Panic Early, Beat the Rush!
There is A LOT of hyseria out there. Calm down.
Amendment Slipped Into Health Care Legislation which allow this tax
Some articles say this tax begins 2011 - this coming January - others say January 2012
Talk Radio RUSH Limbaugh and Mark Levin are getting awfully angry over the unAmerican Evil antics of the govt.
Posted: Thu Jul 22, 2010 4:18 am Post subject: Bad news for goldbugs
Bad news for goldbugs
Obamacare contains legislation that would tax coin and bullion transactions.
The tax comes in an obscure section of the tax code that deals with purchases by self-employed people and small businesses.
These groups will have to report all outlays over $600 - not just wage payments.
This angers goldbugs who typically buy gold as a form of wealth the government can't touch. Gold coin sellers have already launched a protest, says ABC:
Taking an early and vociferous role in opposing the measure is the precious metal and coin industry, according to Diane Piret, industry affairs director for the Industry Council for Tangible Assets.
The ICTA, based in Severna Park, Md., is a trade association representing an estimated 5,000 coin and bullion dealers in the United States.
Posted: Thu Jul 22, 2010 4:23 am Post subject: $600 Coin Sale? * Get Ready for Tax Form (1099)
$600 Coin Sale?
Get Ready for Tax Form (1099)
June 29, 2010 Numismatic News
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 nation’s 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 doesn’t matter in what form payment is made, whether cash, check, credit card, or Yap stone money, the $600 threshold applies.
There’s 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 contractor’s 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.
The section reads (in relevant part) “SEC. 9006. EXPANSION OF INFORMATION REPORTING REQUIREMENTS. (a) IN GENERAL. – Section 6041 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsections:
‘‘(h) APPLICATION TO CORPORATIONS. – Notwithstanding any regulation prescribed by the secretary before the date of the enactment of this subsection, for purposes of this section the term ‘person’ includes any corporation that is not an organization exempt from tax under section 501(a).
‘‘(i) REGULATIONS. – The secretary may prescribe such regulations and other guidance as may be appropriate or necessary to carry out the purposes of this section, including rules to prevent duplicative reporting of transactions.’’
(b) PAYMENTS FOR PROPERTY AND OTHER GROSS PROCEEDS. –
Subsection (a) of section 6041 of the Internal Revenue Code of 1986 is amended –
(1) by inserting ‘‘amounts in consideration for property,’’ after ‘‘wages,’’
(2) by inserting ‘‘gross proceeds,’’ after ‘‘emoluments, or other’’, and
(3) by inserting ‘‘gross proceeds,’’ after ‘‘setting forth the amount of such.’’
The property section means that if B. Max Mehl was selling coins to another major dealer of that era, a 1099 would have to be issued. When he bought from the public, the same thing is also required. The “report” does not necessarily measure profit or loss, but it does show activity.
The old exemption against corporations is also gone. If you buy or sell more than $600 of coins, or whatever, from, to or with a bullion dealer, for example, you have an obligation under the new law to issue 1099s.
http://www.numismaster.com/ta/num...sp?ad=article&ArticleId=11843
Gov't Admits Health Care Bill is a Tax & Bill Tracks & Taxes Physical Gold Sales
Bill Tracks and Taxes Physical Gold Transactions
Submitted by George Washington on 07/21/2010
Even the government is now admitting that the health care bill is a tax. As the New York Times pointed out on July 16th:
When Congress required most Americans to obtain health insurance or pay a penalty, Democrats denied that they were creating a new tax. But in court, the Obama administration and its allies now defend the requirement as an exercise of the government’s “power to lay and collect taxes.”
And that power, they say, is even more sweeping than the federal power to regulate interstate commerce.
Administration officials say the tax argument is a linchpin of their legal case in defense of the health care overhaul and its individual mandate, now being challenged in court by more than 20 states and several private organizations.
Under the legislation signed by President Obama in March, most Americans will have to maintain “minimum essential coverage” starting in 2014. Many people will be eligible for federal subsidies to help them pay premiums.
