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Thread: New California tax hike...on metals

  1. #11

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    Quote Originally Posted by and4rik View Post
    Is there anyone who dislikes a tax cheat?
    "Tax Avoidance Is a Legal Way to Limit Taxes; Tax Evasion Is Not"
    American Legion Preamble: https://www.legion.org/preamble

  2. #12

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    Should be good for small time sellers on places like craigslist. Could become easier to find a buyer not wanting to make a $2000 purchase from coin store.
    "That's not money" - Ben Bernanke

  3. #13

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    Quote Originally Posted by LongDonSilver View Post
    "Tax Avoidance Is a Legal Way to Limit Taxes; Tax Evasion Is Not"
    There is your dinner.....

  4. #14
    Join Date
    Jul 2023
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    2

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    I agree, this is a regressive tax that disproportionately affects the poor. It's a shame that California doesn't do more to help its most vulnerable citizens.

  5. #15

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    Move to Texas. Life is good.

  6. #16

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    If anyone is still in CALI from this board, shame on you.

  7. #17

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    If anyone is still in CALI from this board, shame on you.

    I am still in California, and as I wrote above, you still do not need to pay taxes on bullion purchases here. They merely adjusted the threshold (above which you are not taxed) based on continued dollar inflation.

    The states that you can't get away with not paying sales tax don't seem to be determined by politics, these are the states I would not want to live in as a stacker:

    • Arkansas: 6.5% on all precious metal sales
    • Hawaii: 4% general excise tax paid by the seller, often added to the purchase price
    • Indiana: No tax on high-purity bullion, 7% on other types of precious metal
    • Kentucky: 6% on all orders
    • Maine: 5% flat rate
    • Michigan: No sales tax on high-purity bullion
    • Minnesota: 6.88%
    • Mississippi: 7%
    • Missouri: No sales tax on high-purity bullion
    • Nevada: 6.85% with some exemptions
    • New Jersey: 7%
    • New Mexico: 5% paid by the seller
    • North Dakota: 5%, but with high-purity bullion exempt
    • Pennsylvania: 6% on silver and gold coins which are not legal tender, bullion is exempt
    • Vermont: 6% on all precious metal transactions
    • Virginia: 5.3% levied on all precious metals with no exemptions
    • Wisconsin: A 5% tax on all precious metal purchases
    • Wyoming: A basic 4% rate on all precious metal purchases


    That's not to say there are not greater battles to be fought in CA, against some really insidious forces; taxes on PM's is just not one of them. I'm thinking as Cali goes, so does the nation. So the fight is here, and I'm doing all I can; by the time it all comes to your neck of the woods, it will be to late (if it's not already).
    “Of all the contrivances for cheating the laboring class of mankind, none has been more effective than that which deludes them with paper money.”Daniel Webster (1782-1852)

  8. #18

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    Move to Texas. Life is good.

    That may be the case, however at least for stackers it seems you are more likely be taxed for PM purchases in Texas then in California, see:

    https://learn.apmex.com/buying-guide/buying-in-the-usa/texas-bullion-sales-taxes/

    Comparing Texas to CA on bullion sales tax rules alone, I think I would go with living in CA. As a motorcyclist, there are even more reasons....
    “Of all the contrivances for cheating the laboring class of mankind, none has been more effective than that which deludes them with paper money.”Daniel Webster (1782-1852)

  9. #19

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    Quote Originally Posted by motocat View Post
    Move to Texas. Life is good.

    That may be the case, however at least for stackers it seems you are more likely be taxed for PM purchases in Texas then in California, see:

    https://learn.apmex.com/buying-guide/buying-in-the-usa/texas-bullion-sales-taxes/

    Comparing Texas to CA on bullion sales tax rules alone, I think I would go with living in CA. As a motorcyclist, there are even more reasons....
    If you look at: https://www.goldeneaglecoin.com/local/texas

    "Bullion Sales Tax in Texas

    Under Texas tax laws and regulations, www.window.state.tx.us/taxes, there is a state wide sales and use tax of 6.25%, with the possibility of additional local municipality taxes making it as high as 8.25%. There is an exemption for the purchase of coins, bullion, nuggets made of gold, silver or other precious metals, as long as the single transaction is more than $1,000 dollars."


    So it appears that it pays to shop your source of PM.
    American Legion Preamble: https://www.legion.org/preamble

  10. #20

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    Moto,

    I don't think you list is accurate. I purchased PMs for a friend in Virginia and did not pay sales tax. The exemption to the tax in VA are:

    Gold, silver, or platinum refined bullion bars or ingots sold according to its precious metal content and not form;

    Legal tender coins of any metal, issued by the U.S. or foreign nation as a medium of exchange or payment of debts.

    I have never paid any tax in PA and have never heard of anyone collecting a tax.

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