Which is exactly why we should move to a sales tax, instead of an income tax. Get rid of all the burden on business, and make it an end user sales tax. Release all that pent up $$.
I tend to agree. It will be called a VAT. Its coming someday. Don't expect the income tax to disappear though.
Sorry Pine, I had the same exact thought at the same time! Amazing.
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Republicans are red, democrats are blue, neither of them, gives a flip about you.
What I find funny about the link posted in Viking's first post is this sentence and link at the end of the story:
"Full story: Gold Coin Dealers Decry New Tax Law – ABC News"
Then, in the comments, some mental giant posts, "This is just sickening!! I wonder if the MSM will report on it."
As for WHY it was "slipped" into the health care bill..
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. That means all small businesses and all self-employed people -- not just coin dealers.
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.
I pay taxes when I buy a pack of gum. Why should people who sell items for more than $600 be except from reporting the transactions? Is that chump change to them, not worth reporting?
Personally, I'm glad the government is trying to get a handle on finacial transactions that may not have been reported to the IRS in an effort to help pay for the health care program. I think we should refudiate all tax cheats.
SO this is another case of the Vike reading three words of an article AND those there words can maybe SOUND like if MIGHT be something against Obama (who he hates beyond all reason) so it can be the latest Obama 'gotcha' of how horrible Obama is there for giving some credence to this irrational hate that he seems to have for [whatever] reason our current legally elected president therefor causing YAKJP [yet another knee jerk post] by our resident (non-troll) president hating but a welcome part of our mountain community? Is that correct?
Wayne, I think you missed the points in the other articles. Collecting $17B over 10 years for a Trillion dollar HC program? ... seems like a small number relative to the added cost to provide the paperwork to the IRS. The points made by small business is the cost of compliance with the IRS. I don't disagree with wanting to collect taxes that are due, just make it an efficient process. The IRS mentality is we will swamp you with more forms and deal with it or else! Have you ever prepared your own tax returns Wayne?
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Republicans are red, democrats are blue, neither of them, gives a flip about you.
17 BILLION dollars is a "small number" relative to the added cost of paperwork? Have we really come to this point?
If you follow that logic, why don't we avoid the huge amount of paper work in tax returns and just go to either a flat tax or some other way, like a sales tax, that avoids the paperwork.
I'm sorry. I can't get upset with the governmetn for tring to collect taxes it is rightfully owed.
Good Wayne, I do my own returns too (manually), I think it is a good civic exercise ( and torture). I meant a "small" number for the trillion dollar health care plan. I don't know the added cost of paperwork but it may be a significant %. Remember its $600 for the year, that means a $50 sale each month adds to $600 and the form 1099-k has to be sent each month when the transaction is made. (I believe). ...Correction, I think it has to be listed monthly, submitted at year end. Its 1099K-1 and its on the IRS web site for review.
I think the whole tax system is a fragmented mess and should be simplified, but we have been saying this for decades. Less deductions, lower rates, simplified.
I'm sorry I do get upset with the gov't for collecting taxes owed when they ram it thru without thinking of the consequences, efficiency, and cost of compliance. We just think differently.
Regarding sales taxes, that would be simpler but cash transactions can still fly under the radar.
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
netdude wrote: SO this is another case of the Vike reading three words of an article AND those there words can maybe SOUND like if MIGHT be something against Obama (who he hates beyond all reason) so it can be the latest Obama 'gotcha' of how horrible Obama is there for giving some credence to this irrational hate that he seems to have for [whatever] reason our current legally elected president therefor causing YAKJP [yet another knee jerk post] by our resident (non-troll) president hating but a welcome part of our mountain community? Is that correct?
Wayne Harrison wrote: We do our own tax returns every year.
17 BILLION dollars is a "small number" relative to the added cost of paperwork? Have we really come to this point?
If you follow that logic, why don't we avoid the huge amount of paper work in tax returns and just go to either a flat tax or some other way, like a sales tax, that avoids the paperwork.
I'm sorry. I can't get upset with the governmetn for tring to collect taxes it is rightfully owed.
What is frustrating to me is the additional paperwork being forced on companies who DO follow the law.
A national sales tax would capture all $$, and underground/unreported income would almost cease to exist.
Too bad future generations aren't here to see all the great things we are spending their $$ on!!
Wayne Harrison wrote: We do our own tax returns every year.
17 BILLION dollars is a "small number" relative to the added cost of paperwork? Have we really come to this point?
If you follow that logic, why don't we avoid the huge amount of paper work in tax returns and just go to either a flat tax or some other way, like a sales tax, that avoids the paperwork.
I'm sorry. I can't get upset with the governmetn for tring to collect taxes it is rightfully owed.
What is frustrating to me is the additional paperwork being forced on companies who DO follow the law.
A national sales tax would capture all $$, and underground/unreported income would almost cease to exist.
It's too simple. It's better to make all citizens criminals than have freedom of tax reporting.
So back on topic, sort of. So what about gold? Should it be any of the govts business if we choose gold over the fiat us currency?
Should we be able to buy and sell all the gold we want, and use it as money without govt interference as they run us into the ground with debt and possibly devalue our future dollars vs. the price of gold. This may be a bigger deal than it sounds, think of all the gold coins and jewelry out there.
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