In a brief defending the law, the Justice Department says the requirement for people to carry insurance or pay the penalty is “a valid exercise” of Congress’s power to impose taxes.
Congress can use its taxing power “even for purposes that would exceed its powers under other provisions” of the Constitution, the department said. For more than a century, it added, the Supreme Court has held that Congress can tax activities that it could not reach by using its power to regulate commerce.
And as ABC notes today, the bill contains a stealth provision requiring tracking - and thus tax reporting - of physical gold transactions:
[The health care legislation contains] a scarcely noticed tack-on provision to the law that puts gold coin buyers and sellers under closer government scrutiny.
***
Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.
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 provision, intended to mine what the IRS deems a vast reservoir of uncollected income tax, was included in the health care legislation ostensibly as a way to pay for it.
***
So every time a member of the public sells more than $600 worth of gold to a dealer, [Diane Piret, industry affairs director for the Industry Council for Tangible Assets, a trade association representing an estimated 5,000 coin and bullion dealers in the U.S.] said, the transaction will have to be reported to the government by the buyer.
***
The ICTA's Piret says identity theft is another concern because criminals may set up shops specifically to extract personal information that would accompany the filing out of a 1099.
The office of the National Taxpayer Advocate, a citizen's ombudsman within the IRS, issued a report June 30 that said the new rule "may present significant administrative challenges to taxpayers and the IRS."
http://www.zerohedge.com/article/...nd-taxes-physical-gold-transactio
Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions
July 21, 2010 By RICH BLAKE
Those already outraged by the president's health care legislation now have a new bone of contention -- a scarcely noticed tack-on provision to the law that puts gold coin buyers and sellers under closer government scrutiny.
Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.
Coin Dealers Flipping
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.
Posted: Thu Jul 22, 2010 4:32 am Post subject: bloggers
blogs - blogs are people posting their experience and opinions on message boards, so discern
When I negotiated down my non-mortgage debts last year, and paid off the remaining balances in full, I found out later that
I have to report what I negotiated down as income, which I will pay taxes on.
I hear the sound of the bottom of a large, empty barrel being scraped.
Nobody is exempted. That means everybody has to file a 1099 every time they shop for groceries at any store where they spend more than $600/year.
It's not just gold coins.
Buy some new tires for your company vehicle - gotta 1099 them.
Buy a new computer for your office - gotta 1099 them.
Buy gas - gotta 1099 them.
Electricity for the office - 1099.
Took these posts from a thread here in my forum a month ago
US DOLLAR is PRIMED to COLLAPSE by the END of JUNE
A C Griffith, Power Hour radio May 27, 2010
POSTED JUNE 6
I believe it will collapse very SOON. Several sources saying the same thing.
They are DELIBERATELY collapsing the USDollar. The dollar is not backed by gold. Its only paper.
They are bringing down the economies and currencies of the whole world, heading for the mandatory 666 chip implanted in the hand.
http://cj.myfreeforum.org/about694.html http://cj.myfreeforum.org/about573.html
The U.S.A. is the same as Greece.
The EURO is failing.
A few of us expect riots, civil war in the USA within weeks.
You can feel civil war in the air. The hate and anger and fear are palpable.
Wait til the oil crisis in the Gulf of Mexico shuts down the power plants around the Gulf.
They will seek electricity from inland plant.
The grids are already overloaded and some will crash, bringing others down with them.
There is ONLY security in Jesus. There is NO safety in today's church buildings full of false doctrines. ALL of them.
I just posted today's sermon in CHAPEL -
The church as we know it is over
Browse around in CHAPEL and Bible Prophecy, Dreams, Visions
US financial markets may be shut down on Monday
It is my collective read that US financial markets may finally be shut down on Monday June 7, 2010, if Fed Desks don't intervene on Sunday night.
We have never been this close to the inevitable outcome.
Every single day, it is becoming more visible to the masses that a large portion of the western civilization is bankrupt with no savings, no production, no growth, no future prospects.
Today Hungary joined the club. Eventually they will take their creditors with them into abyss. Most of the Arab and Iran central banks are now switching from Euro to USD and Gold.
