@jwitten said:
If I have to start collecting sales tax to every state, I doubt I will be able to make enough margin to keep selling on ebay.
It's even worse than that. You will not only have to collect sales tax to each state, you will also have to collect tax to each local taxing municipality, of which there are between 7,500 and 12,000. Just how long do you have to fill out tax returns? And don't forget, any of these states or local municipalities can audit you. How many audits can you handle, and still run your business?
It would have been a heck of a lot easier to collect the tax where the seller is, not where the buyer is. For example, if I go to a Wal-Mart, they don't ask me where I live, they collect the tax based on where their store is located. This would have allowed small businesses to file one state and one local sales tax return.
Amazon was in favor of this. In my opinion, so they could drive more small businesses out of business.
Don't worry. When the mess unfolds, Congress will come to the rescue and replace state and local sales taxes with a national sales tax.
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
@Coinstartled said:
Unlike toilet paper or BBQ grills or 16 year old pickups with the wheels about to fall off, rare coins, especially of a higher dollar value have maintained a significant investment component.
Taxing rare coin sales in a similar fashion to consumer goods has been recognized by many jurisdictions as an exception. Similarly a sales tax on say the purchase of 100 shares of Amazon stock would be met with a Wall Street revolt.
It will be interesting to see how this shakes out, we are clearly in a new era of online commerce.
Seems though that Bezos always wins.
Disagree. Most coin sales have little "investment" component. They are hobby sales, akin to yarn for knitters and ceramic vases. Coin collectors like to think they are an "investment" but, other than bullion, they really are not anymore than beanie babies, back in the day.
All comments reflect the opinion of the author, evn when irrefutably accurate.
Since all this involves interstate commerce, the federal government will hopefully use its authority to step in and come up with uniform set of rules and regulations that small businesses can live with although I'm not very optimistic this will happen.
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
@LindyS said:
My county 4.5% tax address for deliveries shares the same zip code as the city that charges 8.675% per delivery. Same zip, two different tax rates.
True if you are using a 5-digit zip, but the zip+4 is supposed to solve most of that. In your case, if you only provide a 5-digit with mixed tax rates, and you live in one of the 24 states in the Streamlined Sales Tax agreement, you would be charged the lesser of the rates. I can see in the future a +4 zip being required though.
@GRANDAM said:
This was tossed around a few years ago as far as eBay is concerned and it was said that eBay would develop a program and collect the tax from the buyers and sellers would not have to mess with it. It would be impossible for small sellers to keep track of all the different sales tax rates across the country.
The problem is, eBay will probably not do it correctly. They'll tax things at a default rate that should be at a lower rate or tax exempt (such as the postage I bought today), they'll screw up tax holidays that are often in place in August for back-to-school stuff, they won't keep current with tax rate changes, and they'll screw up local taxes when a zip code is split up between 6 different villages in 3 different counties, with some of those villages also straddling county lines. Meanwhile, buyers will complain and it will be the seller's responsibility to get it straightened out, as only the seller risks negative feedback.
Realistically, I don't think most counties will go after their cut, and very few municipalities will -- probably just the biggest ones.
Sales tax revenue is a significant source of funding for local governments. States disperse a portion of collected sales tax revenue back to the cities/counties where the purchase was completed. This occurs through intergovernmental transfers irrespective of any local surcharges or tax increments that increase the rate levied by the state.
Pay the sales tax to the required entity from paypal but pay it 5 cents at a time. With their 30 minimum transaction fee, it will be a GIANT BLACK HOLE of costs for the states.
Without going into the details, I had to refund about $15 to a person one time due to a part he damaged and then filed for a refund, but never returned it. I sent it to him 5 cents at time. The hate mail was so bad, ebay blocked him.
I like it. Sort of similar to the folks who would bring in a bunch of pennies to the courthouse to pay a fine in protest.
They don't have to accept cents as payment, but they should just take them, STFU and haul em down to the bank.
State sales tax, county sales tax, town/city sales tax.....This will be an interesting nightmare for a while...I see all sorts of tax dodging possibilities...Regulatory entities will flourish, legal firms will profit, the black market will expand.... Lots of fun and games to come... Cheers, RickO
@jwitten said:
If I have to start collecting sales tax to every state, I doubt I will be able to make enough margin to keep selling on ebay.
The buyer pays the tax, not the seller. Has no effects on margins.
