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Oregon governor signs bill ending unjust corporate activity tax on precious metals dealers and investors
By JP Corez
Money Metals News Service, Eagle, Idaho
Friday, July 28, 2023
With the stroke of her pen, Oregon Gov. Tina Kotek has put an end to the state's punitive corporate activity tax as applied to precious metals dealers and, ultimately, to gold and silver investors, effective in 2024.
Supporting the efforts of in-state small business owners, the Sound Money Defense League and Money Metals Exchange mobilized grassroots support and worked in other ways to secure the passage of House Bill 2073, a package of corporate activity tax reforms and cleanups that included the exemption of precious metals sales from Oregon's CAT.
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Gold and silver businesses operate on extremely small margins -- margins that are similar in scale to brokerages, which are already exempt from the CAT. A CAT imposed on topline precious metals sales revenue is therefore extremely burdensome when compared to the taxes paid by other current CAT payers.
Furthermore, these increased costs on precious metals businesses ultimately are passed through to Oregon savers and investors.
Oregon is among the 43 states that do not directly impose sales taxes on precious metals, but Oregon's corporate activity tax has been doing this in a back-door manner. ...
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