Most sales taxes are state and local revenue. And have almost no effect on national spending. So I think we are mixing apples and oranges in most of this discussion. JMO
IF YA DONT LIKE IT , DONT BUY COINS , BUY SOMETHING ELSE . PREVIOUS POST WAS CORRECT . SALES TAX GOES TO A STATE . THERE IS NO SALES TAX ON COINS IN MY STATE , BUT I DO PAY FEDERAL TAXES ON MY COIN BUSINESS INCOME . LAST YEAR I REDUCED THE FEDERAL DEFICIT FROM MY COIN INCOME BY $255 .HAPPY?
The effect of taxing coins on the federal budget is the same effect an ounce of brasso would have on the statue of liberty. The only way to solve the fiscal issues of the country is through wisdom, careful planning, and making unpleasant choices now and then. In other words, government treating the money it has like an honest worker does instead of found money that has no connection to reality.
I will pay as soon as the tax law is revised, and we go to a VAT tax. I for one am tired of being sucked dry for new avenues of money.This country should either be at a flat tax,or a vat tax. Lets set it at a 20% flat tax for all no matter what your earnings are. I know you are going to say what about the guy earning 30K a year he would pay 6K in taxes, and I would say what about the guy making 150K he would now pay 30K. The tax burden has consistently been on the higher earner, and the lower earner has not payed their fair share. New tax no way I am sick of being taxed and would like nothing more than to have the two term limit dropped and have President Bush installed for life.
I don't understand how in anybody's right mind they think money should be a taxable thing.....
If somebody is a boob and takes a roll of Morgan's to the bank the bank will take them and give that person $20 for them, should they have to pay tax on that $20?
If those same dollars at the bank happen to fall in your lap for $20, should you have to pay tax on that $20?
To fix the government spending we need to cut spending and no figure out ways to increase the money they can spend.....
Collection under construction: VG Barber Quarters & Halves
<< <i>I don’t get it Mikey. Why are you for raising taxes whenever and where ever possible? I’m not a ditto head, but I like when Rush posed the question. Name a society in history that has ever taxed itself into prosperity. You can’t because there aren’t any.
You can’t tax yourself into prosperity !! >>
I'm for enforcing the sales tax laws evenly. If you buy a coin through an auction at a coin show in California, the dealer charges you sales tax on the auction. If you go to a dealer on the floor and pay cash, they don't collect sales tax. This is tax revenue that the state is entitled to. That is my point.
<< I don’t get it Mikey. Why are you for raising taxes whenever and where ever possible? I’m not a ditto head, but I like when Rush posed the question. Name a society in history that has ever taxed itself into prosperity. You can’t because there aren’t any.
You can’t tax yourself into prosperity !! >> - COTC
<< I'm for enforcing the sales tax laws evenly. If you buy a coin through an auction at a coin show in California, the dealer charges you sales tax on the auction. If you go to a dealer on the floor and pay cash, they don't collect sales tax. This is tax revenue that the state is entitled to. That is my point. >> - Mikey
Mikey, On this forum it was coin show tax, on the OF it was internet purchase tax. That is why I asked why whenever and where ever? Also, I don’t think you are enforcing sales tax laws, you are creating them. Sales tax is for state and local government. No state pays a federal sales tax. You cannot pay sales tax to another state for internet purchases. (United States Constitution, Article 1, Section 9.5)
As a "tax guy", I think the loopholes in the corporate income tax need to be looked at more closely. Has anyone ever looked at the income tax footnote in the financial statements of Fortune 500 companies? Take note of the effective tax rates of the largest companies. It's incredible how low they are. And this is coming from someone who "does this" all day long.
Always took candy from strangers Didn't wanna get me no trade Never want to be like papa Working for the boss every night and day --"Happy", by the Rolling Stones (1972)
Longacre, I hear 'ya. I don't think that corporations pay low tax rates because they are in “that” bracket. I think they take advantage of tax breaks. I wouldn’t call these loopholes, just breaks.
