Starting Tuesday, Maryland’s gold and silver shops are required to charge sales tax for the first time in 35 years. American Bullion Center in Timonium says that change will alter its entire business model.
Owner Richard Davis said his store will no longer sell customers its namesake — bullion, the term for precious metals like gold and silver — at all.
The state sales tax is only 6% and is included on almost all products, but for bullion, shop owners argue it poses an existential threat.
Many gold-buyers consider bullion to be a secure way to invest, just like others might buy stocks, which are untaxed. Investors sometimes spend tens or even hundreds of thousands of dollars in one transaction.
Click here to read the rest of the article written by Hayes Gardner over at The Baltimore Banner
