If you’re an investor of gold and silver bullion, the “Marketplace Fairness Act of 2013” will interest you, but for all the wrong reasons. The bill that would force online and catalog retailers in all states to tax purchases during transactions has passed through Senate and is now in the House (HR 684).
Local businesses are required to collect sales tax, but taxing from online retailers has been mostly exempt across states since the ratification of the Constitution. Opposers of the bill can contact their Representatives to let them know their thoughts. The imposing of taxes on gold and silver retailers would happen immediately in some states, burdening investors of precious metals. Businesses of any size would incur large tax increases and compliance costs resulting in additional charges to the consumer in some cases.
Supporters argue the bill would provide equal opportunity for businesses large and small, with the President indicating he is among the supporters of the bill. If passed, states would be required to simplify sales tax laws due to concerns that collection for numerous states would be too problematic.
As with all House bills, you can contact your Representatives to voice your opinions about the bill. They can be contacted through many mediums, including phone, email, letters and more. If you’re an investor of gold and silver and want to avoid sales tax during your transactions, you’re urged to let your Representative know. Supporters can do the same.
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