Health Care Law = Secret Gold Coin Tax

Debaser82 · Jul 23, 2010

Quote from tmarket:

This is very much long term bearish on the price of gold. Those who are gold bugs are already in gold. Late buyers will be wary of the new tax and demands on gold will fall. There is nothing exceptional about this tax. Many countries and states already imposed a real estate transaction tax on real estate transactions and this tax is similar to that. The more you flip, the more you are going to have to pay the transaction taxes.

The smart money is beginning to leave the gold market. The stupid money will be the ones trying to get into gold before the transaction tax takes effect.

Here is a similar view on the subject:

You think US retail investors move the global gold market?

wilburbear · Jul 23, 2010

Quote from MKTrader:

That was my point. That's why I said they may just "give up" (dissolve) their businesses, apply for a few jobs and then start collecting UBs.

I believe even previously self-employed can't get unemployment benefits, if being self-employed was their last job.

Bob111 · Jul 23, 2010

Quote from wilburbear:

I believe even previously self-employed can't get unemployment benefits, if being self-employed was their last job.

and How messed up is that?

and they do pay the SS taxes...those folks are literally raped by IRS and govt..

Vinny1 · Jul 23, 2010

Quote from Bob111:

and How messed up is that?

and they do pay the SS taxes...those folks are literally raped by IRS and govt..

It's the price you pay to be free of a boss telling you what to do, what to think, what to wear, when to come in, when to leave, and how much vacation time you can take. That freedom is priceless, as long as you're making money and happy doing what you're doing.

heypa · Jul 23, 2010

If you're a self employed trader you're going to be filling out a lot of forms and answering a lot of IRS questions.

Bob111 · Jul 23, 2010

Quote from heypa:

If you're a self employed trader you're going to be filling out a lot of forms and answering a lot of IRS questions.

self employed trader is messed up too.. it's pretty much like raping yourself in ass with your own dick...what's wrong with file as individual?

Scataphagos · Jul 23, 2010

Quote from MKTrader:

"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."

It's not just gold. This inane law will add to the already egregious amount of time/money that small businesses spend on taxes/accounting. And of course, it gives the IRS many more chances to tack on penalties and do excessive snooping if they think someone isn't complying.

One more way small business/self-employed are getting the shaft. Before long, many may give up their businesses, claim to be looking for other employment and collect (never ending?) unemployment benefits. That seems to be the only route promoted by this administration.

Won't it be interesting... if consumers decide to NOT SPEND... so they don't have to do all of those 1099s... and the GDP comes CRASHING DOWN... I'd LMAO!

It's all such a joke... say, you report $6,000 over the year from purchases at Costco. It's not deductible, so won't appear anywhere else to offset the entry. Costco will be 1099d for what, HUNDREDS OF $MILLIONS? $BILLIONS? And your little report is in that mix... to what avail?

The IRS gathers up all of the 1099s listing Costco.. then compares against Costco's total sales... and they find a discrepancy. How would the IRS know where the individual discrepancies lie? They audit EVERYBODY?

On the other hand.... perhaps this dealy is the INITIAL wave of getting people in the habit of REPORTING EVERYTHING... Next will be people reporting to the government any time their neighbor pisses and moans about the current administration.

IanMacQuaide · Jul 23, 2010

Quote from Scataphagos:

Won't it be interesting... if consumers decide to NOT SPEND... so they don't have to do all of those 1099s... and the GDP comes CRASHING DOWN... I'd LMAO!

It's all such a joke... say, you report $6,000 over the year from purchases at Costco. It's not deductible, so won't appear anywhere else to offset the entry. Costco will be 1099d for what, HUNDREDS OF $MILLIONS? $BILLIONS? And your little report is in that mix... to what avail?

The IRS gathers up all of the 1099s listing Costco.. then compares against Costco's total sales... and they find a discrepancy. How would the IRS know where the individual discrepancies lie? They audit EVERYBODY?

On the other hand.... perhaps this dealy is the INITIAL wave of getting people in the habit of REPORTING EVERYTHING... Next will be people reporting to the government any time their neighbor pisses and moans about the current administration.

you're catching on Scat...

Scataphagos · Jul 23, 2010

Quote from IanMacQuaide:

you're catching on Scat...

Yeah, me... "CATCHING" ON... I've been hollerin' from the rooftop since about 2001... and all I hear in response, "you're a dumass"... I get it even from the wife. She says, "I can't accept that... can't possibly be right"... yet, here it is. :mad:

IanMacQuaide · Jul 25, 2010

Quote from Scataphagos:

Yeah, me... "CATCHING" ON... I've been hollerin' from the rooftop since about 2001... and all I hear in response, "you're a dumass"... I get it even from the wife. She says, "I can't accept that... can't possibly be right"... yet, here it is.

LOL..sorry Scat...didn't mean to come off smartass...and Yea...I"ve been saying shit like this for many years...Folk think I"m nutz...
Guess I really am...I'm still here on ET posting shit!