Skip to comments.Gold Coin Sellers Angered by New Tax Law
Posted on 07/21/2010 8:25:54 AM PDT by DFG
Those already outraged by the president's health care legislation now have a new bone of contention -- a scarcely noticed tack-on provision to the law that puts gold coin buyers and sellers under closer government scrutiny.
The issue is rising to the fore just as gold coin dealers are attracting attention over sales tactics.
Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.
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Ping for later
I’ve got to pee real bad but the department of urination enforcement hasn’t sent the forms back to me so I can fill them out in triplicate and allow 4 to 6 weeks for processing.
The U.S, Government has a particularly sordid record with regard to private ownership of gold - right down there with the worst socialist regimes!
Alla FDR? Funny, socialists hate all forms of portable and non-reportable wealth. All your money belongs to us.
Six hundred bucks?
What’s the average apartment rent these days?
Man, what a cluster-fudge!!
“Ive got to pee real bad”
If your pee’s worth more than $600 and you’ve “transferred ownership” I believe PPACA requires you to file a 1099 form.
I guess this law doesn’t affect illegal aliens. Just make up a SSN and tell them your name is Gomez. What are they gonna do, charge you out of state tuition or something?
This is the answer to all the people who yap about confiscation. The government doesn’t want your gold, just your life.
In the movie “Ben Hur”, Roman Admiral Quintas Arius tells those chained to their oars, “Row well, you live to serve this ship.”
In 2010, the US Government says to those chained to their jobs, “Earn well and pay your taxes. You live to serve the STATE.”
It’s called PROGRESS.
I understand that slavery at it’s peak only required 38% of a person’s life. I think with the current tax structure we may have exceeded that.
I was thinking the same thing.
The key is you will be taxed on your gold each year, until eventually it makes no sense to own it. Further proof Obama is trying to ruin the country.
“We have to pass the Health Care Bill to see what is in it”
Merry Christmas in July!
Optimists buy gold. Pessimists buy brass and lead.
$1.7B per year in new taxes to the government is what they expect. At what cost in extra time and accounting to the taxpayers? According to the Obama, who gives a 'rats ass.
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