Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: muir_redwoods
“If a US coin is clearly marked as worth $1 or $50 and I accept it as pay for a job my employer and I agree is worth, say, $200/wk where is the crime? Did I force the treasury to mismark their coins? Did I cheat my employer?”
In your scenario there might be a crime in avoiding the minimum wage, but I agree that the IRS might be overstepping it's authority on this one. However, I would like to know where the guy is getting gold coins for face value? Likely the case involves a form of money laundering. It would be interesting to know the details of the case because I could make a similar claim that the government is forcing my employer to pay me in fiat currency that is worthless, therefore they own me.
19 posted on 06/17/2009 4:12:47 AM PDT by bitterohiogunclinger (America held hostage - day 163)
[ Post Reply | Private Reply | To 18 | View Replies ]


To: bitterohiogunclinger; muir_redwoods
...where is the crime?

If both parties know the $1 coin is worth $200, then the IRS is right and the parties are guilty of tax evasion. What if the payment was made with a piece of antique furniture with $200 but bearing a $1 price tag? Pretty clear in that case.

But, since the coin is legal tender, the situation is not so clear. I would like to hear a legal opinion on that.

I like the idea of reporting my income on the basis of the real value of the fiat currency. Also, I would like to know where to get some of those gold coins at face value.

23 posted on 06/17/2009 5:11:43 AM PDT by foxfield
[ Post Reply | Private Reply | To 19 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson