Michigan

Michigan’s Gold & Silver Bullion Tax Laws

The state of Michigan doesn’t levy taxes on the sale of gold, silver, and platinum bullion but it taxes capital gains. Michigan residents also pay United States federal capital gains taxes.

State Information

• Michigan is a state in the Midwest region of the United States and is bordered by Wisconsin, Indiana, Ohio, Lake Superior, Lake Michigan, Lake Huron, Lake Erie, Minnesota, Illinois, and Canada.
• In 1837, Michigan became the 26^th state in the United States.
• The capital of Michigan is Lansing. Other cities include Detroit, Grand Rapids, Warren, Sterling Heights, Ann Arbor, Lansing, and Dearborn.
• Michigan had a population of 10,077,331 in 2020.
• Michigan’s real gross domestic product (GDP) was $547.77 billion in 2023, while the median household income was $54,900 in 2020.
• Michigan’s economy is based primarily on manufacturing, finance, insurance, real estate, professional and business services, government and government enterprises, education, healthcare, wholesale trade, retail trade.

Economic and Personal Freedom Information

• Michigan ranks #33 on the Sound Money Index that ranks states based on their friendliness toward gold and silver bullion.
• According to the Freedom in the 50 States report, Michigan ranks #7 in overall freedom, #10 in economic freedom, and #19 in personal freedom.
• Michigan ranks #16 on the Rich States, Poor States index, which evaluates states based on economic competitiveness by considering tax and regulatory burdens, as well as labor policies.