First, register your guns, then your PMs???

[jim4silver]

This would be funny if it weren't a real possibility in today's climate. While it is only proposed in the freedom loving state of Illinois, it could come to your state next. They tried to pass something like this in Obamacare, but it got removed (remember the whole 1099 deal?).

A Bill to Register Buyers of Gold and Silver Coins


Jim

 

[vargg]

i believe this is prolly gonna happen in the not so distant future

 

[TreasurePirate69]

I don't believe this is ever going to happen for anyone other than pawn shops and "We Buy Gold" shops. That's the real purpose behind it. There are countless bills introduced that could be misconstrued as being some huge slap in the face of the constitution. The reality is that 99% of these bills never make it anywhere. That doesn't mean that it couldn't happen. But it probably isn't that likely either.

 

[dejapooh]

I don't believe this is ever going to happen for anyone other than pawn shops and "We Buy Gold" shops. That's the real purpose behind it. There are countless bills introduced that could be misconstrued as being some huge slap in the face of the constitution. The reality is that 99% of these bills never make it anywhere. That doesn't mean that it couldn't happen. But it probably isn't that likely either.

I agree 100%

I have long since stopped getting all hopped up on the unconstitutional things the repubs propose (to say nothing about the ones the Dems Propose). My motto is now to wait until it may REALLY happen before getting hopped up.

 

[jim4silver]

I believe that if anything like this happens on the Fed level, it would be to make sure they get all the tax money they can get when people decide to sell their PMs.


Jim

 

[TreasurePirate69]

Jim, I think that there are a lot of ways the government COULD enact policies to try and get more tax dollars. Sometimes they do but most of the time they don't. I'm not sure why they would specifically single out PM's when they could just as easily go after guns, waffle makers, baseball cards, or anything else that people might be selling for cash. The reality is that it takes a lot of money to enact a new tax law and then collect/police it. There have been many cases of municipalities enacting new sales tax laws only to find out that in the end they lost money due to unforeseen costs. That doesn't mean that our lawmakers aren't stupid enough to try. But I don't think having a tax on PM sales would really buy them a whole heck of a lot in the grand scheme of things. But you just never know.

 

[jim4silver]

Jim, I think that there are a lot of ways the government COULD enact policies to try and get more tax dollars. Sometimes they do but most of the time they don't. I'm not sure why they would specifically single out PM's when they could just as easily go after guns, waffle makers, baseball cards, or anything else that people might be selling for cash. The reality is that it takes a lot of money to enact a new tax law and then collect/police it. There have been many cases of municipalities enacting new sales tax laws only to find out that in the end they lost money due to unforeseen costs. That doesn't mean that our lawmakers aren't stupid enough to try. But I don't think having a tax on PM sales would really buy them a whole heck of a lot in the grand scheme of things. But you just never know.

This was actually attempted with Obamacare. I don't know if you remember, but they were trying to implement a new 1099 law that not only applied to coin dealers, but all businesses in general. There was a huge outcry because it would have required businesses to issue so many 1099s it would have been a huge hardship on small businesses from a record keeping/bookkeeping perspective. The only reason for this law was to grab more tax dollars that the gov believes it misses due to lack of reporting (tax cheats, etc.).

Just because a proposed gov plan doesn't wind up working out in the end has no real bearing on whether or not it gets passed and becomes a law. Had there not been such a huge outcry this would have easily become a law. If they get desperate enough for more tax $$$$ this will probably be proposed again. Remember, they were not just going after coin dealers, it was ALL businesses.

Jim

 

[TreasurePirate69]

All very true!

 

[FreedomUIC]

Sad, I lost all my weapons and PM's in a boating accident at sea. Lost the GPS as well when the boat flipped so we couldn't get an exact locaton.....

 

[GMD52]

Here in the "progressive-liberal state of Vt. this is already starting to happen before our legislature. Like obamacare, our governor pushed through single payer health care to a cost estimated of 1.6 BILLION. That's 2x the amount of all taxes but the property tax, that are collected annually. This is where we get back to this post. They have proposed to extend the sales tax to include the labor provided by, doctors, dentists, lawyers,and consultants. If you were to hire me to manage your property, under this new law, if enacted, would have to charge the 6% sales tax, but, I believe also be provided a 1099 form so that I don't ignore my tax liability. Not passed yet, but just one of the lurking monsters on the horizon. One wonders to what length they will go to eliminate the saving and planning for little nesteggs we have put away.