posted on Oct, 13 2011 @ 06:35 PM
I'm sorry, but I have a COMPLETELY different take on this law, and yes, I believe it is VERY VAGUE for a reason.
MANY, MANY people that have lost jobs have turned to buying and selling...FLIPPING...as many people call it here. Plenty of people do this only
locally...go to an Estate sale, garage sale, flea market and find a good deal. Then sell it on Ebay or Craigslist, etc., and make a profit. This year
Ebay/PayPal closed the hole for tax dodgers and they will send along a 1099 to the IRS for any seller having more than $10K. Prior to this, a person
selling on Ebay (secondhand dealer) could do anything they wanted to as far as paying honest taxes on that income.
The law specifically mentions "A secondhand dealer..." which does not in ANY WAY mean exclusively or specifically target Pawn shops, or scrap metal
buyer's...In fact, if this law was targeting those types of dealers, it would specifically mention them. I would lay odds on there ALREADY being a
HOST of laws requiring ID's and check payments to sellers at pawn shops and scrap yards. I call BULL on it having to do with them AT ALL!
Now it also says, "shall not enter into any cash transactions in payment for the purchase of junk or used or secondhand property."
Of junk, or used, or second property...
My belief is this makes it more difficult for the "second dealer" (an Ebay seller, a thrift store, a Flipper of any kind) to say "I paid $99 for the
item and sold it for $100, so tax is due only on $1 of profit."
Yep, that's what I think...and I truly believe it's just a warm-up for something else on the minds of the law's creators...
edit on 13-10-2011 by odd1out because: spelling