Buying Gold and Silver in Mississippi

TAXES IN MISSISSIPPI

Mississippi has a sales tax of 7%, which serves as the minimum rate across the state, plus local taxes added. The most you will pay in Mississippi is over 9%, which is one of the highest rates in the country.

Federal Capital Gains Tax

A federal Capital Gains Tax exists throughout the United States. This applies to the profits that you make from the sale of precious metals. The exact rate you pay depends on your personal income, but the maximum rate is 28%.

Tax Free Precious Metals

Although there have been some calls for change, there are no sales tax exemptions for precious metals in Mississippi. This means that, regardless of what you are purchasing or how much of it you’re purchasing, you will be subject to this high tax rate. Despite this, there are still bullion dealers operating in the state that are doing rather well. However, many buyers now choose to acquire their precious metals online, where the only thing they need to contend with are shipping and handling fees, which can be significantly lower than the sales tax.

Source: http://www.dor.ms.gov/taxareas/sales/Exemptionssalestax.html

ABOUT MISSISSIPPI

Far from being the biggest or most populous state in the USA, Mississippi is not the smallest or least populated either, sitting in the middle of the rankings for both. It has a population of more than 3 million, less than a tenth of which can be found in Jackson, the state capital and the largest city in Mississippi.

Mississippi is unique in the sense that such a small fraction of its population resides in its largest city, with the rest of the population spread out between dozens of other cities and towns, all of which have less than 80,000 residents and many of which have less than 20,000. The most noteworthy of these include Gulfport, home to the Seabees Navy fleet, and the casino city of Biloxi, which is popular with tourists from across Mississippi and other states.

Low Averages

The state of Mississippi has a Gross Domestic Product of just under $100 billion which, like its size and population, is neither here nor there on the overall leaderboard. However, Mississippi does have a notable per capita income, and not a positive one as this particular statistic is one of the lowest in the United States. In 2006, it was just $26,000 and although it has increased since then, it is still not on par with most other states. The main reason Mississippi is one of the poorest states is because it was heavily reliant on cotton production, and it has struggled to branch out into other areas when this industry began to wane.

 


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.