Like Sol said, "Bear Market Rules Apply" but this bear is something you have never seen in your life. Save your wealth, children, family and future. 2008 was just a warm up.
http://www.xtrenders.com/2010/06/...ial-markets-may-be-shut-down.html
Regulators shut banks in Florida, Georgia, Oregon and Washington Friday, lifting to 108 the number of U.S. banks to fail this year as the industry has struggled to cope with mounting loan defaults and recession.
This is more which failed than in 2009. 25 banks failed in 2008, only 3 succumbed in 2007.
The FDIC took over the banks.
Florida and Georgia are among the states with the highest concentrations of bank collapses.
The pace has accelerated as banks losses mount on loans made for commercial property. Many companies have shut down in the recession, vacating shopping malls and office buildings financed by the loans. That has brought delinquent loan payments and defaults by commercial developers.
The growing bank failures have sapped billions of dollars out of the deposit insurance fund. It fell into the red
http://www.msnbc.msn.com/id/38493947
.
Last edited by CJ on Mon Aug 09, 2010 5:19 am; edited 1 time in total
A mass banking awakening seems to be happening throughout America, and the first pragmatic solution appears to be citizen-owned state banks.
Since this model has been proven highly successful in North Dakota, many recession-ravaged states are now considering the idea of establishing state-run banks.
Congressman Ron Paul, author of End The Fed, has been trying to educate the public about the private Federal Reserve Bank system for his whole career.
And indeed, many terrific books like The Creature from Jekyll Island, and movies like The Money Masters, also have exposed the flaws in allowing private globalist bankers to print the nation's currency.
This hidden knowledge represents the "red pill," and once we awaken to the true criminal nature of our monetary system, there is no disputing the origin of our economic woes.
Consequently, the increased awareness is the reason for the growing movement calling to end the Federal Reserve Bank. However, our Congress, with their paltry 11% approval rating, showed their true colors when they gutted the Audit the Fed provision in the recently-passed financial reform bill which actually gives the Federal Reserve even more power. Reuters reported on this expansion of power:
The Federal Reserve would take on a greatly expanded role in financial regulation under new legislation unveiled on Monday by a top Senate Democrat, in a push to move ahead with the regulatory reform that has been a top priority of President Barack Obama.
The bill by Senator Christopher Dodd would give the Fed the power to break up big firms that could threaten the stability of the financial system if they suffered serious problems.
The Fed would also gain authority over the nation's largest bank-holding companies and become the home to a new consumer watchdog with oversight on mortgage-related businesses and some large non-bank financial firms, such as insurers.
So, it seems that making a change to the banking system will not likely occur on a national level anytime soon. But there's hope at the state level to establish citizen-owned banks to directly invest in local economic development. Due to the abnormally sound economy of North Dakota, which many attribute to their state-run bank, many fresh candidates in the Midwest are now running on a state-bank platform. Ellen Brown, author of Web of Debt, recently reported on the growing movement:
Virg Bernero, the mayor of Lansing, Michigan, just won the Democratic nomination for governor of his state, making a state-owned Bank of Michigan a real possibility. Bernero is one of at least a dozen candidates promoting that solution to the states’ economic woes. It is an innovative idea, with little precedent in the United States. North Dakota, currently the only state owning its own bank, also happens to be the only state sporting a budget surplus, and it has the lowest unemployment rate in the country
Bernero, if elected, faces enormous economic challenges due to the free-trade destruction of manufacturing jobs and internal and external debts owed to private bankers. Michigan, like other Midwest states, has been disproportionately affected by the economic downturn where social services, teachers, and police are being cut to ease debt burdens. Michigan may be the state most primed for a radical banking change as there are reports that "alternative currencies" are already being accepted in pockets of the state. Bernero promotes the idea of establishing a state bank in Michigan on his website as part of the solution:
Bernero’s proposal to establish a state-operated bank that can make direct loans to businesses in emerging, job-creating industries will do just that. It has worked in North Dakota, and we can make it work here.
