Help us help you
Greeniejr
Posts: 1,321 ✭✭✭
For decades, the Industry Council for Tangible Assets has been on the front line to promote and safeguard the interests of the numismatic and precious-metals bullion communities, serving as the industry watchdog to maintain a favorable legislative and regulatory climate in the United States and the individual states. Dealers primarily support ICTA’s efforts to obtain and keep coin, currency, and bullion sales-tax exemptions in the states which benefit collectors and investors. However, the landscape of interstate commerce was changed when the Supreme Court decided the South Dakota v. Wayfair case. The Court’s decision in favor of South Dakota means that states can now require out-of-state retailers (e.g. dealers) to collect sales-tax revenue from consumers (e.g. collectors and investors). Click on the following link to learn more about Wayfair and how you can help ICTA’s work to defeat these taxes and help reduce Wayfair’s effects on dealers, collectors, and investors.Click for more information
Comments
+1
Excellent post and reflects the growing threat of these tax laws. The voracious appetite of politicians for our money is insatiable. Cheers, RickO
One of the most important things about this is that despite being political, it is about as bipartisan as you can get. This effects people of every political belief so everyone needs to bring this to their Senators and Congresspeople D, R or I. If that is not enough both the affirming and dissenting opinions in the courts said that there needs to be a legislative solution to this. They just didn't agree on whether that was enough to overrule Quill. Click the above link to help support ICTA because that way the coin industry can have a seat at the table and some input to the fix for this problematic decision.
Here is South Dakota we do not charge sales tax on coins or money. The only state I know for sure that taxes coins is Minnesota, and they don't tax bullion, which to me is bass ackwards.
I wonder how much of a cut eBay gets for collecting the tax money, I'm sure they are not doing it for free.
Fighting the Fight for 11 Years with the big "C" - Never Ever Give Up!
Member PCGS Open Forum board 2002 - 2006 (closed end of 2006) Current board since 2006 Successful trades with many members, over the past two decades, never a bad deal.
They don't get any of it. They are doing it because if they don't the government will make their lives miserable and cost them much more money.
Over 30 states have a full or partial exemption. That is why this is so bad. I live in Illinois where we have had an exemption for decades. The only time we had to worry about sales tax is at an out of state show and at those you can pay a token amount to that state, pretend you are actually collecting it and they will leave you alone. We did not have to worry about taxes on sales from the store because they were either IL sales or out of state which were exempt. Now, we have to worry about the specific state we are selling into.