Matt Lerner relies on the wink of gold bullion to draw shoppers into his downtown Frederick coin shop But lately, the gleam in stores like his has attracted some unwanted attention from state lawmakers.
Lerner, owner of the Frederick Coin Exchange, said he is concerned about a proposal that would have all buyers of rare coins and precious metals paying a 6 percent sales tax. Right now, because of a special exemption, customers who spend more than $1,000 on precious metal or coins can add to their treasure chests tax-free.
Rolling back the exemption would more than double the markup on many of Lerner's products and could send buyers heading to Pennsylvania or the Internet for their South African Krugerrands.
"It might force our business to open in another state," Lerner said.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
3 comments:
And Obama and his cronies say they want to help small business?
Well come on now. We can't have regular people owning real money.
That is what Gadaffi tried to do. Ditto for the Syrian President. And Iran wants to sell its oil for real money as well.
No. All Americans must use Tender Notes (Debt) as money. We must discourage regular people from owning real money.
People will simply buy coins from each other.Those who make these laws don't realize the flexibility of gold and silver.
Post a Comment