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Coin show transactions should be subject to sales tax
Mikey
Posts: 477
I think the government is missing out on millions in tax revenue. This loophole should be closed.
When I was a child, I caught a fleeting glimpse
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Have you completely lost it ?
Registry 1909-1958 Proof Lincolns
<< <i>mikey
Have you completely lost it ? >>
No.
<< <i>Coin show transactions should be subject to sales tax >>
No they shouldn't.
The "opposite" of
Frankly I think anybody who thinks that we should be paying MORE taxes is mentally unhinged or suffering from a terminal case of liberalism, which is really the same thing as mentally unhinged. Most of us now have to work until the end of May just to pay the taxes we have right now. What do those you want us do? Spend the whole year working to pay the government taxes? If you do, maybe you need to move to Cuba or North Korea where you will be able to enjoy your kind of government.
<< <i>I agree that every dealer should compete on a level playing field when it comes to sales taxes, but there should be no sales tax on coins. Many states have ruled that charging sales taxes on the sale of money is not constitutional.
Frankly I think anybody who thinks that we should be paying MORE taxes is mentally unhinged or suffering from a terminal case of liberalism, which is really the same thing as mentally unhinged. Most of us now have to work until the end of May just to pay the taxes we have right now. What do those you want us do? Spend the whole year working to pay the government taxes? If you do, maybe you need to move to Cuba or North Korea where you will be able to enjoy your kind of government. >>
Do you suggest we continue borrowing billions of dollars every year? Of course no one wants to pay more taxes, I work as hard as the next guy for my paycheck, but there has to be more fiscal responsibility in our government. Whatever happened to fiscal conservancy?
As a conservative, are you happy with the current deficit and selling off our country to the Chinese and Japanese? Stop being so lazy and think of a solution to the current problem instead of acting childish and resorting to the standard tactic of attacking the messenger.
<< <i>Do you suggest we continue borrowing billions of dollars every year? Of course no one wants to pay more taxes, I work as hard as the next guy for my paycheck, but there has to be more fiscal responsibility in our government. Whatever happened to fiscal conservancy?
As a conservative, are you happy with the current deficit and selling off our country to the Chinese and Japanese? Stop being so lazy and think of a solution to the current problem instead of acting childish and resorting to the standard tactic of attacking the messenger. >>
Do you really think people want to visit a coin forum during their weekend to discuss your views on government fiscal policy?
<< <i>
<< <i>Do you suggest we continue borrowing billions of dollars every year? Of course no one wants to pay more taxes, I work as hard as the next guy for my paycheck, but there has to be more fiscal responsibility in our government. Whatever happened to fiscal conservancy?
As a conservative, are you happy with the current deficit and selling off our country to the Chinese and Japanese? Stop being so lazy and think of a solution to the current problem instead of acting childish and resorting to the standard tactic of attacking the messenger. >>
Do you really think people want to visit a coin forum during their weekend to discuss your views on government fiscal policy? >>
Yeah, keep this political crap in the Open Forum!!
CA exempts purchases over $1000 from sales tax. Under that amount, a dealer at a coin show is ....SUPPOSED... to charge sales tax.
Out of state dealers can get ONE DAY resale permits.
The application of sales tax varies from state to state.
Coins are money money should not be taxed !
Registry 1909-1958 Proof Lincolns
<< <i>Coins at shows ARE ...... T A X A B L E Compliance is another story.
CA exempts purchases over $1000 from sales tax. Under that amount, a dealer at a coin show is ....SUPPOSED... to charge sales tax.
Out of state dealers can get ONE DAY resale permits.
The application of sales tax varies from state to state. >>
Then the law should be enforced and dealers should charge sales tax on the transaction.
Write your congressman if you feel strongly about it.
<< <i>mikey
Have you completely lost it ? >>
He's a liberal. What did you expect?
Russ, NCNE
<< <i>Coins at shows ARE ...... T A X A B L E Compliance is another story.
CA exempts purchases over $1000 from sales tax. Under that amount, a dealer at a coin show is ....SUPPOSED... to charge sales tax.
Out of state dealers can get ONE DAY resale permits.
The application of sales tax varies from state to state. >>
California has become a very unattractive place for out of state companies to do business. While I was at the Baltimore show, one dealer told me that one of the reasons why some dealers stayed away from the San Francisco ANA show was because nexus rules precluded their appearance at another California show. Who wanted to set up another show, and have your business exposed to massive state tax levies? Keep it up, and your state will become an economic disaster zone.
Back in 1969 when I was in undergraduate school, my economics professor described California a state with an economy that was slightly larger than Poland. Today your tax policies and higher gasoline costs, are going to my California a state with an economy that will be considerably smaller than Poland.
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<< <i>I think increasing the income tax for those over $150,000/year would do just as well. And I guess it's OK to tax coins auctioned for more than $10,000 too (especially if they're rainbow Morgans)--I can think of some other ways to balance the budget too, but I'll write my Congressman rather than pick dumb fights----
You have already picked the fight. The people who make more than $150,000 a year are often the people who supply the funds to the capital markets that make jobs for you and your neighbors.