That's the thing. Nobody want's to pay Sales Tax, no matter how small and the "margins" are only affected if the item does not sell because of the sales tax.
My question would be, how in the heck am I to know what the sales tax is in Paducah Kentucky? Shelby South Carolina?
Once I figure that out and collect the tax from the buyer, what taxing authority do I pay it to?
Do I have to create an account to pay the tax? Do I have to apply for a license to collect a tax?
It sounds, to me, like an accounting nightmare for small business!
I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
It is another attempt by big brother to stick it to the little guy.
It’s another blow against ordinary people by the big GOV / Corp machine and their minions. We don’t need horror movies about machines taking over its already happened.
This will help coin shows and the wholesale dealers, as as there will be less hassle involved by selling to other dealers with tax exemptions at shows.
It will hurt auction companies. I think it might make using a dealer as a go-between much more attractive since dealers with tax numbers will not have to pay the tax. Better to pay 5% to the dealers than the sales tax.
It will drive business away from eBay and web sites to more "personal" and private transactions.
Long term consequence: This is the first step in removing cash from the society. As a black market in cash transactions increases, cash will be viewed as an instrument used only by people looking to defraud the Government. If all monetary transactions are recorded somewhere, then it is easier to enforce the tax laws.
@jwitten said:
If I have to start collecting sales tax to every state, I doubt I will be able to make enough margin to keep selling on ebay.
The buyer pays the tax, not the seller. Has no effects on margins.
That's the thing. Nobody want's to pay Sales Tax, no matter how small and the "margins" are only affected if the item does not sell because of the sales tax.
My question would be, how in the heck am I to know what the sales tax is in Paducah Kentucky? Shelby South Carolina?
Once I figure that out and collect the tax from the buyer, what taxing authority do I pay it to?
Do I have to create an account to pay the tax? Do I have to apply for a license to collect a tax?
It sounds, to me, like an accounting nightmare for small business!
Wouldn't it make sense for eBay to collect and remit the tax? The states can provide eBay with the various locations and rates and what is exempt and what isn't. Until the states provide that and convenient means for doing so, I wouldn't collect and/or remit a dime.
Interesting that some of the more informed sources (not here ) are alluding to businesses with less than $100,000 in yearly sales being exempt from the requirement to collect sales tax for out-of-state sales. AMZN and other large sellers already collect sales taxes in every state where they have a "nexus," which I suspect is virtually all of them. Now, third-party sellers on AMZN are not so lucky and much worse-equipped to handle such transactions. The financial media are reporting that AMZN might actually be able to profit from the new law/requirements by offering a new service, filing and paying the taxes for those sellers (and potentially others who register with them).
AMZN sold off a little bit yesterday, from about $1760 down to $1728. It's up a bit today already. I think AMZN will be fine. Small- and medium-size companies will be hurt much more the way things are shaping up.
I thought it would be the the seller had to collect taxes in the state where business is located. If i go to another state I pay the taxes required to that state, not the state where I live.
Places like Amazon, BestBuy, Target, et. al., will collect state and local taxes taxes based on address of buyer.
Otherwise it will be very burdensome and almost not worth doing business on line.
Just thinking
@ErrorsOnCoins said:
Have you guys ever heard of this thing called computer software?
In order to collect sales tax in Nevada you have to have a State issued Sales Tax ID. Since nobody on ebay (except already established businesses) has an ID what do you think might happen? Do you think that everyone will apply for the ID? Not a chance in **** that this would happen.
bob
Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
Couple things, as a seller and buyer on ebay, and owning my own business:
1) I see a HUGE boom in tax resale certificates. EVERYBODY will suddenly have one, and there will be seminars on how to get one and save sales tax on EVERYTHING, even a cup of coffee.
2) I truly believe no one is smart enough to make the software at the national level (ebay) to cover every possibility of states, counties, cities, transportation districts (some can have their own sales tax), Water and Utility districts (ditto previous comment), what is and isn't taxable in each district, sales tax holidays (If I am selling at 1:30 AM in Central time to a person in California at 11:30 PM, and that day in California is a tax holiday, but not the day in Texas, which applies, etc. Is it the day it is sold or the day it is paid for?
3) How will ebay, as the big player, comprehend what is new versus used, (some have tax and some don't) if the description or category is incorrect.
Anybody remember sales tax tokens (coin related) and what a joke those were, and how much they were hated?