This is where a flat tax would fall, well, … flat. The government can use tax breaks to move the economy in a certain direction. I believe that this is why corporations pay a lower tax rate. They are producing in a direction that is in unison with the country’s needs.
Corporate taxes aren’t the only tax element in the company. You also have all those workers.
I understand what you are saying, though, Longacre.
<< <i>I don’t get it Mikey. Why are you for raising taxes whenever and where ever possible? I’m not a ditto head, but I like when Rush posed the question. Name a society in history that has ever taxed itself into prosperity. You can’t because there aren’t any.
You can’t tax yourself into prosperity !! >>
AMEN to that, and Rush is usually right. VAT - Value Added Tax - an European idea! GST - Goods & Services Tax - a Canadian idea! Those ideas are good for them, not for us!
DORAN COINS - On Facebook, Instagram, X (formerly Twitter), & www.dorancoins.net - UPCOMING SHOWS (tentative dates)- 2/26/2026 - Joliet, IL
<< <i>I think the government is missing out on millions in tax revenue. This loophole should be closed. >>
Who gives a crap about "millions"? How's about the government go after the tens of billions of dollars they let go thru loopholes that corporations don't have to pay? How about we look closely at some of these "non-profit" organizations? The amount of dollars lost by not collecting tax on coins sales wouldn't interest most politicians.
I started this thread for two reasons:
REASON #1State sales tax should be collected for every transaction between a supplier and a consumer. If the transaction is between two sellers, then there is no sales tax because the buyer has a legitimate resale license. I am not advocating new taxes or raising tax rates.REASON #2Our government, including state and federal are borrowing huge sums of money and selling our country off to the Chinese. Closing the loopholes will help reduce the deficit. We need to reduce spending at the same time, but this thread is about collecting sales tax revenue that the government is legally entitled to. Just thought I'd clarify my position for those of you that took this the wrong way.
coins are not a consumable item ! neither are so called "consumer durables" aka refridgerators and such you buy a new fridge for a grand in California and pay 77.50 sales tax
A 100 dollar coin in california changes hands 10 times and generates 77.50 in sales taxes
A 5000 dollar used car in california that changes hands 5 times generates 1937.50 in sales taxes
50,000 dollars in groceries in california generates ZERO dollars in sales taxes.
why should we pay taxes every time some item changes hands ?
And do you really believe that a coin dealer in California (or any state for that matter) actually reports the tax collected on every coin at every show ?
you are very niaeve !
furthermore,if we sell to a dealer,why cant we collect the tax as well ? we paid it,why cant we get it back ?
<< <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. >>
Step1 ... Abolish the IRS as we know it. It's a cash consuming cow for the Gov't Step 2... Revise tax code to state ALL parties working in the USA pay a flat rate tax of 10 to 12 percent Step 3... CLOSE ALL LOOPHOLES! If you earn money in the US you will be equally taxed. Doesn't matter if you are a normal citizen working for a company or a corporate firm. Business would also be taxed at this same flat rate. EVERYONE PAYS THE SAME TAX
Gov't would earn more tax money in this setup and the average joe would pay less.
<< <i>I started this thread for two reasons:
REASON #1State sales tax should be collected for every transaction between a supplier and a consumer. If the transaction is between two sellers, then there is no sales tax because the buyer has a legitimate resale license. I am not advocating new taxes or raising tax rates.REASON #2Our government, including state and federal are borrowing huge sums of money and selling our country off to the Chinese. Closing the loopholes will help reduce the deficit. We need to reduce spending at the same time, but this thread is about collecting sales tax revenue that the government is legally entitled to. Just thought I'd clarify my position for those of you that took this the wrong way. >>
Fiscal responsibility is the government reducing spending, not increasing taxes.
