From the Sept. 14 Numismatic News E-Newsletter:
Should coin dealer profits be tax free?
Here are some answers sent from our e-newsletter readers to Editor Dave Harper.
Yes. All coin dealer profits should be tax free, as well as all other business profits. To make up for lost revenue, the government could just print more money as needed and then spend it. This would actually work much better than our current system where the government borrows from the Federal Reserve and pays interest on the loans to boot!
Max Leroy Stucky
Colorado Springs, Colo.
This is a good question. A somewhat simple answer to it, though. On small purchases from John Q. Public, the answer is no. Most items are bought with no tax in mind. A yes answer is for larger purchases and assessments on opinions given on collections (for which dollars are earned on). This is a fair venue for them. Also, if taxes are collected at owned shops, by said dealers.
Under 50K – tax free
Over 51K – tax @ 8 percent state / 28 percent Federal
Taxes are the cost of a civilized society (Oliver Wendell Holmes).
No, I don’t believe dealer profits should be tax free. They are a business like any other and should be subject to taxation like any other retail business.
Why not? Along with all other for-profit businesses. Why not then collapse the entire American governmental economic structure? To replace those lost revenues, let’s make all religious organizations have to pay taxes instead.
Really quite absurd. By the same logic, every employee who gets a cost of living increase should only have to pay income tax on their original salary. Shoppers should only have to pay sales tax on what groceries cost when they first bought groceries 10, 20, 50 years ago, because any increase is just “fiat money.” But I guess we live in an age when any ridiculous argument becomes believable, especially when it comes to justifying not paying taxes.
To the question: “Should coin dealer profits be tax free?” – a resounding NO.
It is a business like any other and should pay its fair share of taxes to support the services, infrastructure and other costs associated with the benefits of living in a western democracy.
I find it offensive that businesses and individuals are unwilling to support what they take for granted they can enjoy. The reason taxes keep increasing is partly due to the ever-increasing number of individuals and businesses that feel they are entitled to all the benefits and privileges of what the community offers, yet do not feel any of the responsibilities that normally come with these.
No wonder our infrastructure is crumbling, our services are failing and it appears civil society is on life support – reminds me of readings about the disintegration and eventual fall of the Roman and later the Byzantine Empires.
This article was originally printed in Numismatic News Express. >> Subscribe today
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