Why do I suddenly have an image of chests of tea being thrown into the harbor?
Coins are hardly a drop in the bucket in the grand scheme of internet and mail order things.
Oh, I agree, but since this is a coin forum, I thought we were talking about the impact of this Supreme Court decision on coins and related collectibles.
@stevek said:
My guess is that Ebay and Amazon will collect and remit the sales tax.
The "problem" is going to be with sellers who offer product on their websites, having to collect and remit the sales tax, especially with each state going to have their own set of rules.
Another early guess is that a number of states will band together and have sellers remit the sales tax to one address or online payment account. But I doubt if some of the bigger states such as California and New York will be so accomodating towards small sellers.
We shall see what happens.
One thing for sure, certain politicians, lawyers, accountants, and software firms are going to get filthy rich over this, while again, the small business owner suffers under the cost and time waste of burdonsome paperwork...and for what? So that big government will squander the money anyway, and then later on come back for more money to squander.
And don't forget the consumer having to pay more in taxes. Death by 1,000 cuts. Big government is eating the middle class alive as the appetite of malignantly growing big government is insatiable.
@stevek said:
My guess is that Ebay and Amazon will collect and remit the sales tax.
The "problem" is going to be with sellers who offer product on their websites, having to collect and remit the sales tax, especially with each state going to have their own set of rules.
Another early guess is that a number of states will band together and have sellers remit the sales tax to one address or online payment account. But I doubt if some of the bigger states such as California and New York will be so accomodating towards small sellers.
We shall see what happens.
One thing for sure, certain politicians, lawyers, accountants, and software firms are going to get filthy rich over this, while again, the small business owner suffers under the cost and time waste of burdonsome paperwork...and for what? So that big government will squander the money anyway, and then later on come back for more money to squander.
And don't forget the consumer having to pay more in taxes. Death by 1,000 cuts. Big government is eating the middle class alive as the appetite of malignantly growing big government is insatiable.
Ebay ,Amazon will have no choice... Supreme Ruling a green light for all states to grab the on line sales Tax money
@EagleEye said:
This will help coin shows and the wholesale dealers, as as there will be less hassle involved by selling to other dealers with tax exemptions at shows.
It will hurt auction companies. I think it might make using a dealer as a go-between much more attractive since dealers with tax numbers will not have to pay the tax. Better to pay 5% to the dealers than the sales tax.
It will drive business away from eBay and web sites to more "personal" and private transactions.
Long term consequence: This is the first step in removing cash from the society. As a black market in cash transactions increases, cash will be viewed as an instrument used only by people looking to defraud the Government. If all monetary transactions are recorded somewhere, then it is easier to enforce the tax laws.
Very True... You will see more states start to Tax coin sales ,, Especially bankrupt Blue Democrat States like .....Illinois , New Jersey, Conn, Maine, California
So an elected official from a place where I'm not allowed to vote can compel me to do something? It is taxation without representation . The state I live in can do that to me the seller but hawaii can't. Arizona can't and texas can't either. Its possible to tell me I have to do it but they can't come take the money from me. Ebay can't either , paypal does not take local sales taxes from me as a seller . Now if there is a reasonable threshold okay . If I do 9$ worth of business with a buyer in some random state then they can't make me collect it or pay it. That tax jurisdiction will not be able to compel me from however far away they are.
Ebay will just have to figure out the way to send the equivalent of a 1099 for sales tax to me for every jurisdiction. Then I will refuse to pay and I may even collect the money and keep it. Or I might collect it and send it right back to the buyer .
There's just gonna be an online goods tax. If that's unconstitutional I'm sure it'll be changed. I don't really see how anybody could do a case by case basis.
@stevek said:
My guess is that Ebay and Amazon will collect and remit the sales tax.
The "problem" is going to be with sellers who offer product on their websites, having to collect and remit the sales tax, especially with each state going to have their own set of rules.
Another early guess is that a number of states will band together and have sellers remit the sales tax to one address or online payment account. But I doubt if some of the bigger states such as California and New York will be so accomodating towards small sellers.
We shall see what happens.
One thing for sure, certain politicians, lawyers, accountants, and software firms are going to get filthy rich over this, while again, the small business owner suffers under the cost and time waste of burdonsome paperwork...and for what? So that big government will squander the money anyway, and then later on come back for more money to squander.
