The only countries that still levy taxes on the sale of precious metals. To date, 41 states have abolished sales tax on gold and silver bars. The only states that still levy taxes on the sale of precious metal bars are Vermont, New Jersey, Maine, Tennessee, Kentucky, Wisconsin, New Mexico, Mississippi, and Hawaii. The District of Columbia also taxes physical gold and silver purchases.
So far, 42 states have removed some or all taxes from the purchase of gold and silver. And new bills are currently pending in five of the eight remaining states, i.e. Tennessee, Mississippi, Kentucky, Hawaii and New Jersey. There is no all-inclusive sales tax in the United States.
The 50 individual states have their own tax laws and sales tax rates. These can vary greatly from state to state. Some states don’t have sales tax on precious metals, while in other states, you pay almost 10% extra with every purchase you make. Ohio is the second state to withdraw its sales tax on precious metal purchases this year.
In May, Arkansas passed similar legislation, ending a three-year odyssey for some lawmakers. The nine states that continue to tax gold and silver purchases include Vermont, New Jersey, Maine, Tennessee, Kentucky, Wisconsin, New Mexico, Mississippi, and Hawaii. The District of Columbia also taxes physical gold and silver purchases. Earlier this spring, Jp Cortez, policy director for the Sound Money Defense League, said in testimony before the Senate and House of Representatives that the bill creates a level playing field between gold and other fixed assets, such as stocks and exchange-traded products.
