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theo
Penny Hoarding Member
USA
588 Posts |
 Posted - 07/21/2010 : 18:51:41
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You must be logged in to see this link.
I think most of you know about the new law coming out of the healthcare bill. Anyway, I was thinking that this might give silver an advantage over gold as it is easier to keep silver transactions under $600. Perhaps it might lower the gold/silver ratio.
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argent_pur
Penny Sorter Member
78 Posts |
Posted - 07/21/2010 : 20:27:14
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If I'm correct in my thinking here, it is only the cash transaction that is reported, yes? So, you could be buying a gold coin or a dishwasher and the tax czar man wouldn't know the difference.
Am I correct in my thinking; if not, someone jump in here...
EDIT: Okay, I guess the tax czar man will know what I'm buying...this really sucks!!! I wonder what this will mean for premiums on 1/4 oz. and smaller coins |
Edited by - argent_pur on 07/21/2010 23:19:43 |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
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theo
Penny Hoarding Member
USA
588 Posts |
Posted - 07/22/2010 : 16:02:59
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quote:
Originally posted by beauanderos
premiums on gold fractionals would probably increase if there is more demand for them due to the tax law 
I suppose the fact that I could never afford more than the 1/4 ounce coins has actually worked to my advantage. Anyway, Beck's quote in the ABC article rings true to me. The video of the interview is pretty interesting too.
You must be logged in to see this link.
"They are going to nudge the gold industry out of business," Beck said during his syndicated radio program Wednesday morning. "They are going to regulate it and regulate it and regulate it, until you won't be able to buy gold anymore. This is what I'm telling you -- they can't have people buying gold. They need to own all the gold. They're going to nudge us. Mark my words."
In response to the often asked question of whether or not gold will be confiscated, the answer is yes and no. They will not enact laws directly against holding gold and other precious metals, but they will write policies and regulations which discourage the ownership of PMs and perhaps other forms of private wealth. I would not be surprised if some of the thousands of regulations that will be written to administer the new financial regulation law fit this bill. |
Edited by - theo on 07/22/2010 16:12:00 |
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psi
Penny Collector Member
Canada
399 Posts |
Posted - 07/22/2010 : 18:01:12
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| Inevitably this will drive a lot of transactions underground, or across borders. |
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 07/22/2010 : 18:12:02
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Can you imagine for just a second what this will due to all the transactions on eBay that are over $600 and who the G man might claim as the responsible party for filing the 1099.
The VAT tax will be pass as well....This is my opinion has little to do with Gold and more to do with gaining total control over all transactions. This would also mean looking at everyone’s credit card bill and looking at all transactions $600 and over.
The question is, ok now that you know I made a $600 purchase, then what? What makes $600 so special? Is this really a smoke screen to distract us from something else worse? I think so!!!
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psi
Penny Collector Member
Canada
399 Posts |
Posted - 07/22/2010 : 18:25:05
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| I thought the intention was to force individuals to claim income when selling gold to a dealer. |
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marine70
Penny Pincher Member
USA
150 Posts |
Posted - 07/23/2010 : 09:33:04
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| How is that hope and change working out for you. This guy is ruining this country,and the free market. |
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AGCoinHunter
Penny Hoarding Member
USA
685 Posts |
Posted - 07/23/2010 : 11:06:49
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quote:
The question is, ok now that you know I made a $600 purchase, then what? What makes $600 so special? Is this really a smoke screen to distract us from something else worse? I think so!!!
CC - you hit the nail on the head. This is orchestrated in order to gain complete control over our lives. The push toward one world government, one world currency, and the squashing of individual liberties is the ultimate goal. The underground economy here will thrive just like it does in other central controlled governments. Barter will be a way of life. This will push us back into the dark ages with no incentives to innovate and grow as a whole. Hope for communal living and no change in your pocket is underway. |
"All tyranny needs to gain a foothold is for people of good conscience to remain silent."
-Thomas Jefferson
"There is no difference between communism and socialism, except in the means of achieving the same ultimate end: communism proposes to enslave men by force, socialism—by vote. It is merely the difference between murder and suicide." - Ayn Rand
________________________________________________
Lenin: Class-based International Socialism
Hitler: Race-based National Socialism
Obama: Class- and Race-based Post-National Socialism
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Zyll
Penny Pincher Member
USA
214 Posts |
Posted - 07/23/2010 : 15:02:56
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quote:
Originally posted by Copper Catcher
The question is, ok now that you know I made a $600 purchase, then what? What makes $600 so special? Is this really a smoke screen to distract us from something else worse? I think so!!!
