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The economy in Kentucky is based on the land. As much as the Midwest supports its resident with farming and other agricultural businesses, Kentucky supports its workers in the coal mines. For generations, workers have toiled deep in the caves of Kentucky, burrowing far below the surface of the earth to mine coal for the rest of the country to use as a source of energy. Kentucky prides itself on its production of coal, and stands tall in the national debate over finding other cleaner sources of energy. Coal is a natural resource that is plentiful in the hills and mountains of Kentucky, and should be cultivated and utilized in as positive a fashion as possible. In addition to the coal, or maybe as a byproduct of the coal, is the development and production of Kentucky Bourbon. This fine liquor has been around for hundreds of years and is well-known and admired throughout the world. It is served in every bar, and enjoyed in many more homes.
Another area of enjoyment for the local residents is its connection to the sporting world. Every year, the Triple Crown in thoroughbred horse racing starts its journey with the Kentucky Derby at Churchill Downs in Lexington, Kentucky. This is a spectacle that should not be missed, one that the local citizens take great pride in hosting. Another is the rabid attention paid to following college basketball, especially University of Louisville, and University of Kentucky. Theses in state rivals cause great matchups, especially in recent years, and in Kentucky you either wear red or blue when rooting for your favorite college team.
As with the gold rushes in the late 1800s many Americans sought to find gold in the hills of Kentucky. They did not, but what they did find is in Fort Knox, the United States Mint gold depository, the only one in the country. No one is exactly sure how much gold is contained within the vaults at Fort Knox, but it is estimated to be worth somewhere around $180 billion dollars. With this much gold stored in the state, you would imagine that Kentucky would be friendly to those who wished to invest in precious metals within the state borders. You might be surprised.
As with all transactions involving any products, there is a sales tax imposed on the sale of gold bullion, or other precious metals. In Kentucky, the statewide sales tax is 6%, with no other sales and use tax imposed by local municipalities. Under Kentucky tax laws and regulations, there are no exemptions for bullion, coins, currency, or medallions made from gold silver, or any otter precious metal. It does not matter the size, shape or amount of the bullion or currency. Investing in precious metals is a good way to save for your economic future, adding stability and security, but be aware of all costs associated with the transaction so you can maximize your purchase. This has caused a debate in recent years, but so far maintaining the flow of revenue is more important for the state.
Golden Eagle Coins, being an out of state retailer, does NOT have to charge sales tax to Kentucky residents. Browse our selection of tax-free gold and silver products. Please take note that we are not experts on tax issues, and you may be liable to pay local Use tax. Please contact your local tax professional for more information.