IRS to "STEAL" almost 1/2 of 10 million dollar gold coin found on couples own land!

reply to post by Crakeur

the country is broken. we overspend on nonessential things, we divert money to the wrong things and we overpay the people who make the bad decisions.

I agree with that.

as it stands, we get failed lawyers, con men and wealthy power hungry people running instead of qualified minds.

I also agree with that too.


Washington DC.

Those shills on Capitol Hill is a reflection of us.

We Americans are shells of what we use to be.

We have become corrupted so by extension we will have corrupt leaders.

The only way to change Washington is to begin with ourselves.

reply to post by gardener

Its a fine line about who owns what on a land where you own above ground and someone else own below it. Im aware of the differences in mineral rights to ores, but Im also sure there are a lot of cushy-laws whereas there are splits in fine print....

Crakeur

neo96
Once upon a time in America there was no income tax.

We should return to that.

and how will roads be cared for?

how will we defend ourselves from potential invasion?

how will the ever growing population of welfare recipients live?

how will our children get educations?

how will public transportation operate?


there's no way to operate a country without some form of tax.

Our tax dollars don't pay for any of these things. Our tax dollars go toward paying off what we have already borrowed from the Federal Reserve. Then, we borrow more money to pay for the things you mention.

This country did just fine on tarriffs on imported goods until the early 1900's. The problem was that wars were expensive when you had to pay for them in gold and silver. The solution (tada!) was fiat currency. But for fiat currency the Government needed a go-between, since the Constitution mandated that Government money be gold or silver. Hence the birth of the non-government Federal Reserve Bank and the IRS. Then we could happily charge into World War I without bankrupting the Treasury.

We could eliminate the Fed and the IRS and go back to Constitutional money. Tarriffs on imported goods could support the governments financial needs if they cut back on the global wars and empire building, domestic spying programs, and all the other things that the government isn't Constitutionally supposed to be doing anyway. Especially when you consider how much is imported these days. The extra cost of imported goods would help American businesses compete domestically with the prison and slave labor of other countries.

On a possibly unrelated side note: income taxes on wages and salaries are a total ripoff and a lie. If you worked 40 hours and got paid for it, that isn't income, it is an exchange. You traded your time and labor for money, even Steven. You didn't make a profit, more likely you lost money if you weren't paid what your labor was worth. It would be like if you gave someone four quarters for a dollar, then the government says you made a dollar in profit and they want their cut.

I apologize for drifting off topic, here. I just think it's important to take any opportunity to expose the Fed for what it is. You certainly won't hear about it on the MSM.

VictorVonDoom


On a possibly unrelated side note: income taxes on wages and salaries are a total ripoff and a lie. If you worked 40 hours and got paid for it, that isn't income, it is an exchange. You traded your time and labor for money, even Steven. You didn't make a profit, more likely you lost money if you weren't paid what your labor was worth. It would be like if you gave someone four quarters for a dollar, then the government says you made a dollar in profit and they want their cut.

Now that is an eye opening take on the situation.
Thanks for posting that.

The bigger issue here is the rate. 47% is pretty absurd. It should be treated as regular income and depend on how much they make selling it off each year. As far as taxing it, that is just the system we live in. If you found an old classic car on your property and sold it, you are supposed to pay taxes on it. If you sell anything you find on your property or make from stuff on your property, you are supposed to declare it. If you earn income of any significance, you are supposed to declare it.

That said, most people would have kept it more discrete and just declared what they need to. I don't know the actual law regarding found treasure taxation, but I would hope that it only comes into play when the treasure is sold. If that is the case, they still have some opportunity to be more discrete about selling it off. There is (hopefully) no strong legal paper trail at this point as to inventory etc. and they should do their best to keep it that way.

macman

VictorVonDoom


On a possibly unrelated side note: income taxes on wages and salaries are a total ripoff and a lie. If you worked 40 hours and got paid for it, that isn't income, it is an exchange. You traded your time and labor for money, even Steven. You didn't make a profit, more likely you lost money if you weren't paid what your labor was worth. It would be like if you gave someone four quarters for a dollar, then the government says you made a dollar in profit and they want their cut.

Now that is an eye opening take on the situation.
Thanks for posting that.

it's the tax protestor stance and it has failed and resulted in jail time for many who've tried to use that excuse for not paying taxes.

reply to post by Halfswede


the rates are commensurate with the tax code. federal taxes on that kind of income come to 39.6%. California income tax is another 12.3% Total tax comes to about 51%.

the 47% for the IRS is wrong.

