Income Redistribution: Health Care Tax on Gold

[BareBones]

A fellow treasure hunter sent this to me yesterday and I thought I would pass along this info since it very much pertains to this forum. This is a copy and paste from the email I received.

I guess the bottom line here is any gold transactions equaling $600 or more will be reported to the IRS. I am confident that refineries will be included as well as they would be classified as a gold dealer.



Income Redistribution: Health Care Tax on Gold
All that glitters is not gold. But if it is gold, get ready to pay a tax on it. ABC News reports, "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. Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change." This nugget falls under Section 9006 of ObamaCare -- undoubtedly one of the many sections unread by those who voted to pass the behemoth bill.
According to Diane Piret of the Industry Council for Tangible Assets, which represents approximately 5,000 coin and bullion dealers nationwide, "Coin dealers not only buy for their inventory from other dealers, but also with great frequency from the public." Now every time someone sells more than $600 in gold to a dealer, the dealer will have to report the purchase to the government. With gold at nearly $1,200 an ounce, one Michigan business owner who runs a coin service company estimates that he will have to file 10,000 to 20,000 tax forms each year. "I'll have to hire two full-time people just to track all this stuff, which cuts into my profitability," he said.
The Joint Committee on Taxation says the tax will raise $17 billion for Uncle Sam over the next 10 years. But money isn't all that's at stake. Gold buying has become popular among conservatives and those wary of the economic impact of this administration's policies. What better way to target -- and track -- these gold investors than to sic the IRS on them?
The IRS office of the National Taxpayer Advocate says the tax "may present significant administrative challenges to taxpayers and the IRS." We think "administrative challenges" are the least of our worries.

[VB Sanddigger]

Very scary.

[Silver Surfer]

I'd like to know what this part of Obamanana's economy fixing bill (all 2800 pages of it) has to do with fixing the economy??
Just more of a power and control grab... They know that smarter people are dealing in gold instead of the flaky dollar and dicey stock market and want to nail em...
F'ers just cant get enough control, can they?
And not to mention how many new Govt workers (IRS etc.) will have to be hired just to monitor the unbelievable increase in form submission that this will create... My god, how many 1099's will most business's now be having to send in to the IRS?? How many man-hours of work, just to comply with that one stupid rule??

Unbelievable...

[drewan29]

What does gold have to do with health care ? This country needs HELP big time.
This is from cnbc on youtube. .

[digum smacks]

diver down .i see your avatar kind of seems like a beach.excal pirate said "did you sell your gold"? i guess if you never find any it wouldnt pertain to you but since it "EXACTLY" pertains to beach and shallow water.no matter where you put the thread it"WILL"effect almost everyone here"exempt those who cant find $600 in gold a year".it also should be placed in the relic section also and every other place it will effect.

[excal/pirate]

diver down .i see your avatar kind of seems like a beach.excal pirate said "did you sell your gold"? i guess if you never find any it wouldnt pertain to you but since it "EXACTLY" pertains to beach and shallow water.no matter where you put the thread it"WILL"effect almost everyone here"exempt those who cant find $600 in gold a year".it also should be placed in the relic section also and every other place it will effect.

snook lets look on the bright side if they 1099 us then we can claim miles and expenses hey no more sleeping in the truck get a motel room its an expence save all your receits looks like were all small bus owners

[thrillathahunt]

Yes, and since each transaction will require a SS# to be logged in at the time of sale or purchase, the new legislation gives the government the capability to track every single precious metal purchase or sale (over $600) in this country.

In the 1930's Franklin D. Roosevelt confiscated all of the gold held in the hands of private citizens, and those who refused were fined or imprisoned!

All of this while China is presently encouraging the purchase of gold and silver by it's citizens.

[excal/pirate]

Yes, and since each transaction will require a SS# to be logged in at the time of sale or purchase, the new legislation gives the government the capability to track every single precious metal purchase or sale (over $600) in this country.

In the 1930's Franklin D. Roosevelt confiscated all of the gold held in the hands of private citizens, and those who refused were fined or imprisoned!

All of this while China is presently encouraging the purchase of gold and silver by it's citizens.

hey does this apply to selling scrap metal as well?

[Silver Surfer]

Yes, and since each transaction will require a SS# to be logged in at the time of sale or purchase, the new legislation gives the government the capability to track every single precious metal purchase or sale (over $600) in this country.

In the 1930's Franklin D. Roosevelt confiscated all of the gold held in the hands of private citizens, and those who refused were fined or imprisoned!

All of this while China is presently encouraging the purchase of gold and silver by it's citizens.

hey does this apply to selling scrap metal as well?

My guess would be ANY transaction over $600.... I know they are saying that a business that buys a copy machine also has to file a 1099... Can you imagine the paperwork pileup and expense this rule will cost?? Unbelievable..