If you want to raise taxes on them, and decrease the supply of capital, which is one of the United States' competitive advantages in the world economic market, do so at your peril. If you lose your job, you might depend upon the government to slip you a crust of bread in the form of unemployment insurance. But once that’s gone, you will be condemned to a hard scrabble existence.
Like it or not, we live in a capitalist system, and that system has served us quite well through the years. Raising taxes beyond a certain level only makes it harder to raise capital, and limiting capital accumulation will only make your future prospects less attractive.
BTW my wife and I only exceed $150 K a year ONCE. That year she worked 70 to 80 hours a week heading up her company's Y2K program. It was a tough year and three years later after doing that great service she got laid off because she as at the top of her job grade salary. Corporate America sucks, and the best way to survive is to keep has much of your income as possible and invest it in the future. If you think that the government is going to make a good life for you, you are fool. Government only takes care of those who run it and hands out crumbs to those who think or really do need its services.
<< <i>
<< <i>Do you suggest we continue borrowing billions of dollars every year? Of course no one wants to pay more taxes, I work as hard as the next guy for my paycheck, but there has to be more fiscal responsibility in our government. Whatever happened to fiscal conservancy?
As a conservative, are you happy with the current deficit and selling off our country to the Chinese and Japanese? Stop being so lazy and think of a solution to the current problem instead of acting childish and resorting to the standard tactic of attacking the messenger. >>
Do you really think people want to visit a coin forum during their weekend to discuss your views on government fiscal policy? >>
It's really your choice whether or not you want to discuss it. Thank you for sharing.
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
<< <i>As a conservative, are you happy with the current deficit and selling off our country to the Chinese and Japanese? Stop being so lazy and think of a solution to the current problem instead of acting childish and resorting to the standard tactic of attacking the messenger. >>
I already thought of a solution: reduce government spending by eliminating all welfare spending, reduce (hopefully) corruption by imposing term limits on Congress, reduce the overwhelming beauracracy, reform the tax system, and muzzle the liberals. Those are my solutions...for all the good they'll do anyone, since nobody on this message board is in a position to enact government reforms. Why don't you go write your congressman and whine on the open forums? I want to talk about coins, rather than listen to stupid liberals wanting to increase our taxes.
BTW, of all the things I suggested above, nothing is as simple as reforming the income tax. It can be done two ways.
1) Keep the graduated tax system we have now (where taxes go up according to certain income brackets) and eliminate itemized deductions (everyone would have to take the standard deduction). If you are single and claim yourself, you get one exemption; if you are married, you get two; if you have kids, you get an exemption per child. Subtract your standard deduction and your exemptions from your gross income, then calculate the taxes on your taxable income. Easy as can be. I would argue that giving to churches/charities should contine to be encouraged, perhaps by allowing you to itemize them on top of your standard deduction (so that if the standard deduction is $4000 and you give $3000 to your church, you deduct $7000 from your gross income).
2) Establish a flat 15% tax across the board, no deductions, no exemptions, no nothing. Everyone pays 15% (or whatever % the politicians agree on, I suppose).
P.S. Social Security should be eliminated too, though for the life of me I don't know how we could possibly do it. FDR really screwed us on that one.
<< <i>It's really your choice whether or not you want to discuss it. Thank you for sharing. >>
You are the one who started this string in the WRONG forum. Sales taxes are a hot button item for me. I've always collected and paid them, I've lost business because of them. One collector had agreed to buy a coin from me at the agreed upon price. Then he asked, "Does this price include sales tax?"
I told him, "Yes."
With that he told me, "Well in Connecticut they don’t charge sales taxes on coins.” (Which was quite true, but we are at a Massachusetts, which does charge sales taxes on sales of less than $1,000.) He then broke his contract and walked off.
The final laugh was on him because the coin that he had agreed to buy BEFORE he knew that the sales tax was in the price was a CC dollar. A few months later I sold it for quite a bit more than the amount I would have netted from him if I had sold the coin at that time.
Many coin collectors categorically REFUSE to pay sales taxes. If you try to charge them directly as a dealer, you might as well close up shop because no one will buy from you at a show.
Coins are money and you want to pay tax on money???????
<< <i>Mikey when you get money fron the bank I think you should pay sales tax on you money..
Coins are money and you want to pay tax on money??????? >>
Don't be ridiculous. It's a sales transaction and the sales tax should be charged for the value of the coin. If it makes you feel better, subtract the face value first and then calculate the tax.
<< <i>
<< <i>mikey
Have you completely lost it ? >>
He's a liberal. What did you expect?
Russ, NCNE >>
Russ,
I believe that our federal and state governments should only spend what they take in and not a penny more. That's really more in line with being financially conservative.
<< <i>It's really your choice whether or not you want to discuss it. Thank you for sharing. >>
Actually, my choice is that I don't want the US coin forum cluttered up with your political agenda.
<< <i>
<< <i>It's really your choice whether or not you want to discuss it. Thank you for sharing. >>
Actually, my choice is that I don't want the US coin forum cluttered up with your political agenda. >>
Anyone who knows anything about economics (except liberals) know that less taxes actually make more tax revenue. Taxes will cause the next civil war in this country. You better get on the right side now.
