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Posted on 07/22/2010 1:20:38 AM PDT by 4rcane
Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions 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. California authorities investigating Goldline's sales practices. More Photos 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.
(Excerpt) Read more at abcnews.go.com ...
That’ll teach Glenn Beck.
Actually, we’ve been talking for a while in my household about the government cracking down on gold buyers.
FDR did it, and now here comes Obama.
The press should hang their head in shame for putting this fool in power.
whats sad is, by doing this, poor ppl will be hit the most from inflation. Theres no where to flee now. The Marxists wants to steal everyone’s wealth
More surprisingly, Obama is said to be contemplating a tax on all methane in Americans’ farts. The proposal involves a mandate that everyone wear a belt-mounted gas meter, and those who fart most will, of course, be compelled to pay most.
A substantial tax break for Black people, the unemployed, and the indigent is to be included in the text of the new law.
I heard it said once that taxation is like plucking geese: the goal is to get the most feathers with the least hissing.
The more evenly spread and insidious the tax the better for that. Inflation is the ideal tax from that standpoint. But what the heck, if Obama called off all taxes but instead issued the order to run the dollar printing presses night and day — basically exchanging taxes for planned inflation — he would be hailed as a hero and be a shoo-in for 2013.
Now the government will increase the value of gold.Many countries want a gold standard and are doing it.DUH!
Ping
FDR stole all my great grandfather’s gold. Ticks me off to think about it.
but, but, but...he promised...no taxes, not one dime.../sarc
Shoulda started screaming bloody murder at cig taxes that are 300% of cost.
Sorry wasnt directed at you
Looks loke gold sales will go unreported,in other news feds slam doon on own stinger.
I wonder why this is? In the EU, investment gold is V.A.T free and many countries (including Britain) also exempt their own legal tender gold issues from Capital Gains Tax, meaning that in Britain, gold Britannias and Sovereigns are completely tax free.
They seem to be encouraging EU citizens to invest in Gold at the National and European level, at the expense of not seeing any tax revenue on most transactions, yet in the US they are positively discouraging them. Why is there a difference in motivation?
By virtue Of the authority vested in me by Section 5 (b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933, entitled “An Act to provide relief in the existing national emergency in banking, and for other purposes,” in which amendatory Act Congress declared that a serious emergency exists, I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for carrying out the purposes of this order:
Section 1. For the purposes of this regulation, the term “hoarding” means the withdrawal and withholding of gold coin, gold bullion or gold certificates from the recognized and customary channels of trade. The term “person” means any individual, partnership, association or corporation.
Section 2. All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve Bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, except the following:
(a) Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including gold prior to refining and stocks of gold in reasonable amounts for the usual trade requirements of owners mining and refining such gold.
(b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100 belonging to any one person; and gold coins having a recognized special value to collectors. of rare and unusual coins.
(c) Gold coin and bullion earmarked or held in trust for a recognized foreign Government or foreign central bank or the Bank for International Settlements.
(d) Gold coin and bullion licensed for other proper transactions (not involving hoarding) including gold coin and bullion imported for reexport or held pending action on applications for export licenses.
Section 3. Until otherwise ordered any person becoming the owner of any gold coin, gold bullion, or gold certificates after April 28, 1933, shall, within three days after receipt thereof, deliver the same in the manner prescribed in Section 2; unless such gold coin, gold bullion or gold certificates are held for any of the purposes specified in paragraphs (a), (b), or (c) of Section 2; or unless such gold coin or gold bullion is held for purposes specified in paragraph (d) of Section 2 and the person holding it is, with respect to such gold coin or bullion, a licensee or applicant for license pending action thereon.
Section 4. Upon receipt of gold coin, gold bullion or gold certificates delivered to it in accordance with Sections 2 or 3, the Federal Reserve Bank or member bank will pay therefor an equivalent amount of any other form of coin or currency coined or issued under the laws of the United States.
Section 5. Member banks shall deliver all gold coin, gold bullion and gold certificates owned or received by them (other than as exempted under the provisions of Section 2) to the Federal Reserve Banks of their respective districts and receive credit or payment therefor.
Section 6. The Secretary of the Treasury, out of the sum made available to the President by Section 501 of the Act of March 9, 1933, will in all proper cases pay the reasonable costs of transportation of gold coin, gold bullion or gold certificates delivered to a member bank or Federal Reserve Bank in accordance with Section 2, 3, or 5 hereof, including the cost of insurance, protection, and such other incidental costs as may be necessary, upon production of satisfactory evidence of such costs. Voucher forms for this purpose may be procured from Federal Reserve Banks.
Section 7. In cases where the delivery of gold coin, gold bullion or gold certificates by the owners thereof within the time set forth above will involve extraordinary hardship or difficulty, the Secretary of the Treasury may, in his discretion, extend the time within which such delivery must be made. Applications for such extensions must be made in writing under oath, addressed to the Secretary of the Treasury and filed with a Federal Reserve Bank. Each application must state the date to which the extension is desired, the amount and location of the gold coin, gold bullion and gold certificates in respect of which such application is made and the facts showing extension to be necessary to avoid extraordinary hardship or difficulty.
Section 8. The Secretary of the Treasury is hereby authorized and empowered to issue such further regulations as he may deem necessary to carry out the purposes of this order and to issue licenses thereunder, through such officers or agencies as he may designate, including licenses permitting the Federal Reserve Banks and member banks of the Federal Reserve System, in return for an equivalent amount of other coin, currency or credit, to deliver, earmark or hold in trust gold coin and bullion to or for persons showing the need for the same for any of the purposes specified in paragraphs (a), (c) and (d) of Section 2 of these regulations.
Section 9. Whoever willfully violates any provision of this Executive Order or of these regulations or of any rule, regulation or license issued thereunder may be fined not more than $10,000, or, if a natural person, may be imprisoned for not more than ten years, or both; and any officer, director, or agent of any corporation who knowingly participates in any such violation may be punished by a like fine, imprisonment, or both.
This order and these regulations may be modified or revoked at any time.
Franklin D. Roosevelt
President of the United States of America
April 5, 1933
I never heard of this before. Thank you for posting.
“FDR stole all my great grandfather’s gold. Ticks me off to think about it.”
Can you tell us more about what happened? Did they come to his home? Or did he turn his gold in?
That’s Executive Order 6102.
“Stroke of the pen, law of the land. Pretty cool.” quoth Paul Begala
bump
He turned it in. I would’ve buried it.
this guy must be stopped
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