Secret Gold Coin Tax Slipped into Healthcare Law - DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate

**WapSaibian** · 07-22-2010, 01:12 AM

Great BIG I told ya so!!! Who needs to read the bill, just pass it! Pelosi said we need to pass the bill first so we'll know what's in it. Now we're finding out what's in it and it ain't good.

http://abcnews.go.com/Business/gold-...ry?id=11211611

Gold Coin Sellers Angered by New Tax Law

Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions

By RICH BLAKE
July 21, 2010

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.

California authorities investigating Goldline's sales practices.

The issue is rising to the fore just as gold coin dealers are attracting attention over sales tactics.

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.

**OEMCHEAPSOFTDOWNLOAD** · 07-22-2010, 10:09 AM

The new law says that when any individual sells gold worth more than $600 to a dealer, tax forms must be filed so tax revenue can be collected. Sounds right to me. Who's protesting that? Ohhh, right. Glenn Beck. He has some kind of deal with a big gold dealer and they don't like it. Too much paperwork and rich clients who are making a free killing from gold don't like it either.

Too bad. Suck it up and pay your taxes.

**tmobmobfil** · 07-22-2010, 04:43 PM

You mean the people that are up in arms are those illegally not declaring their taxes properly?

Yeah, doesn't surprise me Brad supports criminals.

**Theariwinna** · 07-23-2010, 10:43 AM

^ditto...what's wrong with declaring earnings?

At the same time, I do hate how random crap ends up in bills...but it's been that way for a loooooooong time. It's really to be expected, and that's the sad state of Congress.

**Fvmfrctt** · 07-25-2010, 11:06 AM

The whining gold dealers in the story claim that they do "10,000 to 20,000 transactions a year" with consumers and that they'd need to hire one or two people to actually to the paperwork to report that income to the IRS. Boo-hoo. Sounds like some audits are in to make sure they haven't been under-reporting their income up to now.

I'd imagine your standard Utah pot farmer would say the exact same thing if marijuana was legalized.

07-22-2010, 01:12 AM	#1
WapSaibian Join Date Oct 2005 Posts 452 Senior Member	Secret Gold Coin Tax Slipped into Healthcare Law Great BIG I told ya so!!! Who needs to read the bill, just pass it! Pelosi said we need to pass the bill first so we'll know what's in it. Now we're finding out what's in it and it ain't good. http://abcnews.go.com/Business/gold-...ry?id=11211611 Gold Coin Sellers Angered by New Tax Law Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions By RICH BLAKE July 21, 2010 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. California authorities investigating Goldline's sales practices. The issue is rising to the fore just as gold coin dealers are attracting attention over sales tactics. 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. Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

07-22-2010, 10:09 AM	#2
OEMCHEAPSOFTDOWNLOAD Join Date Oct 2005 Posts 336 Senior Member	The new law says that when any individual sells gold worth more than $600 to a dealer, tax forms must be filed so tax revenue can be collected. Sounds right to me. Who's protesting that? Ohhh, right. Glenn Beck. He has some kind of deal with a big gold dealer and they don't like it. Too much paperwork and rich clients who are making a free killing from gold don't like it either. Too bad. Suck it up and pay your taxes. Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

07-22-2010, 04:43 PM	#3
tmobmobfil Join Date Oct 2005 Posts 470 Senior Member	You mean the people that are up in arms are those illegally not declaring their taxes properly? Yeah, doesn't surprise me Brad supports criminals. Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

07-23-2010, 10:43 AM	#4
Theariwinna Join Date Oct 2005 Posts 730 Senior Member	^ditto...what's wrong with declaring earnings? At the same time, I do hate how random crap ends up in bills...but it's been that way for a loooooooong time. It's really to be expected, and that's the sad state of Congress. Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

07-25-2010, 11:06 AM	#5
Fvmfrctt Join Date Oct 2005 Posts 421 Senior Member	The whining gold dealers in the story claim that they do "10,000 to 20,000 transactions a year" with consumers and that they'd need to hire one or two people to actually to the paperwork to report that income to the IRS. Boo-hoo. Sounds like some audits are in to make sure they haven't been under-reporting their income up to now. I'd imagine your standard Utah pot farmer would say the exact same thing if marijuana was legalized. Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

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