Honest coin dealers

I got another call the other day where the person was calling trying to find a honest coin dealer who pays cash and takes no names so the caller can get away with not paying taxes when they sell their coins. First of all I think we all pay the Government too much in taxes but what an- oxymoron when asking for a honest dealer who is dishonest about following the laws of this land in paying taxes. A dealer who pays cash for coins or sells coins for cash and does not report his sales and pay his share of taxes is dishonest--no ifs, ands or buts. A honest coin dealer might pay you cash but will take your information and give you an invoice for all sales and purchases. I was told by one person that they were an honest person, but only a little dishonest when paying taxes. This made me laugh. And also remember if someone is buying coins for cash and does not want your name or information would this same person buy and sell stolen coins or currency? We need to keep this hobby of ours around for many years to come and the way to do that is to be honest in buying or selling coins and currency. Being a little dishonest is like being a little dead, you either are or aren't.

 

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They can't charge sales tax on coins in Iowa. Most dealers don't even charge tax for supplies either. That sounds suspicious however. There may be a reason they don't want their name with the coins.

Cody

 

Hi, here in South Dakota there is no sales tax on coins and currency but there is Federal taxes on profits from coins and currency ( capital gains taxes) which applies to all 50 states.

 

I can't think of any honest reasons...

 

Where are you on the scale of Honesty/Dishonesty?
Where Black (absense of all colors represents Honesty - complete and unwavering/regardless of impact, negative or positive, it has on you and others/in every facet of your life/throughout your life - past and in the future) and Total Bright White represents Dishonesty, complete and unadulterated (pathological liar and cheat; conman):


Where are you? Where are your children? Where are your Neighbors, Teachers, Policemen, Politicians, etc?

I think anyone would be hard-pressed to find just one person in this world (absent infants, as some believe they never are dishonest) who has never, ever, in their life, and never will take the road of dishonesty if it nets them a profit in some way. It's pretty much human nature to want to protect yourself, even if it means being dishonest. That's why little white lies are there, as well as feeling honest if you haven't lied, yet haven't announced the truth (lie avoidance). And people also construct rationalizations that help them in life, to keep them believing they are honest people.

This is not a black/white arena. There are millions and zillions of shades of grey for every person.

Consider this scenario: (I'll use me as an example) I'm generally an honest person (I can not say I've been honest all my life: I've lied to teachers, store personel, parents, my children. But I am as honest as most, and sometimes more honest that others).
I know stealing is wrong, and I try not to take others' belongings even if it's unintentional. If for some reason I've found I've misappropriated an item unintentionally, I do look to return it (with the exception of pens --- drat. I just don't consider it worthy to return to a store on a separate trip just to give back a pen I've found in my purse that the store had for use) in most cases. But ---- I decided long ago, when I first had my children. That if there ever was a scenario where my children's lives were dependent on me stealing food to feed them, I would in a heartbeat. Even though it is against my code of living to do so. The results of having me and my children not survive in an extreme situation are just not worth, in my opinion, "being honest" totally and regardless of the situation. Yet one time my daughter, at 4 years of age took some stickers/cards from a store and managed to get them home without me knowing. She did it because I would not purchase it for her. Back she and I went to the store (immediately --- about 20 minutes away) and I took her and the item to the manager. We returned them, I told her to apologise, and totally expected the manager to accept the apology from a 4 year old and go on. Instead the manager decided to light into my daughter and scare the bejezus out of her. I told him off because it was totally inappropriate and told him we would not shop in his store anymore, and we left. My daughter has been relatively honest since then, but not totally. Like most people are not totally honest. People are hard-wired to want to survive and to prosper, and they will not be totally honest (Black).

Instead you have to look at the shades of grey and the arena it is in.

In coins, yes, a person who will sell coins without charging a sales tax - in order to avoid that - is being dishonest. Yet that dealer may be the most "honest" dealer around, because that dealer prides himself or herself as being honest at the point of sale with the buyer.

 

I personally don't judge the honesty of a dealer/seller/buyer on whether or not they charge sales tax. Many of the dealers that I deal with here in CA don't list it on receipts, but that doesn't mean they don't pay them to the Gov. Sometimes, since many people feel the way the person in the OP does(that it's not dishonest to be dishonest with the Gov.) dealers will just eat the tax out of their profits to avoid the whining by the customers. Which by CA law is legal in most cases.

 

The opening statement is very funny.

The seller wants an honest coin dealer to see to.

But want to be dishonest about his taxes.


So, his/her honesty is only one way-- into their pocket.

 

Its not just sale tax, as when you sell your collections the profit is taxed under federal capital gains taxes and with out a receipt with the amount you paid for your coins or currency the the whole amount is taxable. And with capital gain taxes going up to 30% in 2013 that adds up to a lot of federal taxes you will owe Washington. Jim

 

"Taxes are the price we pay for a civilized society." In my opinion, there is no satisfaction in ill-gotten gains.

 

Slide me a couple million tax free and we will see how satisfied I can be.

 

If it were in trade dollars I'd probably agree with you

 

Many people that sell coins our preciious metal like to stay out of the cluthches
Of which many feal is a over intrusive government!

 

there might be some truth in that, however there is no way the taxes need to be as high as they are to live in a civilized society.

The federal govt collects 2.4 trillion dollars a year, that is $21,238 DOLLARS PER TAXPAYER (FEDERAL). 113 million pay federal income tax.

That is truly insane, hardly any of that money is getting spent efficiently, if it was we would be in a lot better shape than we are.

Not only this, but that huge sick amount of money is NOT ENOUGH, the federal govt has to spend 3.6 trillion dollars PER YEAR.

That is $12,000 for every man women and child in this country.

Say you have a family of 4, do you believe you've received $48,000 dollars worth of service from the FEDERAL govt this year? Remember this does not include state govt, and everything your state provides you.

Our government is clearly a joke and a giant wealth destroying black hole.

 

I had to read your post again (I still haven't had my 3rd cup of coffee.). But remove sales tax and insert capital gains and I am basically saying the same thing. Your "friend" still feels it's ok to be dishonest with the government, or when they are the one to gain.(like many people). I still wouldn't base my idea of an honest dealer on whether or not he gives me a receipt.

 

The government uses deceit and steals from people every day. Can you steal what's already been stolen?

 

Paying your taxes is part and parcel of being a citizen of these United States. If you do not like them, then the thing to do is to change the laws.

 

I always seek to do the right things for the right reasons. I will openly admit that sometimes that means I don't always follow the letter of the law.

 

the government is controlled by banksters and powerful foreign interests, nothing will change, and its only getting worse.

 

We elect our leaders, bankers get one vote per man just like everyone else, foreign born are not allowed to vote in our elections. Our system is based on a three part system, the executive, the judicial and the legislative branches are co-equal, that means that not any one of them can take the whole thing over.

By and large we get the government we deserve, people tend to vote for people they identify with and like.

 

Why should they be taxed? So other people don't have to work for a living?