Looking for alot of crap.
Aerospace Structures Engineer
<< <i>Don't be ridiculous >>
You're the one being ridiculous. "We don't have enough taxes, so please sir, could you start taxing money? Thank you!"
<< <i> I don't think we should tax money itself, especially when coins are sold back and forth so often. Imagine that a coin goes through 20 owners (assuming all were bought and sold at shows ) and they each paid taxes. The coin made its value almost twice over. Heck it's bad enough with our buyer's fees. That's definately not cool >>
Such is true for most of the collectible fields. If an item is worth $100 and there's an 8% sales tax and then if that item changes hands 7 times, now the equivalent of 56% ($56) of the item's value has been collected as tax. That's not right. At a coin show like FUN a coin can easily swap 7 times in 3 or 4 days. Don't seem right to me.
Looking for alot of crap.
Do you really think that whatever amount of money they bring in from this lame tax will reduce the budget? LOL! That will just give them more money to spend (waste) on whatever pork projects they want. Reduce spending is the only way to reduce the budget, not increase in taxes because no matter how much tax revenue they bring in, it will NEVER be enough.
"PPPPPPPPPPPPPPiSSSSSSSSSSSSSSSSSSSS" on it.
Wish I had one of those" CALVIN and HOBBS" posts to express my thoughts.
Should you be tax when you buy a stock? If not, why not? You can enjoy looking at the stock certificates just as much as looking at a coin.
Or the states should charge a sales tax on real estate purchases also? Just think how much money the government would get, but the consequence would be just as great.
San Diego, CA
Giving this current Government more tax dollars in the hope that they will mend their ways and control their spending is like giving a drunk more whiskey expecting he will sober up or quit drinking. Until we get the right people in office who will be accountable for their spending, throwing more tax dollars at them is definitely NOT the thing to do IMO.
<< <i> I think they should bring back the nickel pay toilet too! >>
Cool. Did they really have this? I wouldn't be opposed to this. The money could go to keeping those nasty public restrooms nice and clean.
Aerospace Structures Engineer
Since no one else brought it up, I feel the need to provide this link to the FairTax, in the hopes that all of you who understand our current tax system is evil learn about a much simpler and better system that can help America continue our economic uptrend, help us compete in the world market, and put more buying power in your pocket today. Tax reform is bogus and will never happen, what we need to do is abolish the IRS and eliminate personal, corporate, Social Security, Medicare, alternative minimum, self-employment, estate, gift and capital gains taxes. Replace those with a consistent method of taxing everyone equally relative to their ability and has zero taxes (hidden or otherwise - unlike today) up to the poverty level.
I'm a threadkiller, so this one can die now
Need more $$$ for coins?
<< <i>
<< <i>
As a conservative, are you happy with the current deficit and selling off our country to the Chinese and Japanese? Stop being so lazy and think of a solution to the current problem instead of acting childish and resorting to the standard tactic of attacking the messenger. >>
Here is the solution I reccomend all the time to liberals, instead of increasing taxes on the working class (most coin collectors) or small business (most coin dealers), get the fat cats like Kerry and Edwards to pay their fair share of taxes. The multi - billionaire Kerry pays a 12% federal effective rate (equivalent to somone earning about $75k) and Edwards avoided Hundreds of Thousands in medi-care taxes. Yet, like yourself, these two had no problem increasing taxes on Working Class America. So close out the the loop holes and go after the elitists if you want to increase taxes. Also, if you put the Kool Aid down for a second and looked at current economic figures, the current administration's tax plan appears to be working.
Raising income tax bothers me. It bothers me because you are taxing the working people who are not necessarily the ones with wealth. I probably pay more income tax than Warren Buffet. Because I am wealthy? No. Because he has billions in Berkshire Hathaway stock (not taxed) and lives off of untaxable business perques while drawing a modest salary of $120,000 per year. I live in a community of Limousine Liberals who cannot raise income taxes fast enough. No problem for them--many are families in which no one goes to work every day, who live off trust funds, their parents success, etc. IMO, if more tax money need be garnered, tax wealth, not income. Taking consumption is one way to tax wealth. Buying a yacht from one's trust fund identifies a person who should be taxed far better than taking 50 cents of the next dollar I earn.
<< <i>...Most states are required to balance their budget each year under their own constitution and are not allowed to borrow. >>
Hi Nocerino18. States issue Municipal bonds which is borrowing. matteproof
I think they should bring back the nickel pay toilet too!
HEY, WAIT A MINUTE! I think I know how to get HALVES to circulate again.....
<< <i> Coins are money money should not be taxed ! >>
Sorry, but I can't agree with this.
Coins, as we see them, are collectible and historical items. If you think the purchase of antiques, beanie babies, art, and the like should be subject to sales tax, then coins must also be taxed.
You can’t tax yourself into prosperity !!
READ THIS, Coins =Tax BAD!
Go roll another fattie and i'll see you on the dark side of the moon.
Dave