Friday, July 23, 2010

Gold to be TAXED under Health Care Legislation

 Guess this isn’t a novelty if you’re into buying precious metals to protect your savings, you probably heard about this madness already.
Basically the idea is to slip it into the Health Care legislation so as to tax an keep track of your bullion gold purchases.
Is this madness? Has this ever happened before? Yes and yes. Those of us that checked history know this was done before and as times get worse it was bond to happen sooner or later. Its ironic though that they tired to burry this baby within the Health Care Legislation, you have to give them extra points for being so cunning. :-) Sucks that it’s basically evil, though. Gold is money all things considered and its not right to tax it.

Richest man in the world buys (another) gold mine.

That translates into “richest man on Earth thinks gold will go up”. Doubt Carlos Slim is silly at doing business so he clearly expects it to keep going up on price… or he’s a survivalist as well and that’s his version of PM rainy day SHTF proof savings.
Either way, he bought another gold mine in Mexico.



Anonymous said...

I've been seeing this on the various liberty and preparedness blogs and am a bit tired of the "OMG they're attacking gold! NWO!!1one" slant it's being given.

Quoting directly from the article:

"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."

In other words, this applies to ALL BUSINESSES. Even if you run a dog poop-scooping business and need to buy $600 worth of poop scoopers in a year, then you need to report your activity to the government just like the gold dealers.

Yes, it affects gold buying/selling, and yes, it's an asinine law that will cripple many small businesses, but it wasn't specifically written to discourage people from buying gold. It's a provision created by a very shortsighted, and clearly lacking-in-common-sense Congress who were looking for any way they could to pay for the health care bill. Let's not get more tin foil hatty than that.

Anonymous said...

I wish I had clairvoyance enough to know the intent of lawmakers when they create laws.

Often when I want the one in the center I grab the whole thing too.

Many people don't see the significance of Au, some economist do, they say it's key to the financial future of nations seeking to create a global parity in gold. There's no contrary evidence to suggest that's inaccurate. The central banks certainly aren't selling theirs, probably because it's so worthless, unimportant and a relic. Yes, of course.

This whole fiasco is the kind of thing I thought only happened in the old Soviet Union, the PRK, or in some third world dictatorships... or in some third world dictatorships.

Anonymous said...

Taxes Galore, eh?

This professor has a solution, a state based one, unless of course every state is full of chickens?

The Breakup of the United States

"There does not have to be a shot heard round the world as on April 19, 1775. A Declaration of Tax Independence will take its place."

Don Williams said...

Hmmm. While the US government registers a gun when you buy it from a dealer, you have had the excuse in the past --if guns were confiscated --that you no longer have it because you sold it to another dealer later.

But if you offer up that excuse now for not turning the gun in , then the government can ask: So where's the 1099 form from the gun dealer you claimed you sold it to? We don't see it in your tax return.

That is, assuming you sold an expensive (more than $600) FN FAL or M14 instead of a cheap AK 47. heh heh heh

Anonymous said...

Does this law also result in the creation of an IRS gun registry, one purchase at a time?


Don said...

The US Government does not register your gun when you buy it from a dealer. The dealer calls you in to perform an instant background check. The only thing the government might record is long gun or hand gun. No model, no serial number. I believe the records are destroyed after a set (reasonably short) period of time.

If police want to trace a gun, they always do it the same way. They start at the manufacturer who has records of the dealer that it went to. Then they contact the dealer, who has records of the buyer. They contact the buyer, .... Private citizens don't have to keep records when they sell a gun, so the process may end before getting to the criminal.

Anonymous said...

But if there is significant inflation the price of an AK could reach to over $600 as might all guns, perhaps ammo too, if things got as bad as Marc Faber thinks it will.

Under such conditions an IRS registry would be more effective than any registry using serial numbers. It would apply to private sales between individuals just as much as it would to dealers.

The whole thing wouldn't have any teeth if there weren't penalties for failure to notify the loss of one. So surely there will be penalties, one of those $25,000 and/or ten years?

What happened to the price of guns in Argentina in 1999 vs. in 2002?

J Brown said...

The federal governement requires a back ground check and they keep the check form for 3-5 years (can't remeber the exact) then they are destroyed.

alot of record keeping depends on the state. I only know FL law on this but here, only the dealers keep records, they have to keep detailed records for 6 months, then after 3-5 years (can't remeber the exact, but it's one or the other, i get this one and the fed one backwards alot) all records are destroyed.

The records they have to keep for years are their log books for the ATF and sales records for tax reasons, they do not have to keep your personal info just that they sold a weapon and for how much.

I have a friend that owns a store and range, he told me once that he doesn't keep records any longer than he has too unless the buyer gives him the impression that a crime may be committed with it later on. As in, if you walk in with a "you can't spell slaughter without laughter" t-shirt, he would keep your personal records for longer than needed just in case you really are crazy. It's liability on his end.

If you have a permit for anything firearm related you are registered. CCW permit? Here you go officer, my jiminez 9mm.