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Gold Coin Sellers Angered by New Tax Law

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posted on Jul, 21 2010 @ 01:18 PM

Gold Coin Sellers Angered by New Tax Law

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.
Starting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year.
(visit the link for the full news article)

posted on Jul, 21 2010 @ 01:18 PM
More sneeky government regulations on our wealth.
(visit the link for the full news article)

posted on Jul, 21 2010 @ 01:27 PM
This is gonna be bad because most gold collectors are libertarians and Anti-Federal Reservers.

Especially after Ron Paul spoke of the threat of hyperinflation and how the FED is destroying the value of the dollar and gold is the only coin of value that will survive flocks of people and Ron Paul supporters started to buy gold.

This is going to anger alot of libertarians and conservatives.

posted on Jul, 21 2010 @ 02:46 PM
They want to track your gold so when the time comes to take it away from you they know who has the gold. Same happened last time in the 30's when the dollar was devalued and gold taken at gunpoint.

posted on Jul, 21 2010 @ 02:54 PM
I find this whole practice of adding "riders" to pending bills ridiculous.
So many of them also seem to be completely unrelated to the bill being voted through, and most of those are never even read by the people voting them through either.
It just seems to be another sneaky and underhand way to pass legislation or laws that would probably never get support if they were presented by themselves.

posted on Jul, 21 2010 @ 03:00 PM
Guess who got the gold last time..?
Not the government, it was turned into the bankes in return for fiat script.
then they devalued that fiat money by half...

But doesn't it say 'all goods and services over 600 dollars"?
Is this as diabolical as it looks?

With inflation that doesn't leave much..

Stocking up on food, gas, guns, ammo, etc ..
Buy the misteress an nice ring...
where DID YOUR money GO?
you should have this much..
you only have this much....
Now they will be squeezing the taxes out of everything.

[edit on 21-7-2010 by Danbones]

posted on Jul, 21 2010 @ 03:16 PM
And they laughed and laughed when people brought up FDR's confiscation saying "that'll never happen again"

posted on Jul, 21 2010 @ 03:20 PM
reply to post by monkeySEEmonkeyDO

but i sort of recall that these 1099s are going to be used as a means of recording all transactions & will be sent in at least quarterly (or monthly in the not-to-distant-future)

from what i've read on it, the new 1099 will act as manifold form, reporting 'wages' /sales/ transactions of every sort, which are not now under the 1099 rules, & are only sent annually for your tax reporting.

those who fail to submit this big-brother record-keeping ('a la the nazi passion for records) will be severely punished in both fines and jail.

Øbama's regime has forced a lot of new & restrictive paperwork on us all... under severe threat of prosecution for those who will not comply...

let's hope that Deflation hits us big time & the $600 threashold is hard to attain, coin buyers/sellers can legally operate around this new Øbama rule, by divvying up the coin into $599. per nuismatic 'slice' without physically cutting up the coin...never reporting a full 'sale' even after the full value is received...
But in this theoretical tranfer of property, both the seller and buyer are at the mercy of the market to determine the actual final price, paid over time.
but never actually needing to be reported as individual + $600 transactions

~oops... off on another tangent, sorry

the real emphasis is that black market activity can be prosecuted with this new law as a prescident...bye-bye underground economy

posted on Jul, 21 2010 @ 05:24 PM
The way I understand the 1099 crap that starts in 2012, is any tansaction with a single business or enity that totals over $600 for the year, will have to send in the 1099's

So basicly every bill you have you will have to 1099 them. Just imagine going to the grocery store and I know we all pay more than $600/yr in Food.

Why did we allow this to pass? Have we learned nothing about our violent history?

It's long past time to water the tree of liberty.

I think the tree has died.

posted on Jul, 21 2010 @ 08:53 PM
I do not understand. Is this law stating that every person in the country has to give the IRS information on any purchase over 600 dollars?

This sounds very silly and I see problems lots of problems.

Some loopholes would be, giving gifts of money, or buying "shares of your product in increments of 599 dollars.

Think winrar with buying things. Split the file/product into 599 dollar increments.

"Oh no I did not pay over 600 dollars on anything this year, because I paid 599 for the tires, 599 for the frame, 599 for the engine, 599 for the drivetrain, and 599 for the labor to put it together. "

Actually I am having a very hard time believing this law. I am actually in denial thinking elected officials would even think of something this silly.

posted on Jul, 21 2010 @ 09:54 PM
I agree that this is another attempt to control our mostly unregulated wealth that's different from the collapsing regulated currency. History will repeat itself, and our government (controlled by bankers) will trace and confiscate our gold yet again.

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