.....GOD
"Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9
"Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5
"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
WOW. Taxes sure gets people talking. I agree that everything should be taxed including selling coins. And just think each time a coin is sold the tax would just keep on accumulating. A cent selling for about $1 could eventually bring in hundreds in revenue for the government and they really need money you know. Here in Illinois and many other states there is now a lottery that was supposed to pay for schooling. Ooops, didn't that fail? We have tolls for the roads here to pay for the toll collectors, toll gates, toll stations, gate maintenance, etc. and occationally to help fix the roads but if you live around here you know better. Taxes are important to help support government employees that must work an hour or two a day and sometimes even several months a year. And if you've been watching the news lately you'll see that all the corruption being found here in Chicago's polital circles must be supported by our taxes also. Polititians need new cars, big homes, private planes, eat at fancy restaurants and all that can only be done by taxing everything including that sale of coins, stamps, sports cards, etc. Then there is garage sales, yard sales, flea markets that are not taxes here. Now what about drugs. Instead of trying to put the drug dealers in jail, why not tax them. Same with robbers, car thiefs, etc. Don't just jail them, tax them too. What about the people that are growing vegtables in their yards and actually eat them without paying any taxes on what they pick or eat. There is just no end to ways we could be taxed. I think I'll apply for a government job and make these suggestions and probably win an award for it and retire.
Comments
<< <i>I think the government is missing out on millions in tax revenue. This loophole should be closed. >>
THERE SHOULD NEVER, EVER, BE ANY SALES TAX ON COINS!!!!!
So I think we are mixing apples and oranges in most of this discussion. JMO
I told him that in another thread. It doesn't seem to matter to him.
I'm not sure loophole is the right terminology. The States can decide what will be tax exempt.
Joe.
<< <i>Another attack on the Constitution. >>
.....and the civil liberties of Americans!
PREVIOUS POST WAS CORRECT . SALES TAX GOES TO A STATE . THERE IS NO SALES TAX ON COINS IN MY STATE , BUT I DO PAY FEDERAL TAXES ON MY COIN BUSINESS INCOME . LAST YEAR I REDUCED THE FEDERAL DEFICIT FROM MY COIN INCOME BY $255 .HAPPY?
of money.This country should either be at a flat tax,or a vat tax. Lets set it at a 20% flat tax for all no matter what your earnings
are. I know you are going to say what about the guy earning 30K a year he would pay 6K in taxes, and I would say what about the guy making 150K he would now pay 30K. The tax burden has consistently been on the higher earner, and the lower earner has not payed
their fair share. New tax no way I am sick of being taxed and would like nothing more than to have the two term limit dropped and
have President Bush installed for life.
If somebody is a boob and takes a roll of Morgan's to the bank the bank will take them and give that person $20 for them, should they have to pay tax on that $20?
If those same dollars at the bank happen to fall in your lap for $20, should you have to pay tax on that $20?
To fix the government spending we need to cut spending and no figure out ways to increase the money they can spend.....
<< <i>I don’t get it Mikey. Why are you for raising taxes whenever and where ever possible? I’m not a ditto head, but I like when Rush posed the question. Name a society in history that has ever taxed itself into prosperity. You can’t because there aren’t any.
You can’t tax yourself into prosperity !! >>
I'm for enforcing the sales tax laws evenly. If you buy a coin through an auction at a coin show in California, the dealer charges you sales tax on the auction. If you go to a dealer on the floor and pay cash, they don't collect sales tax. This is tax revenue that the state is entitled to. That is my point.
You can’t tax yourself into prosperity !! >> - COTC
<< I'm for enforcing the sales tax laws evenly. If you buy a coin through an auction at a coin show in California, the dealer charges you sales tax on the auction. If you go to a dealer on the floor and pay cash, they don't collect sales tax. This is tax revenue that the state is entitled to. That is my point. >> - Mikey
Mikey,
On this forum it was coin show tax, on the OF it was internet purchase tax. That is why I asked why whenever and where ever? Also, I don’t think you are enforcing sales tax laws, you are creating them. Sales tax is for state and local government. No state pays a federal sales tax. You cannot pay sales tax to another state for internet purchases. (United States Constitution, Article 1, Section 9.5)
We are taxed enough, my friend. More than enough.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
If you truly believe that what you say is true. You should make a receipt for each of your purchases and submit the sales tax to the state yourself.
