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| Above, the 2023 National Money Show in Phoenix, Ariona. Photo by Armand Vaquer. |
New Mexico is one of the few remaining states that imposes a state sales tax on precious metals.
The neighboring states of Arizona, Utah, Colorado and Texas don't. New Mexico citizens who want to buy gold, silver or other precious metals have to go to these states to avoid paying any sales taxes.
It came in very handy for me last March to buy coins at the National Money Show in Phoenix, Arizona since there's no sales tax on gold and silver in Arizona. The next National Money Show will be held next March in Colorado Springs, Colorado, another neighboring state that exempts gold and silver from any sales tax.
It is ridiculous that New Mexico still imposes a sales tax on gold and silver when surrounding states don't.
If New Mexico's legislature really wants to do something that benefits people, they should pass a law exempting precious metals from any sales taxes instead of wasting time on B.S. issues like abortion and tyrannical "green" energy proposals.
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