A new 10.3% sales tax on purchases of gold and silver in Washington went into effect on Jan. 1 following the passage of Senate Bill 5794. As a result, many gold and silver dealers have chosen to flee the state for greener pastures. Among them is Craig Rhyne, owner of Washington Gold Exchange, who packed up shop and is moving to Idaho.
Rhyne joined “The John Curley Show” on KIRO Newsradio to explain why he’s making the move. He predicted more shops across the state will soon follow to escape what he calls Washington’s “anti-business” tax structure.
“I’ve got a new office in Coeur d’Alene, Idaho, and I’m looking for a house to move to,” Rhyne said. “I’m sad. Born in Chehalis, love Washington, but we’ve seen the state taken over by progressives, and I don’t think they’ve ever signed the front of a check in their life. Which means they’ve never owned a business, and the legislature is anti-business, certainly anti-gold and silver business, and it’s killed the whole industry in the state. Why pay 10.3% more for your gold and silver if I’m in Washington, rather than a dealer in Boise, Coeur d’Alene, or Oregon?”
