Rhode Island is one of the original 13 colonies that were involved in the ratification of the Declaration of Independence as well as the United States Constitution. Its location directly abutting the Atlantic Ocean make made it an ideal landing spot for settlers from Europe in the early 1600s and 1700s. A major prescience in the settlement of Rhode Island was Roger Williams, who brought a religious and conservative tenor to the towns, a feeling that many still embrace today. Mr. Williams founded a plantation near the area that would become Providence, and the name is still part of the state name. Officially the area is known as The State of Rhode Island and Providence Plantations. Rhode Island has miles of coastlines with numerous inlets, coves, and beaches. It is the smallest state in terms of area but surprisingly is the second most densely populous state in the country. This means a large population of people is packed into a smaller area, mostly around cities like Providence and Warwick.
The economy was based around fishing industry for years. Its prime location lent itself to be a great area for fisherman and fisheries alike. Textile industry played a major role in the early 1900s, and still has some part in the economy. However, there are a number of abandoned factory buildings that have been converted to housing and museums. In addition, in recent years large corporation have settled their home bases in Rhode Island, one being CVs, which is a major employer in the state. Other industries include healthcare companies and financial institutions. The culture is decidedly democratic, and has voted that way for almost hundred years in presidential elections. Currently, all elected officials for the United States Senate and House of Representatives are Democrats. The state government is dominated by democrats, with only a small handful of elected officials being from the Republican Party.
The residents of this small state know that they cannot compete economically with the larger embers of the nation, so they must be careful when investing their money. It is a necessity that their money be placed in areas which can be profitable, as well as safe and secure. With little to no land available in the state, residents can look outside the state to make investments in property. This is not the best idea since the collapse of the housing market has led to question marks in the valuation process for real estate. They could invest their money with the brokers on Wall Street, but there is still a level of distrust of the financial institutions of this country. The best bet may be to invest in gold and silver. However be aware than when you purchase precious metals you may be subjected to sale and use tax.
Bullion Sales Tax in Rhode Island
Under Rhode Island tax laws and regulations, www.tax.ri.gov, there is a state wide sales tax of 7%, with no additional Local County or city tax imposed on transactions. There is an exemption to this tax for the purchase of precious metals no matter the size, shape, or amount. There is no exemption for paper currency or non legal tender fabricated products containing metal.
Golden Eagle Coins, being an out of state retailer, does NOT have to charge sales tax to Rhode Island 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.