About Me

Missouri, United States
I consider myself the "black sheep" of the family. I moved away from home when I was 19 and a year ago I decided it was time I moved back home....so glad to be among family and friends. I grew up playing the piano but haven't played in years. I have always thought outside the box, wanting to move to Boquete Panama, I am a tea party participant. I am a reiki master and I have 2 good guard dogs....a dachshund and Jack Russell terrorist. I go to alternative news websites daily for news (don't trust MSM to tell the truth). Operation mockingbird is a CIA operation that began in the '40's to control the media both foreign and domestic. This is why I go to alternative news websites. For an excellent article to read on the subject I suggest http://www.prisonplanet.com/analysis_louise_01_03_03_mockingbird.html


Thursday, August 5, 2010

Obummer and the Demn taxes-- what's scheduled and when

                        from RMN
Like any socialist "Ruler" He wants it ALL!
It's stomach turning!
Any true American with a head on their shoulders knows Capitalism is what has made this country great.
Obama's socialistic policies not only reward the lazy and illegal, but also punish hardworking entrepreneurs.
Ladies and gentlemen, living and working in America is about to get a lot more costly.
We are now less than six months away from the biggest Tax Hike in American history.
First: Expiration of the 2001 and 2003 tax relief.
Present tax rates are about to rise, the top income tax rate will rise from 35% to 39.6% (this is also the rate at which 2/3 of all small businesses are taxed).
If you think only business owners and the "Rich" are going to get squeezed... you don't know Obama.
Just take a look at the list below:
The 10% bracket will rise to an expanded 15% (that's a 50% Increase); so much for taking care of the poor.
* The 25% bracket will rise to 28%
* The 28% bracket will rise to 31%
* The 33% bracket will rise to 36%
* The 35% will rise to 39.6%
That's not all....
* Higher taxes on Marriages and Families
* The return of the Death Tax
* Higher taxes on Savers & Investors: Capital gains Tax will increase by over 33%. Dividend Tax will go from 15% to 39.6% by 2011 and will be at 43.4% by 2013.
Obama will not only tax what you Invest in and the money you make, he's also Taxing how you spend it:

* The "Medicine Cabinet Tax"
* The Brand Name Drug Tax
* The Tanning Tax.... (yes, getting a tan at tanning salons)
* The HSA Withdrawal Tax
If the list above doesn't anger you, the following should:
Economic Substance Doctrine: This empowers the IRS to disallow tax deductions at a "Case by Case" basis; at their own discretion.
Bottom-line, Obama's health care program gives government the power to tax it all.
Gold & Silver included.
Newspapers, online news sites, and radio stations are reporting a New Tax and reporting requirements on gold & silver.
The fact is, most precious metal transactions have always required reporting on an IRS 1099 form (at the time of liquidation from client to dealer).
This law and procedure has been in place since 1984, which can be found in the 1984 Federal Register Vol. 49 No. 3 (information returns of brokers).
What had been exempt from reporting were "older "; Semi and/or full numismatic coins. Coins which held a "recognized" additional value beyond their Bullion or melt value.
Under Obama's Health Care Reform Act, all precious metal transactions will be taxed.. along with everything else.
In this writer's opinion.... It's not going to happen for many reasons.
First, the legislation; now Law is so poorly written, it must be revised.
In written legislation, if there are no exclusions, everything is Included.
The words Gold, Silver, Coin or Bullion are not found in the 1,017 pages of "HR 3200".
Here is the link: http://candicemiller.house.gov/pdf/hr3200.pdf
However, the Health care "Tax" legislation: Section 9006 of the patient protection and affordable care act, will amend the internal revenue code to expand the scope of IRS form 1099.
Starting January 1st 2012, all businesses, DBAs, sole proprietors, independent contractors, etc., will have to report ALL transactions (goods & services) through the use of an IRS 1099 form.
It does not exempt anything; no matter how you pay or what you buy.
All "accumulated" transactions of $600 or more per year, will require a 1099.
How idiotic can this administration be?
Think about the hundreds of millions of transactions performed daily...credit card transactions, checks, money orders, cash, bank wires, E-pays, etc.
The retail, business to business, institutional and commercial transactions would flood the IRS with more 1099's than the Federal Reserve can issue paper money.
The time, red tape, man power, and cost would outweigh the possible "Tax Revenue"
The IRS would have to hire all the unemployed, to follow up with the issuers & payees of the 1099's.
In this writers opinion..... Obama's health care tax is not about tax, but rather Reporting.
Implementing a 1099 form on all Gold including numismatics would benefit the people, more than it would benefit the government.
You see, 1099s will only be issued at the time of liquidation "cash out."
A person would be able to buy 8 ounces of gold (approx $9,600) from one dealer (remember, no reporting is required at the time of purchase) and cash out 3,4 or 5 ounces with the same or different dealer and receive a 1099, that would show a loss; giving that person a tax deduction at the end of the year (1099s do not show what you sold or the number of ounces).
The man could give his remaining ounces to his loved ones (which they can cash out), sell the coins in the "newly" created black market, or barter with it. The loop holes would be endless.
Again, It is not about the tax on gold, but rather the reporting or Tracking of who owns it.
The implementation of 1099s on all "accumulated" transactions of $600 per year, would put most companies out of business.
All companies; including online businesses, would have to request identification and social security numbers/TAX IDs when issuing "accumulating" yearly payments of $600 or more (refunds included).
Would you give your ID & SSN to everyone?
All commerce would stop, putting retail and online companies like EBay out of business.
Obama's health care agenda is not completely clear. It is my conclusion that like every socialistic government, first comes registration, then comes Confiscation.
Obama's Health Care Tax law is more about the registration of Gold ownership, than it is Tax. IT IS BEST TO BUY AND OWN GOLD, BEFORE THIS LAW TAKES AFFECT.
Gold has been confiscated 3 different times in U.S. history; It's in the best interest of our Government to know who owns it. Remember, Gold can only be confiscated in "times of national crisis"; do you feel a crisis coming on?
Obama's "poorly" written law will need to be amended; new provisions and exemptions will need to be set in place.
Remember, gold has been confiscated three different times and not one time have they confiscated Private gold; there has to be a reason.
In this writers opinion, "The people who write the laws, don't write the laws to screw themselves."

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