A blizzard of paperwork could be about to hit numismatics.
Passage by Congress of the national health care legislation has had an unintended consequence to the nations coin collectors, vest-pocket dealers who buy and sell coins, and larger dealers who are frequent buyers of coins that collectors periodically liquidate as they trade up their collections for better coins, or simply sell to take a small profit or loss.
What has happened is that effective Jan. 1, 2012, the whole system of giving and receiving Internal Revenue Service 1099 forms will be turned on its head and all persons (including corporations) who are in business will now have to give 1099 tax reporting forms for coins and other goods that they sell as well as buy.
The responsibility for issuing forms kicks in at $600 for coins or bullion not a very high level and one that has already started sounding alarm bells. It doesnt matter in what form payment is made, whether cash, check, credit card, or Yap stone money, the $600 threshold applies.
Theres a bill introduced by Rep. Dan Lungren (H.R. 5141), which has gathered over 80 members of Congress as co-sponsors to repeal this section. Evidently, however, the drafters of the provision think there is a $17 billion loophole that this plugs.
The Industry Council for Tangible Assets is alerting member dealers and the public at large in the hope that some sense of outrage will lead to a ready modification before the law becomes operational in 2012.
Form 1099 is used to report independent contractor income, income from dividends, income from other things and is one of the reasons why children receive tax bills for work or labor or services performed.
Section 9006 of the Patient Protection and Affordable Care Act (Public Law 111-148, signed into law by President Obama this spring) turns 1099 forms into reporting forms not only for independent contractors income what they have long been used for but also to show sales, gains and losses on purchases and sales of goods as part of a trade or business.
#1
Hmmm, It looks like Obama plans to copy Rosevelt and outlaw Gold.(Again)
Now why? Simply to bankrupt America? So there's NO counter to "Fiat" Printed "Money"?
Looks like it.
The Man sure acts like an Enemy Agent.
Posted by: Redneck Jim ||
07/19/2010 0:52 Comments ||
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#2
The Man sure acts like is an Enemy Agent.
FIFY
Posted by: St. Gianna Beretta Molla ||
07/19/2010 1:18 Comments ||
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#3
NASA + future OWG-NWO also need Gold as a vital element for space travel [SpaSys].
#5
lesee. You're paying cash, which you've presumably been taxed on for an equivalent non-consumable product at market price. What $17B tax loophole? Lying f*ckers. They just are creating a list for possible future confiscation and making it harder to hedge against Bernanke printing money til it's worthless.
Posted by: Frank G ||
07/19/2010 7:56 Comments ||
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#6
The same provisions of this bill also would also be applicable to collectors of guns, cars, 'cute' ceramic dolls, artwork, vintage wines, ATVs, fishing gear, furniture, lawnmowers (selling your riding tractor, are you?) and just about anything else of value that a person could collect as a hobby.
Posted by: Mullah Richard ||
07/19/2010 8:23 Comments ||
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#10
This is the preliminary phase of ramping up the tax and enforcement system to handle a future VAT Tax (national sales tax) on everything. Once the system is in place, the $600 minimum transaction will drop to handle ALL transactions. Similar to Europe's natoional sales tax system. A massive fleasing of the nation by the Dems headed up by the Chicago thugs who are experts at fleasing.
#11
At the time of the fall of the Soviet Union, 50% of the economy was underground, just sayin'.
At present how much of the economy is underground in the US, when illegals are paid by cash?
Posted by: Alaska Paul ||
07/19/2010 11:14 Comments ||
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#12
Not just illegals AP. There are many legits who do the same thing. Said person takes home the same as if paying taxes, basically outbids in-open employees yet takes home same amount without the paperwork. Evolution according to the environment.
#15
For the record, neither do I. I like roads, police, etc. and do not mind taxes to go to said things.
From my conversations I do see the other side's (self serving) point. Get extra income, less paperwork, welfare beni's, etc.
Some people in government will say this amount is made up from collecting the sales tax from commerce. Those people are full of shit.
Of course everything could be sold for $599. Maybe it isn't the value of the item transferred, but buyer also has to purchase a deck of cards, also valued at $599, to make up the difference.
#16
Back in WWII, my father served with draftees so opposed to paying any income tax they would go AWOL once their military pay passed the $600 limit where they would be obliged to file with the IRS (at the time). Being drafted (for them) wasn't as bad as paying income tax!
#3
Amnesty's a sure thing now. There is utterly no spine within the GOP.
Both Tweedledum and Tweedledee are determined to pander to the fastest-growing electoral bloc, the one that accounts slightly over half of all CA public schoolchildren.
A slight problem with this picture: per publicly-available STAR test results data, in the CA public schools, "latino" or "hispanic" children fail at a rate of 75-80%, and that this demographic now accounts for HALF of all CA public school students, which share is rising by about 1 percentage point EACH YEAR.
This combination of extreme failure and extreme numbers is why various business groups are projecting that CA will, unbelievably, have a shortage of college graduates-- not engineers, not scientists, not well-educated grads but simply college grads overall-- within a decade.
#5
At least Arnold was good enough to wait until he actually took office before he totally capitulated on everything he claimed to believe in. My biggest problem with California has always been too many people. Perhaps after half the population flees it'll be a better place for my kids.
#1
Surprise, surprise. Amnesty's a-comin'. Circle November 4, 2010 on your calendar. One of the main conservative talking points against the health care bill was that it would cover illegal immigrants thats what led to South Carolina Rep. Joe Wilsons You lie! outburst to Obama, who said they were never covered under the bill. Now Republicans say any attempt to ease immigrants into the system would prove the GOP was right.
Earlier this year, the president reassured the American people that illegal immigrants would not be covered by his government takeover of health care, said Rep. Lamar Smith (R-Texas), ranking member of the House Judiciary Committee. Now we see what he means. He intends to give millions of illegal immigrants amnesty in order to give them access to Americas health care system. In other words, the president and congressional Democrats are trying to get illegal immigrants into the health care system through the back door.
#2
More like, Democrats are trying to get amnesty in through the back door.
When yet another (remember the first amnesty bill, 1986?) amnesty takes place, and a million or more additional illiterate/semi-literate campesinos swarm into El Norte to get in under the wire between announcement of the bill and passage, the nation's direction toward Mexican-Brazilian style oligarchy will be irreversible.
Great republics can and do fall. We are now witnessing the deliberate transformation, by a totally cynical political class and a clueless corporate elite, of a broad-based middle-class democracy into a crony capitalist, statist oligarchy.
Who will cry BS on this utterly insane policy of importing another underclass?
There is not another left-social democratic party on the planet that would support flooding their nation's low-end labor market with millions of unskilled illiterates. Not in Britain or France or Germany or any other advanced nation. Unthinkable.
#4
since the begging of the recession, the number of illegals here has probably fallen, if you presume that Obama's actions have hindered the recovery, you could argue that his administration has been objectively working to decrease illegal immigration
(the hotlink is to a pro enforcement org that thinks the number of illegals declined quite a bit in 2008)
Posted by: lord garth ||
07/19/2010 12:01 Comments ||
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