I know I too was super shocked about them throwing this TAX in at the last minute!!!! What the heck does GOLD have to do with HEALTH CARE?! That is why ALL OF YOU need to read the bills!!! A bunch of SNEAKY SLEAZEBAGS they are!!! I told you they were going to be taxing us up the wazoo every which way to Sunday!
To help those of you understand that are thrilled our government is increasing our taxes, let me put it to you this way. Our government takes in revenue by way of taxation and then is supposed to allocate this money on our behalf to go towards the public services we all enjoy. Well, our government has been operating on CREDIT for years now. This can be analogized like using a credit card that you or I would apply for. There were limits placed on this credit card and those limits have been increased over time. The reason why our government has had to raise the limit is because they have wanted to spend more. Who doesn't right? We all love to spend. The difference however, is that they are not spending their own money. Do you know who makes this credit card payment? Every American.
Now I would like to ask you a simple question. Would you qualify for a credit card and then hand it over to your friend? If you answered yes of course I would. Well then, how about if you were responsible for making the payments on that credit card even though you yourself didn't charge a dime on it? Since your friend has already fooled you into giving him your credit card, your friend has the nerve to find a way to increase the credit limit and forces you pay a higher payment. You've been stuck with this bill and have nothing to show for it. Look around your community. Find out how many public services have been CUT, discontinued that have already been PAID FOR with tax dollars! Where did that money go that should have been allocated to public services? Do your research. This is just food for thought. Something for you to chew on.
Now I would like to ask you a simple question. Would you qualify for a credit card and then hand it over to your friend? If you answered yes of course I would. Well then, how about if you were responsible for making the payments on that credit card even though you yourself didn't charge a dime on it? Since your friend has already fooled you into giving him your credit card, your friend has the nerve to find a way to increase the credit limit and forces you pay a higher payment. You've been stuck with this bill and have nothing to show for it. Look around your community. Find out how many public services have been CUT, discontinued that have already been PAID FOR with tax dollars! Where did that money go that should have been allocated to public services? Do your research. This is just food for thought. Something for you to chew on.
How many of you know this information: $600 BILLION paid in INTEREST ONLY on U.S. debt yearly. That's $2 BILLION per day in interest payments alone! GET INFORMED! Do your research, look this up if you don't believe me.
And for those of you who can't stand Glenn Beck and are elated about this gold tax I say this to you. It shouldn't matter what we CHOOSE to invest our money in. My point that I will continue nailing around the internet so people understand... it MUST REMAIN A PERSONAL CHOICE! We don't need the government telling us what we can and can not buy or invest in. It's our f-g money NOT THEIRS! And you too need to stop eating up everything you hear from other idiots. People who invest money, don't make these choice's lightly. But I wouldn't expect you critics to understand that since you've probably NEVER INVESTED ANY OF YOUR MONEY!
And for those of you who can't stand Glenn Beck and are elated about this gold tax I say this to you. It shouldn't matter what we CHOOSE to invest our money in. My point that I will continue nailing around the internet so people understand... it MUST REMAIN A PERSONAL CHOICE! We don't need the government telling us what we can and can not buy or invest in. It's our f-g money NOT THEIRS! And you too need to stop eating up everything you hear from other idiots. People who invest money, don't make these choice's lightly. But I wouldn't expect you critics to understand that since you've probably NEVER INVESTED ANY OF YOUR MONEY!
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ABC News Money
written by Rich Blake
Wednesday 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.
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.
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."
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