Are you a citizen of Utah? Do you own or plan on owning gold, silver or platinum? Then you should be VERY concerned regarding recent efforts by the Utah Tax Restructuring Tax Force, headed by Representative Francis Gibson and Senator Lyle Hillyard to charge sales tax on many precious metals sold in the State of Utah.
Please go to this website to find your representatives. Call them directly and let them know your concern. You can also go to this website and submit a comment. You may use the following statement or use your own:
I am OPPOSED to the Tax Restructuring Policy Proposal as it seeks to repeal the sales tax exemption on certain gold, silver and platinum products. Taxing these items does not make sense and will force many locally owned businesses to downsize or close their doors. This move will also decrease the value of large amounts of precious metals held by Utah Citizens, as they will no longer be as easily traded.
You can also email each member of the task force directly.
Thank you for your time and your support!
Your friends at Monarch Coin
Leave a Comment
Utah recently added sales tax to items purchased on all internet purchases starting October 1, 2019. I am a seller of items on eBay and due to the disadvantage recently imposed on my items, sales have dropped 50.4% so far this month. I don’t think they understand what this is doing to us. Sure they pick up a few dollars initially but they will loose income tax revenue and the earned dollars flowing into our local economy. So in other words, I am no longer able to be competitive online and have stopped spending money. I understand they have all kinds of new taxes planned on labor services also. In my situation they are jumping over dollars to pick up dimes.
Thanks for your comment, Lee. It’s a difficult situation and it’s important for Utahns to voice their opposition to being over-taxed!
Thank you for posting this. It was the first I had heard about sales tax being considered on precious metal sales. I have contacted my state Rep and state Senator. I told them I see a difference between taxing capital gains and taxing the initial investment. This would be a big inhibitor to savings in the state. I view this as bad tax policy.
Thank you for making us aware!
I would encourage other savers to contact your representatives as well. This could be very bad.
Thanks for your support and for contacting your representatives!!