The government monitors how much gold you possess!
Why?
Current federal law allows gold bullion to be confiscated by the federal government in times of national crisis.
The Greatest Depression has already started. Gold is your lifeline and your government is after your lifeline.
The dollar will be only bad toilet paper very soon.
The US government is preparing for the Greatest Depression.
Remember this post?
Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions
The issue is rising to the fore just as gold coin dealers are attracting attention over sales tactics.
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.
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.
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. The tax code tweak is expected to raise $17 billion over the next 10 years, according to the Joint Committee on Taxation.
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.
“Coin dealers not only buy for their inventory from other dealers, but also with great frequency from the public,” Piret said. “Most other types of businesses will have a limited number of suppliers from which they buy their goods and products for resale.”
So every time a member of the public sells more than $600 worth of gold to a dealer, Piret said, the transaction will have to be reported to the government by the buyer.
Pat Heller, who owns Liberty Coin Service in Lansing, Mich., deals with around 1,000 customers every week. Many are individuals looking to protect wealth in an uncertain economy, he said, while others are dealers like him.
With spot market prices for gold at nearly $1,200 an ounce, Heller estimates that he’ll be filling out between 10,000 and 20,000 tax forms per year after the new law takes effect.
“I’ll have to hire two full-time people just to track all this stuff, which cuts into my profitability,” he said.
An issue that combines gold coins, the Obama health care law and the IRS is bound to stir passions. Indeed, trading in gold coins and bars has surged since the financial crisis unfolded and Obama took office, metal dealers said.
The buying of actual gold, as opposed to futures or options tied to the price of gold, has been a particularly popular trend among Tea Party supporters and others who are fearful of Obama’s economic policies, gold industry members such as Heller and Piret said. Conservative/libertarian commentators, such as Fox News Channel’s Glenn Beck, routinely tout precious metal on the air as being a safe, shrewd investment in an environment in which the financial system — and paper money backed by the rest of the world’s faith in the U.S. government’s credit — is viewed as increasingly fragile.
The recently revealed investigation by California authorities into consumer complaints against Goldline International, which has used Beck as a pitchman, and Superior Gold Group (which has not) has put a spotlight on what one liberal leaning politician, Rep. Anthony Weiner, D-N.Y., calls the “unholy alliance” between gold coin sellers, such as Goldline, and conservative talk personalities, such as Beck.
Beck, who through his spokesman, Matt Hiltzik, declined to comment for this story, and Goldline marketers portray gold coins as a better alternative to owning bullion in the event that the U.S. government ever decides, as it did under FDR in 1933, to make it illegal for private citizens to own physical gold. At that time, the U.S. dollar was still pegged to the price of gold; the gold standard was abandoned during the Nixon administration.
Rep. Daniel Lungren, R-Calif., has introduced legislation to repeal the section of the health care bill that would trigger the new tax reporting requirement because he says it’s a burden on small businesses.
Large corporations have whole divisions to handle such transaction paperwork but for a small business, which doesn’t have the manpower, this is yet another brick on their back,” Lungren said in a statement e-mailed to ABCNews.com. “Everyone agrees that small businesses are job creators and the engine which drives the American economy. I am dumfounded that this Administration is doing all it can to make it more difficult for businesses to succeed rather than doing all it can to help them grow.”
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.”
