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Washington D.C., or District of Columbia, is not a formal state. It is a federal distract completely under the control and management of the United States Congress, and has no affiliation or connection with any other governmental entity, state or otherwise. In 1790, the government passed a law approving the district, which was to be near the shores of the Potomac River. The law was enacted per the provision in the Constitution allowing for a federal district under the exclusive control of the Congress. As part of the passing of the bill in 1790, both Maryland and Virginia allowed a portion of their states, to be taken and used to form the district. The elected officials agreed to name it after the leader of our country, George Washington. In 1846, land originally transferred from Virginia, including Alexandria, was returned to the Commonwealth of Virginia, reducing the district to its current size.
Even though it is not consider a sate, it is still in the top 25 most populated places in the country. According to recent surveys, by adding in the commuters from the surrounding suburbs, there are over a million people in the district during the work week. By adding all of the surrounding communities, you get a metropolitan area of almost 6 million people, good for seventh largest in the country. The majority of these workers are employed by the federal government, as all three branches of the government are located in Washington D.C., The White House which houses the President, The Capitol Building which houses the Congress, Senate and House, and the Supreme Court Building which houses the Judiciary. If you add in the governmental buildings housing the offices of elected officials as well as the various Cabinet departments, you have a vast number of federal employees. In addition, there are a large number of related employment positions like lobbyists and the media, who are intricately involved with the federal government, even though they do not directly employed by the government.
With all of these people circling the government, it is easy to understand how they would be filled with angst concerning their economic futures. They completely understand the need to wisely invest their money to protect against anything that might happen in the future, especially knowing the history of some of the people who work in D.C. They could choose the real estate market, but they have inside information about the lack of growth in the housing market and stagnation in property values. They could sink money in Wall Street, but their contacts assure them that these record highs will not last. The best solution is to buy gold and silver, but be aware, like everything else in DC there may be tax associated with the transaction.
Under the laws of Washington DC, the district wade sales tax is 5.75%. There are no exemptions for precious metals. This means that any transaction of coins, bullion or nuggets of gold, silver or any other precious metals is subject to full sales tax.
Golden Eagle Coins, being an out of state retailer, does NOT have to charge sales tax to Washington DC 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.