a VAT in the US, and no reasonable person has proposed it. Same for a national sales tax. >>
And just how many reasonable people do you think we have running our Government?
.....................................................
I think that it would harm the coin market (and just about every other market) as more money will be siphoned to the government.
I think it is politically impossible and would require a whole new bureaucracy to enforce and collect.
Maybe they will start taxing stock trades. I think that would happen befor a VAT.
<< <i>There isn't a VAT in the US, and no reasonable person has proposed it. Same for a national sales tax. >>
Today on AP.
Obama suggests value-added tax may be an option.
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
The GST (Goods & Services Tax) was advertised as being a replacement for other taxes, i.e. stamp duties - (yes, when you buy a house here, you pay stamp duty, or sales tax on any real estate), greatly reduced income tax, etc. It was pushed as being the greatest thing since sliced bread and the gullible, media-educated people fell for it and voted it in. Since it's implementation, not one single tax has been eliminated, no stamp duties have gone away and income tax has not been reduced at all. It is just another 10% tax across the board on everything.
I doubt that it will be something that people will be allowed to vote on and will be forced on the population just like healthcare and every other recent scheme launched against the country. It, however, will be advertised as another great thing that will help solve all our problems, though.
I really think most collectors will slow down with purchases until they get into the routine of living with less money and then adjust their collecting style to fit their budget and continue on, like everyone else will do with whatever endeavors their daily lives encompass.
Socialists don't just come in and throw everyone into a pot of boiling water. The raise the temp a bit at a time.
The water is about to get much warmer.
I couldn't open Rick's link so I apologize if this is a dup post. MJ
WASHINGTON – President Barack Obama suggested Wednesday that a new value-added tax on Americans is still on the table, seeming to show more openness to the idea than his aides have expressed in recent days.
Before deciding what revenue options are best for dealing with the deficit and the economy, Obama said in an interview with CNBC, "I want to get a better picture of what our options are."
After Obama adviser Paul Volcker recently raised the prospect of a value-added tax, or VAT, the Senate voted 85-13 last week for a nonbinding "sense of the Senate" resolution that calls the such a tax "a massive tax increase that will cripple families on fixed income and only further push back America's economic recovery."
For days, White House spokesmen have said the president has not proposed and is not considering a VAT.
"I think I directly answered this the other day by saying that it wasn't something that the president had under consideration," White House press secretary Robert Gibbs told reporters shortly before Obama spoke with CNBC.
After the interview, White House deputy communications director Jen Psaki said nothing has changed and the White House is "not considering" a VAT.
Many European countries impose a VAT, which taxes the value that is added at each stage of production of certain commodities. It could apply, for instance, to raw products delivered to a mill, the mill's production work and so on up the line to the retailer.
In the CNBC interview, Obama said he was waiting for recommendations from a bipartisan fiscal advisory commission on ways to tackle the deficit and other problems.
Obama and crew. WTF
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>I've said it before, and will say it again, the politician who promotes or advocates such a tax is through, we won't see it. That doesn't mean we won't see higher tax's , just no "new" ones. >>
The question posed was "what if there was a VAT and it applied to coins".
<< <i>I've said it before, and will say it again, the politician who promotes or advocates such a tax is through, we won't see it. That doesn't mean we won't see higher tax's , just no "new" ones. >>
This is the type of tax that won't be enacted before an election but rather after an election for the very reason you cite. The people have a short memory.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire