Michigan Posted July 1, 2005 Report Share Posted July 1, 2005 It really came as no surprise, the only way it was not going to happen would have been a line item veto from Gov. Taft but that was not in the cards at all. How that will affect the future of coin shows in Ohio is uncertain. Out of state dealers are not going to be happy dealing with that paper work. But beginning today, smokers will pay 70 cents more per pack of cigarettes, shoppers will continue to pay half of the penny-on-the-dollar sales tax surcharge that was supposed to expire today, and coin dealers will lose their sales tax exemption. Quote Link to comment Share on other sites More sharing options...
Mediccoin Posted July 2, 2005 Report Share Posted July 2, 2005 Ouch. That will be toughest on the smoking coin shoppers. Quote Link to comment Share on other sites More sharing options...
16d Posted July 2, 2005 Report Share Posted July 2, 2005 Ouch. That will be toughest on the smoking coin shoppers. Hey, stop that!! How am I suposed to sell my nicotine toned Franklins if you keep that up? Quote Link to comment Share on other sites More sharing options...
Mediccoin Posted July 3, 2005 Report Share Posted July 3, 2005 16D, just don't forget to keep them in the humidor. Quote Link to comment Share on other sites More sharing options...
SilverDollarMan Posted July 4, 2005 Report Share Posted July 4, 2005 i'm in Ohio, i didn't hear of the coin part of this bill. Will we pay tax now? Quote Link to comment Share on other sites More sharing options...
Michigan Posted July 5, 2005 Author Report Share Posted July 5, 2005 Yes indeed, as of July 1. I suppose the dealer could absorb the tax themselves but it has to be paid one way or the other. Quote Link to comment Share on other sites More sharing options...
BiggAndyy Posted July 5, 2005 Report Share Posted July 5, 2005 Absorb nothing. The cost will be passed on to the consumer. There is no such thing as a tax on goods or services, it always ends up a tax on the consumer. Quote Link to comment Share on other sites More sharing options...
Michigan Posted July 5, 2005 Author Report Share Posted July 5, 2005 What I meant was the dealer pays the tax and doesn't charge the buyer for it. I wouldn't expect that to happen on a regular basis but if a dealer has a special customer they want to keep happy they might give the buyer a break. Quote Link to comment Share on other sites More sharing options...
BiggAndyy Posted July 5, 2005 Report Share Posted July 5, 2005 Ahh... but I don't think they are allowed to do exactly that. I think by law retailers aren't allowed to give discounts based on tax amounts. They have to disguise it by giving a discount not called a 'tax avoidance discount'. Our taxes here in SW PA are 7% but the retailer can't say I am giving you a break on the sales tax because they still have to pay it. They can give me a 7% good customer discount, but they can't call it a tax free sale. Quote Link to comment Share on other sites More sharing options...
Michigan Posted July 5, 2005 Author Report Share Posted July 5, 2005 If you charged the customer for full price for the coin but the dealer picked up the tax wouldn't that be OK? Either way the state is getting the tax money but instead of it coming from the customer it is coming from the dealer. Quote Link to comment Share on other sites More sharing options...
BiggAndyy Posted July 5, 2005 Report Share Posted July 5, 2005 I believe that the busy body legislatures have passed 'consumer protection laws' so that the consumer must be charged the price advertised and then the tax added to that price. I know that many transactions go like this: Customer: "How much for this coin?" Dealer: "It was 15 on the sticker but I will take 12 dollars" Customer: "Deal." At that point the price is 12 dollars plus tax. If the customer is an IRS agent or some other government entity looking into your business dealings and you did not charge sales tax or then agreed to not charge it to the customer you have just asked for a world of hurt. You have to be careful. Quote Link to comment Share on other sites More sharing options...
gpnyc Posted July 5, 2005 Report Share Posted July 5, 2005 This is new in Ohio? I've always paid sales tax on coins when buying from an in-state dealer. Quote Link to comment Share on other sites More sharing options...
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