By RICH BLAKE
July 21, 2010
Source: ABC NEWS
Change we can believe in:
– Rep. Michele Bachmann: Obama Is Making The US ‘A Nation Of Slaves’
– General James Mattis who said it was ‘fun to shoot people’ takes over US Central Command
– EU gives US access to its citizens’ private financial data
– Obama Administration To Sue Arizona Over Immigration Law
– Third US carrier, 4,000 Marines augment US armada opposite Iran
– Now truth is bad for you: ‘Obama warns Erdogan international Gaza flotilla probe bad for Turkey’
– Obama Internet ‘Kill Switch’ Approved By Senate Committee
– Americans buying their own health insurance face an average 20 percent increase in premiums
– Big Brother DHS And DOD Want To Open US Skies To Spy Drones
– President Obama Has Already Outdone Every Previous President In Prosecuting Whistleblowers
– US government debt to rise to $19.6 trillion by 2015
– Left-Wing Icon Daniel Ellsberg: ‘Obama Deceives the Public’
– US: $13 Trillion Debt Poised to Overtake GDP (Chart of Day)
– 10 US States Where An Absurd Percentage Of The Population Works For The Government
– US ’secret war’ expands globally as Special Operations forces are deployed in 75 countries
– Paul Craig Roberts: A Plague Upon The World: The USA is a “Failed State”
– President Obama Wins The Right to Detain People With No Habeas Review
– US posts 19th straight monthly budget deficit; April deficit nearly four times higher than in 2009
– Hyperfast missile to strike anywhere on Earth within an hour wins President Obama’s support
– President Obama Repaying His Masters At Goldman Sachs
– Marriage Penalties Increase Dramatically Under ObamaCare
– The No.1 Trend Forecaster Gerald Celente on ObamaCare, Dollar Devaluation And Gold
– Rep. Ron Paul: President Obama Is ‘Not A Socialist.’ ‘He Is A Corporatist.’
– Dylan Ratigan Show With Alan Grayson: The Great Con Job By The Fed, The Government And The Banksters
– Michelle Obama says Barack’s Home country is Kenya – full statement
– Obama Administration Approves Targeted Killing of American Cleric
– Judge Napolitano on Obama’s Private Army
– Obama Gives ‘Pesticide Lobbyist’ Post as Chief Agricultural Negotiator
– It’s Official: America Now Enforces Capital Controls
– Rep. Ron Paul: Healthcare Will Drive US To Bankruptcy
– Gerald Celente: This time they will close the Banks & Wall Street (03/27/10)
– John Pilger: Have a Nice World War III, Folks
– The War on WikiLeaks … and Why It Matters
– White House Press Corps longest-serving member Helen Thomas on her one question for Obama
– Joe Biden to Barack Obama: ‘Mr. President, This Is A Big F****** Deal’
– Rep. Ron Paul: Healthcare Bill is ‘Blatantly Unconstitutional And Contrary to The Ideals of Liberty’
– US: THE Most Important Chart of the CENTURY
– Health Care Bill ‘Dangerously Expands IRS’s Power’
– US Government Preparing For Civil Unrest In America
– Record: National Debt Up $2 Trillion in Just 421 Days on Obama’s Watch
– Obama agencies invoking secrecy provision more often than under Bush
– US budget deficit hits record $221bn, the largest monthly deficit in history
– Michael Moore: ‘Democrats are a bunch of wusses … It’s disgusting … I’m sick of them’
– President Obama signs one-year extension of Patriot Act
– Cybersecurity Bill To Give President Obama New Emergency Powers
– Judge Napolitano and Angela Keaton on Freedom Watch: Obama’s Bush Foreign Policy
– Obama Signs Law Raising Public Debt Limit from $12.4 Trillion to $14.3 Trillion
– President Obama’s Pledge Never to Raise Taxes on Anyone Making Less Than $250,000 a Year
– Paul Craig Roberts: It Is Now Official: The U.S. Is A Police State
– Prof. Russell Roberts Testifies Before House Committee: ‘I Want My Country Back!’
– Director of National Intelligence Says US May Kill Americans Abroad
– President Obama Ups Pakistan Drone Strikes in Assassination Campaign
– The New Vision of the Obama Administration: War Without End
– Pentagon’s New Record Black Budget Tops $56 Billion
– Rep. Ron Paul on Obama seeking to assassinate ‘US citizens’ he labels as terrorist
– White House to Paint Grim Fiscal Picture: Another Record Budget Deficit
– US: GDP Mirage – The Last Hurrah
– Marc Faber: Obama Makes Bush Look Like a Genius
– Obamanomics: Why Did the ‘Stimulus’ Fail to Help the US Economy?
– Paul Craig Roberts: How Wall Street Destroyed Health Care – Greed, Be Thou My God
– President Obama to indefinitely imprison detainees without charges
– Ron Paul: US Foreign Policy is Bankrupting America
– Rep. Ron Paul: State of the Republic Address – ‘Dangerous Times Indeed.’
