The Obamacare Gold Grab
July 26, 2010 by Bob Livingston
What does healthcare have to do with gold sales? In the minds of the fascist crafters of the Obamacare law: apparently a lot.
Tucked away in the 2,300 page bill, in section 9006, is a provision that expands the scope of the Internal Revenue Service (IRS) Form 1099. Beginning Jan. 1, 2012, a Form 1099 will have to be filed to report to the IRS the purchase of all goods and services by small business and self-employed people that exceed $600 during a calendar year.
This is an onerous bookkeeping nightmare for all small businesses. But precious metals dealers will really take a hit.
“Coin dealers not only buy for their inventory from other dealers, but also with great frequency from the public,” Diane Piret, industry affairs director for the Council for Tangible Assets, told ABC News. “Most other types of businesses will have a limited number of suppliers from which they buy their goods and products for resale.”
One coin dealer told ABC News he deals with about 1,000 customers each week and predicts he’ll be filling out between 10,000 and 20,000 tax forms per year because of the new law.
“I’ll have to hire two full-time people just to track all this stuff, which cuts into my profitability,” he said.
That may help the unemployment situation a little, or maybe not. Many dealers will have to cut loose some on their staff who actively contribute to their bottom line in order to hire someone just to create paperwork to satisfy the IRS.
The ABC News report said the new tax provision was intended to mine what the IRS deems a vast reservoir of uncollected income tax and was included in the Obamacare bill as a way to pay for it. The new law is expected to raise $17 billion over the next 10 years.
What this provision truly is is another attack on small business and a way to better track who is buying and selling gold.
Just think, if you decide to sell some gold or silver to a dealer because you need some cash, the IRS is going to know about it.
The establishment hates gold in the hands of the public. In 1933 President Franklin Delano Roosevelt confiscated gold from the American people. These new reporting requirements will make very it easy for an oppressive, overbearing, out-of-control fascist government to do it again.
House Speaker Nancy Pelosi (D-Calif.) said we’d have to wait until the Obamacare bill was passed to learn what was in it. The bill was a stinker on the surface, but the deeper we dig the more odiferous it becomes.