HR 684 Marketplace Fairness Act of 2013 Is A Nightmare For Online Investors

May 22, 2013 by Bill Haynes, President, CMI Gold & Silver Inc.

Gold and silver investors will face a real-life nightmare if a bill that recently passed the Senate becomes law.  The bill would tax commerce between the states, something that has been exempt (except for certain circumstances) since the Constitution was ratified.  Now, the bill is in the House, where it is known as HR 684 “Marketplace Fairness Act of 2013.” The bill's supporters say that it would "level the playing field" between "bricks and mortar" stores, which collect local sales taxes, and sellers that deliver across state lines without collecting sales taxes.  In reality, it would be a massive tax increase and would burden businesses, large and small alike, with huge compliance costs.  There is nothing "fair" about the act, and certainly not for gold and silver investors.  The bill would, for residents of many states, immediately impose taxes on gold and silver purchases while such investments as stocks and bonds remain exempt.  This, of course, would not be a "level playing field." There is no doubt about it, HR 684 would take the luster off investing in gold and silver. HR 684 can be stopped in the House--if enough Americans let their Representatives know that they should oppose the bill.  Members of the House, because they serve only two years between elections, DO LISTEN to their constituents. Contacting members of Congress is not that difficult.  It can be done via emails, letters, faxes and phone calls.  Visiting your Congressperson's office is not necessary but could yield tremendous results if you personally know your Representative.  To find out who your Representative is and to learn the various ways to contact him/her, go to Find Your Representative and type in your ZIP. The really important thing is the number of messages, regardless of the manner of delivery, that our Reps receive in opposition to this bill. To see the text of HR 684 and to learn where your Rep stands on this bill, go to Marketplace Fairness Act Bill.  If your Rep co-sponsored the bill, ask him/her to reverse course.   Even if you can't get him/her to reverse course, you can reduce his/her willingness to fight for the bill as other members of the House oppose it. My favorite way to contact my Rep on important issues, such as HR 684, is to type and print two copies of a letter and fax it to my Rep's local office and her DC office.  Then I mail a copy to both offices.  Faxes are not easy to ignore, and letters, while they take a little time to reach my Rep's offices, show a strong interest in the matter. All readers are urged to take action on HR 684 as soon as possible.  The sooner members of the House recognize that there is strong opposition, the better.  If HR 684 becomes law, it will be a disaster for gold and silver investors.