And don't forget the consumer having to pay more in taxes. Death by 1,000 cuts. Big government is eating the middle class alive as the appetite of malignantly growing big government is insatiable.
@stevek said:
My guess is that Ebay and Amazon will collect and remit the sales tax.
The "problem" is going to be with sellers who offer product on their websites, having to collect and remit the sales tax, especially with each state going to have their own set of rules.
Another early guess is that a number of states will band together and have sellers remit the sales tax to one address or online payment account. But I doubt if some of the bigger states such as California and New York will be so accomodating towards small sellers.
We shall see what happens.
One thing for sure, certain politicians, lawyers, accountants, and software firms are going to get filthy rich over this, while again, the small business owner suffers under the cost and time waste of burdonsome paperwork...and for what? So that big government will squander the money anyway, and then later on come back for more money to squander.
And don't forget the consumer having to pay more in taxes. Death by 1,000 cuts. Big government is eating the middle class alive as the appetite of malignantly growing big government is insatiable.
Ebay ,Amazon will have no choice... Supreme Ruling a green light for all states to grab the on line sales Tax money
I agree with ya, they both have no choice. However they are positioned now, they of course both have the financial resources to make the necessary adjustments.
Frankly, I'd be quite surprised if both of them haven't already thoroughly game planned for the possibility of a SCOTUS ruling such as this.
@bronco2078 said:
So an elected official from a place where I'm not allowed to vote can compel me to do something? It is taxation without representation . The state I live in can do that to me the seller but hawaii can't. Arizona can't and texas can't either. Its possible to tell me I have to do it but they can't come take the money from me. Ebay can't either , paypal does not take local sales taxes from me as a seller . Now if there is a reasonable threshold okay . If I do 9$ worth of business with a buyer in some random state then they can't make me collect it or pay it. That tax jurisdiction will not be able to compel me from however far away they are.
Ebay will just have to figure out the way to send the equivalent of a 1099 for sales tax to me for every jurisdiction. Then I will refuse to pay and I may even collect the money and keep it. Or I might collect it and send it right back to the buyer .
Now what?
Good points. I suppose that the taxing jurisdictions will claim that Ebay is the vendor, not the actual sellers. Wonder how Apmex will be able to sell a close to melt Saints on Ebay when $100 in taxes is added on.
What will be interesting is listening to anyone try to explain to a family struggling to make ends meet, that their $100 purchase of say household items they need is now going to cost in California say around $110.
Sure there's always been the "use tax" but we all know that hardly any household ever paid it, and the states basically didn't go after households for it.
Small businesses are already hissed off about this, many poor and middle class folks are going to be as well.
This is not over yet by any means. Congress will look at this and then we shall see what happens.
@CommemDude said:
I once thought coin shows were destined to become extinct but maybe this is the end of internet sales and a return to face to face transactions for coin sales?
These attempts to tax us to death always end up with the underground market expanding,,,,just look at the mess in Greece where medical and other services and goods are offered at a steep discount for cash payment.
The percentage of trading that is done underground will certainly increase. The total amount of trading will certainly decrease.
Maybe this "problem" will be solved for them with a cashless society.
Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
Minnesota has a law to collect online taxes that they will enact soon, just need a signature. They did create this in anticipation of the Supreme Court ruling.
But they didn't update the tax code to be in line with the Federal tax code.
Minnesota residents will be paying more than they should.
@EagleEye said:
This will help coin shows and the wholesale dealers, as as there will be less hassle involved by selling to other dealers with tax exemptions at shows.
It will hurt auction companies. I think it might make using a dealer as a go-between much more attractive since dealers with tax numbers will not have to pay the tax. Better to pay 5% to the dealers than the sales tax.
It will drive business away from eBay and web sites to more "personal" and private transactions.
Long term consequence: This is the first step in removing cash from the society. As a black market in cash transactions increases, cash will be viewed as an instrument used only by people looking to defraud the Government. If all monetary transactions are recorded somewhere, then it is easier to enforce the tax laws.
Very True... You will see more states start to Tax coin sales ,, Especially bankrupt Blue Democrat States like .....Illinois , New Jersey, Conn, Maine, California
Last I checked California has a 6 billion dollar surplus according to the Wall St Journal
The 10 states with the most debt from very worst:
Hawaii
New Jersey
Ohio
Alaska
New Mexico
Conn
Illinois
Kentucky
Mississippi
Rhode Island
West Virginia
This from a non partisan report on the health of our states
m
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......