The responsibility does not lie solely with the seller. If you feel you owe the tax, you can submit it yourself. The state will take your money.
I know of one crazy person who does this once a year with their purchases that do not include the proper sales tax.
I hear 'ya. I don't think that corporations pay low tax rates because they are in “that” bracket. I think they take advantage of tax breaks. I wouldn’t call these loopholes, just breaks.
This is where a flat tax would fall, well, … flat. The government can use tax breaks to move the economy in a certain direction. I believe that this is why corporations pay a lower tax rate. They are producing in a direction that is in unison with the country’s needs.
Corporate taxes aren’t the only tax element in the company. You also have all those workers.
I understand what you are saying, though, Longacre.
Edited to say: Dizzlecc caught me typing
<< <i>I don’t get it Mikey. Why are you for raising taxes whenever and where ever possible? I’m not a ditto head, but I like when Rush posed the question. Name a society in history that has ever taxed itself into prosperity. You can’t because there aren’t any.
You can’t tax yourself into prosperity !! >>
AMEN to that, and Rush is usually right. VAT - Value Added Tax - an European idea! GST - Goods & Services Tax - a Canadian idea! Those ideas are good for them, not for us!
<< <i>I think the government is missing out on millions in tax revenue. This loophole should be closed. >>
Who gives a crap about "millions"? How's about the government go after the tens of billions of dollars they let go thru loopholes that corporations don't have to pay? How about we look closely at some of these "non-profit" organizations? The amount of dollars lost by not collecting tax on coins sales wouldn't interest most politicians.
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
REASON #1State sales tax should be collected for every transaction between a supplier and a consumer. If the transaction is between two sellers, then there is no sales tax because the buyer has a legitimate resale license. I am not advocating new taxes or raising tax rates.
REASON #2Our government, including state and federal are borrowing huge sums of money and selling our country off to the Chinese. Closing the loopholes will help reduce the deficit. We need to reduce spending at the same time, but this thread is about collecting sales tax revenue that the government is legally entitled to.
Just thought I'd clarify my position for those of you that took this the wrong way.
neither are so called "consumer durables" aka refridgerators and such
you buy a new fridge for a grand in California and pay 77.50 sales tax
A 100 dollar coin in california changes hands 10 times and generates 77.50 in sales taxes
A 5000 dollar used car in california that changes hands 5 times generates 1937.50 in sales taxes
50,000 dollars in groceries in california generates ZERO dollars in sales taxes.
why should we pay taxes every time some item changes hands ?
And do you really believe that a coin dealer in California (or any state for that matter) actually reports the tax collected on every coin at every show ?
you are very niaeve !
furthermore,if we sell to a dealer,why cant we collect the tax as well ?
we paid it,why cant we get it back ?
<< <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. >>
Step1 ... Abolish the IRS as we know it. It's a cash consuming cow for the Gov't
Step 2... Revise tax code to state ALL parties working in the USA pay a flat rate tax of 10 to 12 percent
Step 3... CLOSE ALL LOOPHOLES! If you earn money in the US you will be equally taxed. Doesn't matter if you are a normal citizen working for a company or a corporate firm. Business would also be taxed at this same flat rate. EVERYONE PAYS THE SAME TAX
Gov't would earn more tax money in this setup and the average joe would pay less.
JMHO. How's that for a suggestion?
edited message for clarification
Neo...
<< <i>I started this thread for two reasons:
REASON #1State sales tax should be collected for every transaction between a supplier and a consumer. If the transaction is between two sellers, then there is no sales tax because the buyer has a legitimate resale license. I am not advocating new taxes or raising tax rates.
REASON #2Our government, including state and federal are borrowing huge sums of money and selling our country off to the Chinese. Closing the loopholes will help reduce the deficit. We need to reduce spending at the same time, but this thread is about collecting sales tax revenue that the government is legally entitled to.
Just thought I'd clarify my position for those of you that took this the wrong way. >>
Fiscal responsibility is the government reducing spending, not increasing taxes.
"Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9
"Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5
"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22