The only surprise about this is why they didn't make the amount $666.
Read this for more info:
You must be logged in to see this link. |
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misteroman
Administrator
USA
2565 Posts |
Posted - 07/23/2010 : 22:48:20
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AG,
Have you read a certain book that is most often found in motel rooms? It says very clearly this will happen |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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searching4silver
Penny Pincher Member
111 Posts |
Posted - 07/26/2010 : 07:47:12
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I keep thinking of how to avoid this? if we keep the transactions under $600? but that is the toatl for 1 calender year? and with inflation and PM prices increasing the $600 threshold will become much lower over time.
What if we convert all of our gold coins into Jewelry? Say put a $20 gold peice in a chain or something? Would it be reported as taxable income in the same manner? is that how people got away with owning gold in the 1933-1974 period? |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 07/26/2010 : 08:02:06
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This will be the most evaded tax rule in human history.
As a small business owner I can guarantee you it is going to be impossible to get a tax id for every one who I do 600 in business with.
And I'll be damned if I'm going to provide my info to every yahoo who pays me 600.
This will drive a huge amount of commerce under the table. |
Come to the new and improved realcent: http://realcent.org
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AGCoinHunter
Penny Hoarding Member
USA
685 Posts |
Posted - 07/26/2010 : 12:56:47
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quote:
AG,
Have you read a certain book that is most often found in motel rooms? It says very clearly this will happen
The Koran? 
All joking aside... actually I have. Happen to have a minor from my college days dedicated to the study of it. Dont read it as much as I used to these days as religion as a whole has turned me off. |
"All tyranny needs to gain a foothold is for people of good conscience to remain silent."
-Thomas Jefferson
"There is no difference between communism and socialism, except in the means of achieving the same ultimate end: communism proposes to enslave men by force, socialism—by vote. It is merely the difference between murder and suicide." - Ayn Rand
________________________________________________
Lenin: Class-based International Socialism
Hitler: Race-based National Socialism
Obama: Class- and Race-based Post-National Socialism
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wayne1956
Penny Pincher Member
177 Posts |
Posted - 07/26/2010 : 14:18:01
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quote:
Originally posted by searching4silver
I keep thinking of how to avoid this? if we keep the transactions under $600? but that is the toatl for 1 calender year? and with inflation and PM prices increasing the $600 threshold will become much lower over time.
What if we convert all of our gold coins into Jewelry? Say put a $20 gold peice in a chain or something? Would it be reported as taxable income in the same manner? is that how people got away with owning gold in the 1933-1974 period?
Another issue is sales taxes. Currently if you purchase $1000 or more then there are no sales taxes. Well if you try to stay under the radar by purchasing less than $600 worth then you will now have to pay sales tax. Catch 22. Or am I reading it wrong and the $600 only applies when you sell PM's. |
Edited by - wayne1956 on 07/26/2010 14:20:27 |
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BadKarma
Penny Sorter Member
USA
43 Posts |
Posted - 07/26/2010 : 14:31:56
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I've noticed that I'm not seeing as many 2008 Democrap campaign bumper stickers as I used too.
I pay income tax when I get paid and now I have to pay it again when I spend it on >$600 in a metal disc that was made by the same government that is taxing me? Sounds like a double dip and grounds for a Tea Party. |
If you bowhunt Cape Buffalo, you just might wet your pants! |
Edited by - BadKarma on 07/26/2010 14:33:14 |
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Fatboy
Penny Sorter Member
USA
81 Posts |
Posted - 07/26/2010 : 14:54:13
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quote:
Originally posted by AGCoinHunter
quote:
AG,
Have you read a certain book that is most often found in motel rooms? It says very clearly this will happen
The Koran?
All joking aside... actually I have. Happen to have a minor from my college days dedicated to the study of it. Dont read it as much as I used to these days as religion as a whole has turned me off.
Coming to a motel room near you! |
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New Gold Coin Tax Law: Impact on Silver?
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