Maryland and Washington Repeal Coin and Bullion Sales-Tax Exemptions
U1chicago
Posts: 6,557 ✭✭✭✭✭
Per the linked greysheet article, Maryland and Washington state have removed their exemptions on bullion and coins. There is an exemption tailored just for the Baltimore Convention Center.
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It is always more taxes - never spending cuts.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
are the state gov't pension funds topped up or are lacking?
From the below link, it’s 72.6% funded, which ranks 39th. Its unfunded liability is over 27 billion.
https://equable.org/pension-plan-funded-ratio-rankings-2024/#2023-Funded-Status-by-State
there are no budget surpluses when there are underfunded liabilities
I live in Maryland, so if I win a $5,000 coin from Heritage, I must pay $300 sales tax.
That is going to seriously hinder my bidding on coins I would like to purchase.
Our governor has his sights set on the presidency....good luck with that!
Are there any statistics available on how much states actually collect on coin and bullion sales?
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
8 to 10% of total sales. 😀
It's incremental. They get far more from coins than they do from saddles. That's not an argument for making saddles tax free.
8-10% of taxed sales is more like it. Because so many coins are shipped out-of-state tax-free, and others are purchased for cash and not reported, I wonder how much is actually taxed, and how much sales tax is actually collected.
And on a related note, doesn’t it seem odd that you can buy a gold ETF and not pay sales tax, but you might have to pay sales tax on physical gold?
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
isn't it odd that securities are not taxed (yet)
I still have a few more months in Washington state.
not nit picking, we do have an sec fee
but i know the thought. on another thread i was saying they could have bond sales taxes. they already tax the interest and capital gains
My Ford stock has no sales tax but my Ford car did. 😀
The problem with coins/bullion is determining what is a collectible (hobby) coin and what is a bullion investment.
Personally, I'm not sure why coins should be treated differently than Hummels or Beanie Babies.
NY has a rule regarding premium to intrinsic. Even then, interestingly, when the premium on ASE's swelled to +$9, they were technically NOT bullion anymore because the premium was over 40% above intrinsic.