– America’s Impending Master Class Dictatorship! (MUST-READ!)
– The CFR Controls American News/Media
– US: Unfunded Benefits Dig States’ $3 Trillion Hole
– The No.1 Trend Forecaster Gerald Celente: Financial Mafia Controlling US and Wall Street
– Peter Schiff: The Lunacy of US Government Programs
– Former Dean of Harvard College Harry R. Lewis: Larry Summers, Robert Rubin: Will The Harvard Shadow Elite Bankrupt The University And The Country?
– Experts: Dollar Crisis Looms if US Doesn’t Curb Debt
– Fitch: US Must Cut Spending To Save AAA Rating; US December Deficit Nearly Doubles
– The Coming Sovereign Debt Crisis
– US slides deeper into depression as Wall Street revels
– PIMCO’S Bill Gross: ‘Let’s Get Fisical’ (… or why the US will not make it.)
– Barack Obama’s Health Care Lies And Reversals
– US sheds 85,000 jobs in December; Record 40% Of Unemployed Without Job For 27+ Weeks
– US: Public Pensions Face $2 Trillion Deficit
– U.S. Avoids Technical Default By Three Days
– As an American, I refuse to buy mandatory health insurance … that supports Big Pharma
– Prof. Dr. David Michael Green: Now I’m Really Getting Pissed Off … With Obama
– US Treasuries Post Worst Performance Among Sovereign Markets In 2009
– US losses will top $400 billion on Fannie Mae and Freddie Mac
– US: More Ammo For The Treasury Bazooka
– US government wants farmers to use coal waste on fields
– The No.1 Trend Forecaster Gerald Celente: The Terror And The Crash of 2010
– We’re Screwed! Hyperinflation like in the Weimar Republic; Great Depression worse than in the 1930s
– US Congress: Banksters Get $4 Trillion Gift From Barney Frank
Traitor in chief:
– Treason: Obama gives INTERPOL immunity from the Constitution (Amending Executive Order 12425)
– Peter Schiff on Obamacare, Freddie Mac & Fannie Mae: The Nightmare Before Christmas
– Obama administration backs Fannie Mae and Freddie Mac no matter how big their losses may be
– Rep. Dennis Kucinich: US War Presidents ignore Congress and Constitution
– Obamacare: Big payoffs to senators on health bill stoke public anger
– US: Trillions Of Troubles Ahead
– Chinese central banker Zhu Min: ‘The world does not have so much money to buy more US Treasuries.’
– Obamacare: Change Nobody Believes In
– Obama’s surge comes at a cost: At least $57,077.60 per minute
– US National Debt Tops Debt Limit
Hypocrite in Chief (Funny):
– President Obama: Another Busy Day in The Oval Office!
– Fascism in America: By Political Definition The US Is Now Fascist, Not A Constitutional Republic
– John Williams of Shadowstats: Prepare For The Hyperinflationary Great Depression
Liar in Chief (NOT funny!!!):
– Barack Obama Lies 7 Times In Under 2 Minutes!!!!!
– Rep. Dennis Kucinich: ‘These Wars Are Corrupting The Heart Of Our Nation!’
– Famous Investor Jim Rogers: Incompetence In Washington, Abolish The Fed And The Treasury
– Rep. Dennis Kucinich: The Truth About Afghanistan
– Obama’s Big Sellout (Rolling Stone Magazine)
– Obama administration to lift debt ceiling by $1.8 trillion
– Climategate: President Obama’s rule by EPA decree is a coup d’etat against Congress, made in Britain
– Obama administration tells Pakistan: Tackle Taliban or we will
– MSNBC Rachel Maddow: War President Obama
– Ron Paul: ‘Obama is Actually Preparing Us For Perpetual War’
– Afghanistan Surge to Cost At Least $40 Billion, That Is $1.333.333 For One US Soldier Per Year
Liar in Chief (Over 300 soldiers died in 2009 because of this lie!!!):
– Obama: ‘I will promise you this, that if we have not gotten our troops out by the time I am President, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank.’