@2windy2fish said: @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
That's an oddly regressive tax structure in Washington.
Yes it is. Regressive. State SALES tax is regressive because everyone is taxed on the things they need to survive.
Oregon has income tax but no sales tax. Washington and Nevada have no income tax but do have sales tax. Idaho has both.
California has both a state income tax and a sales tax. But in California, there is no tax on food in a grocery store unless it is prepared.
The best place to live is in Vancouver Washington, directly across the Columbia River from Portland, Oregon. Then you would have no state income tax, and you could do your shopping, eating out, car buying etc., in Oregon. If you were shopping for groceries it wouldn't matter where you were.
The only gotcha is the car sales tax. Oregon has no sales tax, but Washington charges “use tax” when you register the car in Washington. Meaning: You can buy a car in Oregon. But Washington will charge you the same rate as sales tax when you register it. So the “buy your car in Oregon” trick does not work unless the car stays in Oregon.
As for coin collectors, don't buy them online from someone who's paying their business tax in Washington. Buy them from someone who lives and runs their business from places like Oregon, Delaware, New Hampshire, Montana, or Alaska, all of which are 0% State Sales tax.
California has a 7.25% minimum state sales tax, which skyrockets to 10% if you live in places like SF or LA. City taxes are layered on top of the state taxes. I'm not sure if you need to pay the city taxes for coins bought from a dealer who lives in the big city.
“When you don't know what you're talking about, it's hard to know when you're finished.” - Tommy Smothers
@2windy2fish said: @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
That's an oddly regressive tax structure in Washington.
Yes it is. Regressive. State SALES tax is regressive because everyone is taxed on the things they need to survive.
Oregon has income tax but no sales tax. Washington and Nevada have no income tax but do have sales tax. Idaho has both.
California has both a state income tax and a sales tax. But in California, there is no tax on food in a grocery store unless it is prepared.
The best place to live is in Vancouver Washington, directly across the Columbia River from Portland, Oregon. Then you would have no state income tax, and you could do your shopping, eating out, car buying etc., in Oregon. If you were shopping for groceries it wouldn't matter where you were.
The only gotcha is the car sales tax. Oregon has no sales tax, but Washington charges “use tax” when you register the car in Washington. Meaning: You can buy a car in Oregon. But Washington will charge you the same rate as sales tax when you register it. So the “buy your car in Oregon” trick does not work unless the car stays in Oregon.
As for coin collectors, don't buy them online from someone who's paying their business tax in Washington. Buy them from someone who lives and runs their business from places like Oregon, Delaware, New Hampshire, Montana, or Alaska, all of which are 0% State Sales tax.
California has a 7.25% minimum state sales tax, which skyrockets to 10% if you live in places like SF or LA. City taxes are layered on top of the state taxes. I'm not sure if you need to pay the city taxes for coins bought from a dealer who lives in the big city.
If I buy a vehicle here, I pay ST plus registration. If I sell it in 2 weeks the new buyer pays ST. If the new buyer sells it 2 weeks later, then his buyer pays ST. Sell it enough times could be a windfall for the state. Essentials like food, medical care, home repairs aren't taxed here.
@illini420 said:
purchases from the US Mint (the Federal government) are exempt from state sales taxes
There has been a long term understanding that the states do not tax purchases from the Federal Government.
Not sure how it is now, but when I used to buy over the counter at the Philadelphia Mint gift shop, they charged PA sales tax only on the amount over face value of the set.
@Lakesammman said:
BTW, talked with a local dealer. He's setting up another shop out of state. He can continue to buy here over the counter, then ship to his other store for resale.
Seems like a smart strategy.
My local shop is only buying bullion and collections over the counter now, and selling it all to an out of state wholesaler. Nice work, Washington. It's kind of sad --- all their display cases are now sitting empty. They seem pretty busy buying over the counter, but I wonder if this model is really sustainable long term. We shall see.
Dave
Any idea on how their OTC buy prices are? Do you think it is lower (%wise) than it was before the tax?
I’ve wondered that myself. I’ve sold some small gold bars to them several times (last year) and their pricing was very fair. Next time I sell to them I might get a better read on that. Seems reasonable that they’d have to adjust buy back prices down with most things being shipped to wholesalers.
Comments
Yes it is. Regressive. State SALES tax is regressive because everyone is taxed on the things they need to survive.
Oregon has income tax but no sales tax. Washington and Nevada have no income tax but do have sales tax. Idaho has both.
California has both a state income tax and a sales tax. But in California, there is no tax on food in a grocery store unless it is prepared.
The best place to live is in Vancouver Washington, directly across the Columbia River from Portland, Oregon. Then you would have no state income tax, and you could do your shopping, eating out, car buying etc., in Oregon. If you were shopping for groceries it wouldn't matter where you were.
The only gotcha is the car sales tax. Oregon has no sales tax, but Washington charges “use tax” when you register the car in Washington. Meaning: You can buy a car in Oregon. But Washington will charge you the same rate as sales tax when you register it. So the “buy your car in Oregon” trick does not work unless the car stays in Oregon.
As for coin collectors, don't buy them online from someone who's paying their business tax in Washington. Buy them from someone who lives and runs their business from places like Oregon, Delaware, New Hampshire, Montana, or Alaska, all of which are 0% State Sales tax.
California has a 7.25% minimum state sales tax, which skyrockets to 10% if you live in places like SF or LA. City taxes are layered on top of the state taxes. I'm not sure if you need to pay the city taxes for coins bought from a dealer who lives in the big city.
Texas
If I buy a vehicle here, I pay ST plus registration. If I sell it in 2 weeks the new buyer pays ST. If the new buyer sells it 2 weeks later, then his buyer pays ST. Sell it enough times could be a windfall for the state. Essentials like food, medical care, home repairs aren't taxed here.
Not sure how it is now, but when I used to buy over the counter at the Philadelphia Mint gift shop, they charged PA sales tax only on the amount over face value of the set.
perhaps:
i think the denver and philly stores are contractors. perhaps they are considered re-sellers and must collect tax
This is what's on the US Mint website:
Will I be charged sales tax?
Since the United States Mint is a federal government operation, purchases are exempt from sales tax.
Thanks.
Bellevue Rare Coins?
Redmond Rare Coins?
Renton Coins?
I have a fair amount of 90% (USMint products) that I am contemplating on selling...or keeping for next rise...
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