Buying Gold and Silver in Maine

TAXES IN MAINE

There is a sales tax of 5% in Maine that applies throughout the state. Local authorities are also free to add their own taxes to this amount, so 5% is the very minimum you should expect to pay. In many cases the actual amount will be much more. Maine is not the state with the highest sales tax, but it is also far from the lowest, and investors don’t have an easy time here.

Federal Capital Gains Tax

The Federal Capital Gains Tax is collected in the state of Maine, as it is across the USA. Any profits you make from the sale of investments, precious metals included, are subject to a tax that can be as high as 28%. It can be lower, depending on your income level.

Tax Free Precious Metals

There is no tax exemption for the sale of precious metals in the state of Maine. There have been appeals for change from dealers and investors seeking to improve and grow the bullion industry in the state. There could be change in the future.

If you want to purchase tax-free metals, buy online, out of state or overseas.

Source: http://www.maine.gov/revenue/salesuse/salestax/salestax.html

ABOUT MAINE

Maine has a population of over 1.3 million. Although it is one of the least populated states in the country, Maine has a lot of things going for it. It is often considered to be one of the best places to live in the entire USA, not least of which is because it has the lowest crime rate in the country.

Maine was populated for thousands of years by indigenous peoples. It was one of the first states to join the union when the United States won its independence. It was part of Massachusetts, before becoming its own state in 1820.

Sea of Riches

Much of Maine’s wealth comes from its coastline. It is one of the biggest producers of lobster on the North American continent, and Maine lobster is renowned around the world. The same can be said about its clams that are enjoyed in the finest restaurants nationwide.

The seafood sector provides a large part of the state’s GDP of approximately $50 billion, which is also boosted by its poultry, egg and lumber industries. Maine also exports more blueberries than any other state, with high taxation, tourism, hospitality, wholesale and other industries contributing to a very impressive GDP for such a small and sparsely populated region.

 


Note: GoldBroker cannot provide tax, legal, or other advice, so if you are not sure about the taxation to your personal circumstances, we recommend that you seek independent advice from a qualified professional.

All of these texts were accurate at the time of writing, but tax laws are constantly changing and it’s not easy to keep track of those changes. Because of this, we can not be held responsible for any false or out-of-date information.