The 10.1% WA sales tax has taken the wind out of my numismatic sails.
Lakesammman
Posts: 17,646 ✭✭✭✭✭
I know the tax on coins/currency/bullion has been discussed, but I didn't realize how it would affect my shopping habits.
Bought a coin on GC the other day and forgot about the tax, about $125.
I'm definitely spending a lot less time shopping on line for coins........
"My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose, Cardinal.
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Comments
When billionaires are moving out what does that tell you
Mike
My Indians
Dansco Set
It's not just billionaires moving out. It goes further down the line.
As for the OP...I was already winding down, as you know, but there were still a few things I was looking at/for. The new tax basically put a complete stop on that for me at this point.
If I am visiting another state, and there is a shop/show, I'll look and if I see something I want, I plan to get it, but I won't be shopping from online/home and I won't be hitting up any shops in our state
( i imagine buy prices in local BM shops are even lower than they were before the tax as well....)
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
That’s just awful. I refuse to buy in that state.
It's 11.25% where I live in California.
OUCH
The question is WHY would you..........crazy
Mike
My Indians
Dansco Set
With many auction houses at 22+% commissions and a sales tax that high, a good percentage of U.S. regular issues become burials at least for quite some time.
I don’t understand why a state would tax bullion.
I REALLY don’t understand why a state would tax collectible coins.
Simple, because they can.............
You have the right NOT to buy
Mike
My Indians
Dansco Set
In Massachusetts there is no tax on a coin purchase of $1000+.
I'm not sure about bullion becasue I do not buy it.
NH which is right store is tax free.
Student of numismatics and collector of Morgan dollars
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I won’t give them my money either. Just sad all around.
Greed and its never enough....
Why is a collectible coin any different than a beanie baby? [I didn't say bullion. ]
All comments reflect the opinion of the author, even when irrefutably accurate.
$$$$.
As long as the state is getting money, it is irrelevant to them what is being taxed whether it’s a luxury car or luxury coin/bullion.
If the states want to make money, tax the Ponzi scheme “cryptocurrencies.” If people choose to waste their money, it might as well be used to fund roads, schools, and fire/police personnel.
BST---No sales tax.
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
It's a hit that's for sure. Idaho is looking better all the time.
CAC | PCGS | NGC
Ugh.
Besides the humidity and pollen Tennessee has been pretty good to me.
BHNC #248 … 140 and counting.
WA sucks... more ways than one
Proud follower of Christ! I love the USA! Land of the Bright and Beautiful! 🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸
God bless the black market.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
If I buy a political item from Heritage, the buyers’ fee plus the sales tax adds up to 36% over the hammer price in the auction. Do you wonder why I avoid buying political items from Heritage?
AWESOME..... I agree !!
Giveaways even better! Not only do you have 0% sales tax you also have a built-in discount on everything you buy 😏
Proud follower of Christ! I love the USA! Land of the Bright and Beautiful! 🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸
I thought the highest sales tax in CA was 10.75%. Where do you live?
@Inlander I agree with you that there are a LOT of detriments to living in Washington State, would like to point out that unlike Idaho (and perhaps other states) there is no sales tax on food at the grocery store and no state income tax….Having said that i don’t know exactly what the comparison is but it needs to be said that it’s not a tax free comparison….Those taxes do add up
It is my opinion that ultimately Washington will do away with the tax on coins and bullion, yes it may be a couple of years but i believe that the tax will ultimately be repealed, there is already progress towards that end but it will not be debated until next winter.
Go across the Columbia River to Oregon. No sales tax.
It would be interesting to compare the total tax bite of WA vs. other states.
I would venture a guess that other states may not levy a sales tax on coins (or bullion), but you pay for it in property taxes (which may not hit you in the face if they are paid by the mortgage company, for example) or other taxes.
I tend to agree that the tax will be soon repealed.
@pruebas I have no concrete facts (and have no interest whatsoever in researching!) but i would imagine that Washington state ranks very high…however, i do believe the difference is not so vast as some folks may believe 🤔
No state income tax... yet lol!
CAC | PCGS | NGC
@Inlander Hmm…my son and daughter in law live there and told me they are paying a state income tax.
Also, a quick google search says 5.3% 🤔
Ultimately repealed? I'm sorry, I don't share your optimism.
CAC | PCGS | NGC
I never said there was no state income tax in Idaho.
CAC | PCGS | NGC
Are you not concerned with the recent Millionaires tax in Washington? It would be real easy to slide that down to people at lower income levels.
CAC | PCGS | NGC
Because it's now common merchandise just if like you bought a broom and a dustpan. I don't like it either but convince me why a one ounce gold bar shouldn't be taxed.
@Inlander
No state income tax... yet lol!
This was your comment…
See above
I was referring to Washington, not Idaho.
CAC | PCGS | NGC
@Inlander
Ahh gotcha!
Tax Foundation
2026 State Tax Competitiveness Index
The State Tax Competitiveness Index compares each state on more than 150 variables in the five major areas of taxation (corporate taxes, individual income taxes, sales and excise taxes, property and wealth taxes, and unemployment insurance taxes and then adds the results to yield a final, overall ranking. This approach rewards states on particularly strong aspects of their tax systems (or penalizes them on particularly weak aspects), while measuring the general competitiveness of their overall tax systems. The result is a score that can be compared to other states’ scores.
https://taxfoundation.org/statetaxindex/
FWIW...
@MasonG
Interesting! Thank you for posting!
The Supreme Court ruled 5-4 in South Dakota v. Wayfair, Inc. (2018) that states can require remote sellers to collect sales tax without a physical presence. This landmark decision established that "economic nexus"—significant sales volume—replaces the outdated physical presence rule, allowing states to enforce sales tax collection on out-of-state retailers.
The 5-4 Vote BreakdownMajority (5): Justices Anthony Kennedy (who authored the opinion), Clarence Thomas, Ruth Bader Ginsburg, Samuel Alito, and Neil Gorsuch.
Dissenting (4): Chief Justice John Roberts, joined by Justices Stephen Breyer, Sonia Sotomayor, and Elena Kagan.
The tax foundation index squares with most of the state taxes I’m familiar with except the Washington individual income tax ranking. The so-called millionaires tax on capital gains may yield a large amount of state revenue but it doesn’t directly affect the vast majority of citizens. There is a flaw in their approach IMO.
Here in CT theres a 10% tax on the gyms price tag, it never ceases and isint getting any better 😕
(They look at it as a luxury)
Oregon 0%
There’s no sales tax in California on bullion or coin purchases greater than $2000.
There are plenty of dealers nationally who do not charge sales tax.
Lancaster
That's an oddly regressive tax structure in Washington.
All comments reflect the opinion of the author, even when irrefutably accurate.
I'm shocked that NY is 50th. 🤣
All comments reflect the opinion of the author, even when irrefutably accurate.
I'm not.
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
In regard to a specific tax on Millionaires or even Billionaires simply because they are, I have never understood why certain State Governments hate them so much for their personal and professional achievements.
Boom...we win.
There are so many potential > @BAJJERFAN said:
It serves the same purpose as stocks, bonds, insurance policies, and plenty of other stores of value/paper assets.
If you’re not taxed on buying into a gold ETF you shouldn’t be taxed on buying a gold bar. JMHO obviously.