It's a large tax bill for sure but, prior to taking their dog for a walk, they didn't have a pot of gold. Now they do and they are, after taxes, about 5 million dollars wealthier. I wouldn't complain if I was in that position.

Yeah damn. If it would have been me, I'd slowly sell them over a long period of time. I'd also get a damn steam shovel over there and make sure there isn't any more gold buried deeper...lol.

reply to post by jjsdietfitness


and bring a firearm, in case you run into the leprechaun that owned that gold

Don't sell the coins display them and sell tickets to see them. You got to think long term. LOL

This may have been answered somewhere back in previous posts but would they have been taxed in California on the find even if they didn't put them up for sale? It wouldn't surprise me but I would have sorted them, asked some discreet questions to a reputable coin dealer, even had a few of them graded by PCGS or other service then sat back and sold what I needed when I need the money. The coins, individually, are worth much more than their gold content and spewing them out onto the market like that really disrupts the valuation of really rare coins due to the population increase of certain dates, mint marks and errors like double stamps and such.

reply to post by Ollie769


the value of the find is considered an income event and, therefore, taxed on the federal and state levels. The find is considered an income event.

Crakeur
it's the tax protestor stance and it has failed and resulted in jail time for many who've tried to use that excuse for not paying taxes.

Only because the courts are as corrupt as the other two branches of government. It's a perfectly logical and legitimate position, but the Fed will not allow the truth to interfere with their debt-based fiat currency slavery system.

I can't for the live of me understand all your whining and complaining, folks. The lucky couple still ends up with say 5-6 million dollar - not bad at all, I wish I will be so lucky one day.

Greedy bastards.

havok
Well maybe their mistake was trying to sell them to gain wealth.

Although it sounds like the found Jesse James' stash of loot.
Which would be remarkable!

I digress...The ridiculous overreach of the IRS is beyond ludicrous and detestable especially from those who find out they "owe" money from nothing. In any event, the coins should have been kept secret and quietly sold slowly as to not attract attention and the prying eyes of the IRS. Hindsight is 20/20 though and maybe these people didn't see this coming.

The gold is worth far more than the dollars they would have received.
Better luck next time...

Uh, nope -- there big mistake was saying that they found it, rather than saying it was passed down through the family. Then the IRS couldn't use an antiquated law to steal 47%. They would have converted the coin to cash, deposited the cash in their bank, and would of had to pay the "Income" tax on it. Which is still probably around 20%, but is much better than 47.

This is theft because they said they "Found" it. The only right the IRS has, is the income tax on 10 million.

reply to post by wulff


NEVER EVER go public if you find something valuable. If they had sold the coins individually on ebay they would have been much better off.

Crakeur
reply to post by Halfswede

 

the rates are commensurate with the tax code. federal taxes on that kind of income come to 39.6%. California income tax is another 12.3% Total tax comes to about 51%.

the 47% for the IRS is wrong.

It's a large tax bill for sure but, prior to taking their dog for a walk, they didn't have a pot of gold. Now they do and they are, after taxes, about 5 million dollars wealthier. I wouldn't complain if I was in that position.

Uh, hawhat? So in California they pay Income Tax twice? And they'd pay the tax on the same amount?

Surely that's a mistake, surely if they are indeed taxed twice, the second tax is 12% of what's left over from the first tax, and not 12% added to the first tax.

All they'd have to do is claim it in Florida, and they'd only have Federal income tax, which would skirt the 12% completely.

But really, can a state tax income? I don't think that's legal, income tax is a federal thing.

After I got out of job corps, I got this letter from the Swiss National (I think its national) Bank with a $87,000 check inside of it with my whole name on it. Yes, it was a real check! Then it said something about me paying my taxes with it (I pay my taxes, don't get me wrong) then they'll send me the money. It was legit, but with how I know how the government is and how they are no good criminals...heavens no I'm not going to cash that check I'd have to be crazy. And this was after I posted my syek (read backwards) while I was at job corps. The check was for a "after taxes" raffle within the Swiss Bank and I won so this is why I received the check.

I don't trust them, not even for a $10,000,000.

ForteanOrg
I can't for the live of me understand all your whining and complaining, folks. The lucky couple still ends up with say 5-6 million dollar - not bad at all, I wish I will be so lucky one day.

Greedy bastards.

If it were me, I would be whining and complaining because they are taking half of what I found and they haven't done a damn thing for it. Am I entitled to half of anything the IRS finds? When the IRS takes half of someone's windfall, it's called taxation. If the mob does it, it's called extortion. And they should be happy that the IRS is only taking half? Should someone paying the mob protection money be glad that the mob is only taking half?

It's the IRS that are being greedy bastards, here.