@mustangmanbob said:
Couple things, as a seller and buyer on ebay, and owning my own business:
1) I see a HUGE boom in tax resale certificates. EVERYBODY will suddenly have one, and there will be seminars on how to get one and save sales tax on EVERYTHING, even a cup of coffee.
2) I truly believe no one is smart enough to make the software at the national level (ebay) to cover every possibility of states, counties, cities, transportation districts (some can have their own sales tax), Water and Utility districts (ditto previous comment), what is and isn't taxable in each district, sales tax holidays (If I am selling at 1:30 AM in Central time to a person in California at 11:30 PM, and that day in California is a tax holiday, but not the day in Texas, which applies, etc. Is it the day it is sold or the day it is paid for?
3) How will ebay, as the big player, comprehend what is new versus used, (some have tax and some don't) if the description or category is incorrect.
Anybody remember sales tax tokens (coin related) and what a joke those were, and how much they were hated?
Why do I suddenly have an image of chests of tea being thrown into the harbor?
Using a sales tax certificate to buy something for personal use is fraud. A few public convictions will put an end to that.
Amazon.com, Walmart.com, Target.com, bestbuy.co etc. already do this. So not only are there people smart enough to do it, they've already done it.
eBay will rely on the classification of the seller.
All comments reflect the opinion of the author, evn when irrefutably accurate.
@EagleEye said:
This will help coin shows and the wholesale dealers, as as there will be less hassle involved by selling to other dealers with tax exemptions at shows.
It will hurt auction companies. I think it might make using a dealer as a go-between much more attractive since dealers with tax numbers will not have to pay the tax. Better to pay 5% to the dealers than the sales tax.
It will drive business away from eBay and web sites to more "personal" and private transactions.
Long term consequence: This is the first step in removing cash from the society. As a black market in cash transactions increases, cash will be viewed as an instrument used only by people looking to defraud the Government. If all monetary transactions are recorded somewhere, then it is easier to enforce the tax laws.
Very True... You will see more states start to Tax coin sales ,, Especially bankrupt Blue Democrat States like .....Illinois , New Jersey, Conn, Maine, California
Last I checked California has a 6 billion dollar surplus according to the Wall St Journal
The 10 states with the most debt from very worst:
Hawaii
New Jersey
Ohio
Alaska
New Mexico
Conn
Illinois
Kentucky
Mississippi
Rhode Island
West Virginia
This from a non partisan report on the health of our states
m
Don't let California off the hook yet, theres that underfunded and massively corrupt Calpers thing.
"From a business perspective, all you get are costs. They do not pay you to collect their taxes, and in the end, they subject you to huge fines, penalties, and prison for a job that amounts to indentured servitude."
No Way Out: Stimulus and Money Printing Are the Only Path Left
Because I am SUCH A GOOD GUY, and Texas has no sales tax on coins, have all your coin ebay purchases sent to me as the address of record, and I will resend it to you AS A GIFT for a mere 3%.
Comments
Don't worry. When the mess unfolds, Congress will come to the rescue and replace state and local sales taxes with a national sales tax.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Congress shall have power "To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes."
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Disagree. Most coin sales have little "investment" component. They are hobby sales, akin to yarn for knitters and ceramic vases. Coin collectors like to think they are an "investment" but, other than bullion, they really are not anymore than beanie babies, back in the day.
All comments reflect the opinion of the author, evn when irrefutably accurate.
Since all this involves interstate commerce, the federal government will hopefully use its authority to step in and come up with uniform set of rules and regulations that small businesses can live with although I'm not very optimistic this will happen.
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
True if you are using a 5-digit zip, but the zip+4 is supposed to solve most of that. In your case, if you only provide a 5-digit with mixed tax rates, and you live in one of the 24 states in the Streamlined Sales Tax agreement, you would be charged the lesser of the rates. I can see in the future a +4 zip being required though.
https://blog.taxjar.com/zip-codes-sales-tax/
"You Suck Award" - February, 2015
Discoverer of 1919 Mercury Dime DDO - FS-101
Sales tax revenue is a significant source of funding for local governments. States disperse a portion of collected sales tax revenue back to the cities/counties where the purchase was completed. This occurs through intergovernmental transfers irrespective of any local surcharges or tax increments that increase the rate levied by the state.
