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 Replies: 16 / Views: 2,557 |
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Press Manager
 United States
1420 Posts |
ANA - Whitman Coin & Collectibles Expo lobbyist Dennis Rasmussen, Maryland numismatic businesses and collectors, and the Industry Council for Tangible Assets (ICTA) collaborated to defeat legislation to repeal the sales-tax exemption for rare coins, paper money, and precious metals. Maryland General Assembly House Bill 903 Sales and Use Tax - Exemption for Precious Metal Bullion and Coins - Repeal was introduced on February 13, 2015, by Delegate Mary Washington. Inside 24 hours ICTA was alerted by its StateNet® states' legislative monitoring service that the bill had been introduced. Whitman Expo General Manager Lori Kraft also reached out to ICTA upon being alerted by a Maryland lobbyist / coin collector. Immediately Whitman Expo, lobbyist Dennis Rasmussen, and ICTA staff joined forces to implement a strategy to defeat the bill. On February 18, 2015, the bill was assigned to the House Ways and Means Committee; it received a public hearing from the Committee on March 13, 2015. Rasmussen and ICTA Executive Director Kathy McFadden testified at this hearing. Visit Baltimore also presented written testimony to the Committee. Additionally, with ICTA's assistance, the state's numismatic businesses and collectors launched a letter-writing and telephone-calling campaign to their delegates who were members on the Ways and Means Committee prior to the hearing. The letters, the telephone calls, and the hearing's testimonies in opposition to HB 903 were well received and understood by many of the Committee membership. Although Rasmussen was confident that the Committee would eventually place HB 903 "on hold" or reject it with an unfavorable report, HB 903 and the Committee's action on this legislation was closely monitored until the session adjourned on Monday, April 13, 2015. The Maryland General Assembly adjourned with no further action being taken on HB 903 Sales and Use Tax - Exemption for Precious Metal Bullion and Coins - Repeal. After two previously unsuccessful attempts to repeal the sales-tax exemption, the hope is that such legislation will not be introduced, if not ever, at least not again for some time. If your state does not have an exemption, why not join the ranks of the states that have one? Take the first step now by contacting ICTA to learn more. Call410.626.7005, email info@ictaonline.org, or visit ictaonline.org.
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Moderator
United States
23522 Posts |
What dunces. You know how fast the Baltimore Whitman show would have been yanked had it passed?
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Pillar of the Community
 United States
5828 Posts |
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You know how fast the Baltimore Whitman show would have been yanked had it passed? I know, right?! Ridicules. |
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Moderator
United States
23522 Posts |
Philly's right up the road.  |
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Moderator
United States
187804 Posts |
That time would be measured in milliseconds at most.  I would not be surprised if a mouse pointer was hovering over a send button awaiting the news. |
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Bedrock of the Community
United States
12815 Posts |
Texas repealed its sales tax for PMs last year. The silly thing was, if you bought over $1k at a crack, there was no tax. $1k and under you paid tax.
Regardless, that law is gone, thankfully.
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Moderator
United States
23522 Posts |
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The silly thing was, if you bought over $1k at a crack, there was no tax. $1k and under you paid tax. There is no tax more regressive than the sales tax, disproportionally affecting those of lower income. Many states have this maximum level for taxing bullion purchases, and it's just another manifestation of money determining law rather than need. Keep in mind, exemptions for dealer-dealer wholesale purchases from sales tax are - as it should be - near-universal. Large exempt purchases at retail, which is what we're talking about here, is only about helping those with money keep that money. |
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Moderator
United States
187804 Posts |
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The silly thing was, if you bought over $1k at a crack, there was no tax. $1k and under you paid tax. Silly is not a word I would use. Criminal is what comes to mind and Dave explained why.  |
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Pillar of the Community
United States
1247 Posts |
in maryland, the law is, if you buy less then 1000, you pay sales tax, over 1000, there is not tax.
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Moderator
United States
187804 Posts |
Which is completely backwards.  |
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Pillar of the Community
Canada
5393 Posts |
Actually if you check with most economists and taxation specialists, consumption taxes are the most fair form of taxation around. All of us do not like taxes and/or what governments do with them. That said taxation is the price we all pay to live in a democratic and civilized society. The alternative is not pretty. In Canada there is NO tax on bullion and pure precious metals. There is a national sales tax (GST) on all other coin purchases and we have learned to live with it. The government is very serious about collecting it and indeed the chances of being audited for this rather than income tax are much higher. The trouble with coins and taxes in the USA is that they are inconsistent and applied quite differently from state to state. The majority of states do not collect taxes on numismatic purchases while some still do. The ANA sure takes state taxation in to its consideration where it holds shows. Also a previous post mentioned that the Baltimore show would disappear in a heart beat.........yup! |
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Moderator
United States
23522 Posts |
The tax which most proportionally impacts the poorest is the "most fair?" I don't think so. You argue on behalf of the rich.
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Bedrock of the Community
United States
17884 Posts |
Quote:The ANA sure takes state taxation in to its consideration where it holds shows. True, they were considering Indianapolis for their smaller show but dropped it because Indiana charges sales tax on coins. |
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Moderator
United States
187804 Posts |
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The tax which most proportionally impacts the poorest is the "most fair?" I don't think so. You argue on behalf of the rich. Consumption taxes can definitely be more fair than what we have now. Imagine the rich paying sales tax on their luxury cars and million dollar homes. There will have to be exemptions to help the lower income brackets. Food and clothing come to mind, but you would still need a way to make sure that tax still applies to haute cuisine and designer clothes. But I digress, this is not the venue. However, I can split/move it. |
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Moderator
United States
23522 Posts |
I won't follow if you split. That would lead to ripping and tearing, and our job is to build.
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Pillar of the Community
Canada
5393 Posts |
No SsuperDdave, I do not argue on behalf of the rich. Quite the contrary. A sales tax is very fair. Lets say two guys go car shopping and the tax rate is 10 per cent. First guy can only afford a second hand family sedan for 10 K and pays a thousand in taxes. Second guy buys a new Lambo for 250 K and pays 25 K in Taxes. Everyone pays the same rate based on what they can afford to purchase.
What is really regressive is INCOME TAX especially for the low to middle income earner and the SMALL business owners. You could argue quite successfully that with a NATIONAL SALES TAX of 10 per cent in the USA you could eliminate income taxes for all wage earners below 75000, a category I will bet a lot of people on this forum fall under. This taxation issue could be argued thoughtfully on both sides of the fence I am sure. One thing that cannot be argued is that the money has to come from somewhere if you wish to retain a free and democratic society.
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Replies: 16 / Views: 2,557 |
Posted 04/17/2015 5:27 pm
