Posted on 07/26/2010 8:16:14 PM PDT by nmh
President Barack Obama’s healthcare reform legislation reportedly contains an added provision that would tax gold coin and bullion transactions.
The tax comes in an obscure section of the tax code that deals with purchases by self-employed people and small businesses, ABC News reports.
Starting Jan. 1, 2012, small businesses and self-employed people will have to issue 1099 forms, which are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals, for every vendor with whom they do more than $600 business in a calendar year.
The new regulation is designed to gain more tax dollars to finance some of the healthcare bill’s other provisions.
According to ABC News, dealers in gold coins and bullion are among those most rankled by the change. Unlike businesses with a comparatively small number of vendors, coin dealers frequently buy from members of the general public as well as from other dealers.
Pat Heller, who owns Liberty Coin Service in Lansing, Mich., deals with around 1,000 customers every week and estimates that he will be filling out between 10,000 and 20,000 tax forms per year after the new law takes effect.
"I'll have to hire two full-time people just to track all this stuff, which cuts into my profitability," Heller told ABC.
(Excerpt) Read more at moneynews.com ...
Would you expect anything different from our third world country, wealth redistributer?
Obama has the mindset of a third world country.
make a $599 purchase from each.....Chinese 1/10th ounce Gold comes to mind....
This tax doesn’t apply to people buying from sellers. It’s between businesses. I’m not saying it won’t find its way into item prices, but buyers do not have to worry about extra 1099s.
Sure you could do that - buy $599 worth of gold but the intrusiveness is beyond the pale. Obama will do ANYTHING to take away from those that have and use gold as an investment to pay for his obsessive spending. There is no way we can afford Obamacare.
Maybe this is another reason why Nancy Pelosi wanted to “pass it and then see what was in it”.
The Health Care Bill Change in 1099 Reporting Requirements Does NOT Target Gold and Silver
http://jessescrossroadscafe.blogspot.com/2010/07/health-care-bill-change-in-1099.html
hmmmmm
Trade gold for cash, avoid IRS... d’uh!
Well we had to pass Healthcare to learn this.
I don’t know what to tell you.
I consider my source more credible than a blog.
See if there are other sources that clarify this.
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The Health Care Bill Change in 1099 Reporting Requirements Does NOT Target Gold and Silver
http://jessescrossroadscafe.blogspot.com/2010/07/health-care-bill-change-in-1099.html
hmmmmm
*****************
Thanks for the link.
There was a story last week that said that the new 1099 requirement was going to force all gun owners to issue a 1099 to the gun shop.... a kind of backdoor gun registry.
It seems our side is getting over-run with hysteria.
make a $599 purchase from each.....Chinese 1/10th ounce Gold comes to mind....
The list, ping
“hire two full-time people...”
Its called “make-work” and its the Progressive Liberals solution to unemployment.....regulate it out of existence.
“The Health Care Bill Change in 1099 Reporting Requirements Does NOT Target Gold and Silver”
If you read the linked article it states that while gold and silver, are not specifically targeted, all transactions over $600 are covered including those for gold and silver.
Obama doesn’t want Americans to keep any wealth, power, or rights. He wants it for himself and his Saudi masters.
You can do whatever you want. Barry and his commie ‘RATS are still going to get your money. That’s what they are all about. Commies are greedier than any capitalist ever dreamed of being. That’s why they are called commie pigs. And Barry is the biggest piggy of them all.
So just keep it under $600 (that’s about a half-ounce) per year per vendor and you’re okay. It’s that simple and that complex. Never fear; many Americans soon will subsist on that level of after-tax annual expenses anyway. GDP/capita is already $1600 in Kenya.
any tax on business is a tax on buyers
This is an extremely misleading title.
Did you read my whole post? I said it would be passed on, but that buyers don’t have to worry about any 1099 stuff.
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