The big retailers want the small sellers out of business.
They don't have to accept cents as payment, but they should just take them, STFU and haul em down to the bank.
As long as we can get a pizza delivered in about an hour, we are in good shape.
``https://ebay.us/m/KxolR5
State sales tax, county sales tax, town/city sales tax.....This will be an interesting nightmare for a while...I see all sorts of tax dodging possibilities...Regulatory entities will flourish, legal firms will profit, the black market will expand.... Lots of fun and games to come...
Cheers, RickO
That's the thing. Nobody want's to pay Sales Tax, no matter how small and the "margins" are only affected if the item does not sell because of the sales tax.
My question would be, how in the heck am I to know what the sales tax is in Paducah Kentucky? Shelby South Carolina?
Once I figure that out and collect the tax from the buyer, what taxing authority do I pay it to?
Do I have to create an account to pay the tax? Do I have to apply for a license to collect a tax?
It sounds, to me, like an accounting nightmare for small business!
The name is LEE!
Have you guys ever heard of this thing called computer software?
It is another attempt by big brother to stick it to the little guy.
It’s another blow against ordinary people by the big GOV / Corp machine and their minions. We don’t need horror movies about machines taking over its already happened.
This will help coin shows and the wholesale dealers, as as there will be less hassle involved by selling to other dealers with tax exemptions at shows.
It will hurt auction companies. I think it might make using a dealer as a go-between much more attractive since dealers with tax numbers will not have to pay the tax. Better to pay 5% to the dealers than the sales tax.
It will drive business away from eBay and web sites to more "personal" and private transactions.
Long term consequence: This is the first step in removing cash from the society. As a black market in cash transactions increases, cash will be viewed as an instrument used only by people looking to defraud the Government. If all monetary transactions are recorded somewhere, then it is easier to enforce the tax laws.
Wouldn't it make sense for eBay to collect and remit the tax? The states can provide eBay with the various locations and rates and what is exempt and what isn't. Until the states provide that and convenient means for doing so, I wouldn't collect and/or remit a dime.
Depends on where you live, no tax on coins or bullion in Georgia. Talk to your state legislator.
it's crackers to slip a rozzer the dropsy in snide
Really? How many counties and municipalities can you name who won't want some extra cash to spend?
An authorized PCGS dealer, and a contributor to the Red Book.
Interesting that some of the more informed sources (not here
) are alluding to businesses with less than $100,000 in yearly sales being exempt from the requirement to collect sales tax for out-of-state sales. AMZN and other large sellers already collect sales taxes in every state where they have a "nexus," which I suspect is virtually all of them. Now, third-party sellers on AMZN are not so lucky and much worse-equipped to handle such transactions. The financial media are reporting that AMZN might actually be able to profit from the new law/requirements by offering a new service, filing and paying the taxes for those sellers (and potentially others who register with them).
AMZN sold off a little bit yesterday, from about $1760 down to $1728. It's up a bit today already. I think AMZN will be fine. Small- and medium-size companies will be hurt much more the way things are shaping up.
My 2c,
Kind regards,
George
My question would be, how in the heck am I to know what the sales tax is in Paducah Kentucky? Shelby South Carolina?
Don't know about Kentucky but there is no sales tax on coins and currency in South Carolina.
Member ANA, SPMC, SCNA, FUN, CONECA
I thought it would be the the seller had to collect taxes in the state where business is located. If i go to another state I pay the taxes required to that state, not the state where I live.
Places like Amazon, BestBuy, Target, et. al., will collect state and local taxes taxes based on address of buyer.
Otherwise it will be very burdensome and almost not worth doing business on line.
Just thinking
Everything is all right!
In order to collect sales tax in Nevada you have to have a State issued Sales Tax ID. Since nobody on ebay (except already established businesses) has an ID what do you think might happen? Do you think that everyone will apply for the ID? Not a chance in **** that this would happen.
bob
Only a Government entity would be doofus enough to spend $1.50 to collect $1.
Coins are hardly a drop in the bucket in the grand scheme of internet and mail order things.
Couple things, as a seller and buyer on ebay, and owning my own business:
1) I see a HUGE boom in tax resale certificates. EVERYBODY will suddenly have one, and there will be seminars on how to get one and save sales tax on EVERYTHING, even a cup of coffee.