State banks can take advantage of the fractional reserve lending system, which allows banks to lend ten times the amount of their reserve deposits. In other words, if a bank lends the entirety of its reserves at 6%, the banks actually make over 1000% interest on those original deposits. It has been argued that this is money creation without the approval of Congress; however, this system of lending is unlikely to end despite the obvious inflationary nature of the scheme.
Sure, the Bank of North Dakota and these other proposed state banks are still at the mercy of the Federal Reserve printing presses, but the difference lies in where the profits are allocated. The profits at the Bank of North Dakota are public and reinvested in local property and businesses, while the profits at the Federal Reserve remain in private hands.
The candidates who are now promoting establishing state banks will surely make this argument on the campaign trail, and the debate alone will further expose the true nature of the Federal Reserve to the masses. It would behoove us to support candidates who promote establishing state banks even if we disagree with them on other issues -- our economic freedom should be that important.
The continued success and expansion of citizen-owned banks will surely beg the obvious question, Why not do this at the Federal level? Why not print money right out of the Treasury to only benefit the country's economy? Bye, bye Fed
http://blacklistednews.com/news-10024-0-5-5--.html
ACT of WAR North Korea flooding U.S. with fake $100 bills
August 21, 2010
A New Jersey man was shocked when police informed him that the $100 bill he withdrew from his bank to pay taxes earlier this month was a masterfully made counterfeit.
What the man may not have realized is that the State Department has confirmed a rash of these almost undetectable counterfeits, called supernotes,
have been flooding the U.S. from North Korea in a form of monetary sabotage one former FBI agent warns could constitute an act of war.
The existence of the supernotes was exposed in 2008, when several Chinese men were convicted of smuggling tens of millions of dollars worth of the counterfeit money into the U.S.
Originally, the supernotes fooled even state currency experts.
"It wasn't until they took [a] bill back to Washington, D.C., and they examined it in the labs of the Secret Service … that they determined that in fact it was a supernote," author and former FBI agent Bob Hamer explained to the Christian Broadcasting Network. "It's a near-perfect replica of our $100 bill."
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But authorities also discovered that the Chinese men hadn't actually produced the counterfeits; they were only the vehicle for smuggling the currency into the U.S.
Last month, the International Business Times reports, State Department spokesman Philip Crowley confirmed U.S. officials now have "no doubt" that North Korea is behind the counterfeit currency ring.
And that, Hamer told CBN News, could be considered an act of war.
"It's an act of aggression," Hamer said, recalling his undercover work that helped expose the counterfeiting plot. "We're talking about a foreign country counterfeiting our currency and then were going to make me an exclusive distributor of over $40 million of this counterfeit money here in the United States."
The former FBI agent further explained, "The notes are manufactured in North Korea. They were being distributed through the Russian Embassy in Beijing to the Chinese organized crime figures that were dealing directly with me."
The ongoing use and spread of the phony money contributed to the State Department decision, announced last month, to initiate a new wave of sanctions against North Korea.
"We have been able to identify sources of revenue, illegal sources of revenue, and we're going to be working with our international partners to try to stem this flow of illegal activity," Crowley said.
The U.S. has acted on the crime before, singling out the China-based Banco Delta Asia as an accused conduit for laundering the supernotes. The action led to a freeze of more than $25 million in North Korean assets at the bank; and in 2007, the White House went further, when the U.S. Treasury ordered American banks and companies to sever all ties with BDA.
Still, Hamer told CBN News, he's surprised the media hasn't reported more on the financial implications of the phony bills.
"Anytime there's counterfeit money being circulated in our country its going to have an impact on our economy," Hamer said, "especially when we're talking about the dollar amounts that they're talking."
As for the man who paid his taxes with the counterfeit $100 bill, New Jersey's Verona-Cedar Grove Times reports the authorities discovered it by running it through a portable scanner acquired last June to stop a string of phony $20 bills being distributed in Verona.
Police told the paper that the unsuspecting man could be issued a replacement $100 bill once he gets a report from the U.S. Secret Service confirming the original as a counterfeit.
http://www.wnd.com/index.php?fa=PAGE.view&pageId=193917
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