IRS Will Now Track Your Gold Coin Purchases!
ABC News, not FOX news, is reporting about a little provision that was inserted in the Healthcare Bill that focuses on Gold coin sales. Section 9006 of the Patient Protection and Affordable Care Act now requires 1099s:
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.
If you go to your bank and withdraw cash of $10,000 to buy nine gold coins, the government gets a piece of paper from the bank. Now the government wants to track every Gold coin purchase. It all raises the fear level that the government will once again confiscate our Gold, protection for us all, just before they do something vile to us. Think of the small businesses that must fill out all of those 1099s and the blizzard of paper that will descend on the IRS.
Enough with this nonsense!
BTW, “The tax code tweak is expected to raise $17 billion over the next 10 years, according to the Joint Committee on Taxation.” Isn’t that another tax on the middle class, something that Obama vowed not to do?
Tags: Gold coin sales Gold 1099 Section 9006 of the Patient Protection and Affordable Care Act
I am sure, if we think long and hard enough we will make a connection between precious metals and health care.
Of course, once upon a time, there was a very simple, logical connection. You paid for your health care with your gold coins.