2) I truly believe no one is smart enough to make the software at the national level (ebay) to cover every possibility of states, counties, cities, transportation districts (some can have their own sales tax), Water and Utility districts (ditto previous comment), what is and isn't taxable in each district, sales tax holidays (If I am selling at 1:30 AM in Central time to a person in California at 11:30 PM, and that day in California is a tax holiday, but not the day in Texas, which applies, etc. Is it the day it is sold or the day it is paid for?
3) How will ebay, as the big player, comprehend what is new versus used, (some have tax and some don't) if the description or category is incorrect.
Anybody remember sales tax tokens (coin related) and what a joke those were, and how much they were hated?
Why do I suddenly have an image of chests of tea being thrown into the harbor?
Coins are hardly a drop in the bucket in the grand scheme of internet and mail order things.
Oh, I agree, but since this is a coin forum, I thought we were talking about the impact of this Supreme Court decision on coins and related collectibles.
Member ANA, SPMC, SCNA, FUN, CONECA
Ebay ,Amazon will have no choice... Supreme Ruling a green light for all states to grab the on line sales Tax money
Very True... You will see more states start to Tax coin sales ,, Especially bankrupt Blue Democrat States like .....Illinois , New Jersey, Conn, Maine, California
So an elected official from a place where I'm not allowed to vote can compel me to do something? It is taxation without representation . The state I live in can do that to me the seller but hawaii can't. Arizona can't and texas can't either. Its possible to tell me I have to do it but they can't come take the money from me. Ebay can't either , paypal does not take local sales taxes from me as a seller . Now if there is a reasonable threshold okay . If I do 9$ worth of business with a buyer in some random state then they can't make me collect it or pay it. That tax jurisdiction will not be able to compel me from however far away they are.
Ebay will just have to figure out the way to send the equivalent of a 1099 for sales tax to me for every jurisdiction. Then I will refuse to pay and I may even collect the money and keep it. Or I might collect it and send it right back to the buyer .
Now what?
There's just gonna be an online goods tax. If that's unconstitutional I'm sure it'll be changed. I don't really see how anybody could do a case by case basis.
I agree with ya, they both have no choice. However they are positioned now, they of course both have the financial resources to make the necessary adjustments.
Frankly, I'd be quite surprised if both of them haven't already thoroughly game planned for the possibility of a SCOTUS ruling such as this.
Good points. I suppose that the taxing jurisdictions will claim that Ebay is the vendor, not the actual sellers. Wonder how Apmex will be able to sell a close to melt Saints on Ebay when $100 in taxes is added on.
What will be interesting is listening to anyone try to explain to a family struggling to make ends meet, that their $100 purchase of say household items they need is now going to cost in California say around $110.
Sure there's always been the "use tax" but we all know that hardly any household ever paid it, and the states basically didn't go after households for it.
Small businesses are already hissed off about this, many poor and middle class folks are going to be as well.
This is not over yet by any means. Congress will look at this and then we shall see what happens.
None of this would be an issue if everybody paid the self assessed sales tax when they filed their state tax return.
When can we all start paying these taxes with "fiat" currency. Seems to work in certain circles.
Maybe this "problem" will be solved for them with a cashless society.
Minnesota has a law to collect online taxes that they will enact soon, just need a signature. They did create this in anticipation of the Supreme Court ruling.
But they didn't update the tax code to be in line with the Federal tax code.
Minnesota residents will be paying more than they should.
Everything is all right!
Last I checked California has a 6 billion dollar surplus according to the Wall St Journal
The 10 states with the most debt from very worst:
Hawaii
New Jersey
Ohio
Alaska
New Mexico
Conn
Illinois
Kentucky
Mississippi
Rhode Island
West Virginia
This from a non partisan report on the health of our states
m
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......
All comments reflect the opinion of the author, evn when irrefutably accurate.
Don't let California off the hook yet, theres that underfunded and massively corrupt Calpers thing.
Martin Armstrong's opinion
"From a business perspective, all you get are costs. They do not pay you to collect their taxes, and in the end, they subject you to huge fines, penalties, and prison for a job that amounts to indentured servitude."
No Way Out: Stimulus and Money Printing Are the Only Path Left
Because I am SUCH A GOOD GUY, and Texas has no sales tax on coins, have all your coin ebay purchases sent to me as the address of record, and I will resend it to you AS A GIFT for a mere 3%.