New tax on Gold was snuck into the Healthcare joke of a bill

Joe wrote: I think its related to this Viking... http://money.cnn.com/2010/07/09/smallbu ... 099_flood/

Many more 1099s for a lot of small business transactions. IRS wants more documentation. Some articles say that they will be overloaded with data from this.

I also read they are cracking down on Independent Contractors, or the companies that use them. Unfortunately for me, as that's what I do, or used to do.

http://money.cnn.com/2010/03/29/pf/taxe ... 2010032909

It was all about making the CBO numbers look good for the healthcare bill, whether the revenues actually materialize is anyones guess. Sure doesn't sound like policies friendly to growing small businesses. Good for accountants needing work though.

Good point so that just adds that much more that this health care bill is actually costing us.

It was designed to increase the paper trail so the IRS can collect more revenues. Supposedly from tax cheats. In truth, alot of small businesses can fly under the radar and not report everything. The problem I see is unintended consequences of a massive new reporting headache and more paperwork. Its not like taxes are simple now.

Typical Obama and Liberal Democrat Bill....it's like a taking a dump in the toilet and then looking in the toilet to see what splashed...but you knew all along it was crap.

residenttroll wrote: Typical Obama and Liberal Democrat Bill....it's like a taking a dump in the toilet and then looking in the toilet to see what splashed...but you knew all along it was crap.

Sounds like your mom's description of your child birth

Vice Lord wrote:

residenttroll wrote: Typical Obama and Liberal Democrat Bill....it's like a taking a dump in the toilet and then looking in the toilet to see what splashed...but you knew all along it was crap.

Sounds like your mom's description of your child birth

Happy to see the conversation being uplifted to the intellectual levels I always thought they could achieve.

JMC wrote:

Vice Lord wrote:

residenttroll wrote: Typical Obama and Liberal Democrat Bill....it's like a taking a dump in the toilet and then looking in the toilet to see what splashed...but you knew all along it was crap.

Sounds like your mom's description of your child birth

Happy to see the conversation being uplifted to the intellectual levels I always thought they could achieve.

He started it

Vice Lord wrote:

JMC wrote:

Vice Lord wrote:

residenttroll wrote: Typical Obama and Liberal Democrat Bill....it's like a taking a dump in the toilet and then looking in the toilet to see what splashed...but you knew all along it was crap.

Sounds like your mom's description of your child birth

Happy to see the conversation being uplifted to the intellectual levels I always thought they could achieve.

He started it

Couldn't have said it better. LOL

Grady and Viking, yes its the crackheads in control now.

The Viking wrote: So this administration is taking on and hurting Wall Street, and they are now putting a tax on Gold to control that because people are taking money out of government controlled investments and buying gold. They are kind of herding everyone back to the banks for investments. Good thing they don't have any interest in those.......uh oh....... It's all making sense now. :VeryScared:

Unlike what you said, and the title of this topic, I don't see any new tax here from what I read at your link. And BTW, if you click for more info at your link, you get a video going after Glen Beck and other conservatives for endorsing a gold sales company with questionable practices.

If you make a profit from selling gold (or most any other investment), you have to pay a tax (usually capital gains) on that profit. I don't see that anything has changed in regards to owing a tax, nor how much you'd owe. They are just requiring that a 1099 be filed on the transaction (as it's always been required when selling stocks, for instance). This is to make sure that people are less likely to make transactions under the table and not pay the tax they legally owe.

It's an anti tax cheat measure. Do you really have a problem with that?

pineinthegrass wrote:

The Viking wrote: So this administration is taking on and hurting Wall Street, and they are now putting a tax on Gold to control that because people are taking money out of government controlled investments and buying gold. They are kind of herding everyone back to the banks for investments. Good thing they don't have any interest in those.......uh oh....... It's all making sense now. :VeryScared:

Unlike what you said, and the title of this topic, I don't see any new tax here from what I read at your link. And BTW, if you click for more info at your link, you get a video going after Glen Beck and other conservatives for endorsing a gold sales company with questionable practices.

If you make a profit from selling gold, you have to a tax (usually capital gains) on that profit. I don't see that anything has changed in regards to owing a tax, nor how much you'd owe. They are just requiring that a 1099 be filed on the transaction (as it's always been required when selling stocks, for instance). This is to make sure that people are less likely to make transactions under the table and not pay the tax they legally owe.

It's an anti tax cheat measure.

Viking- Do you need a tissue to wipe the egg off your face?

Again