jump to last post 1-4 of 4 discussions (10 posts)

ObamaCare has a hidden tax on Gold...

  1. SparklingJewel profile image76
    SparklingJewelposted 7 years ago

    I am sure there are many more hidden taxes in this 2000+ page beast of a bill... hurting small businesses the most...

    http://www.moneynews.com/StreetTalk/New … ode=A5A3-1

    1. William R. Wilson profile image60
      William R. Wilsonposted 7 years agoin reply to this

      Not a hidden tax on gold, but rather a possible unintended consequence for businesses that buy gold. 

      But I'm not even sure that holds water - the provision they are talking about is one that would require a business to fill out a 1099 for transactions over $600.

      But businesses are already required to fill out 1099s when they pay an independent contractor more than $600 a year, so I'm not sure what has changed exactly.

      1. MikeNV profile image80
        MikeNVposted 7 years agoin reply to this

        There is a huge difference between providing 1099's to subcontractors and providing 1099's to every company you purchase more than $600 worth of product from.

        This is a very expensive proposition for small business and a paperwork nightmare.

        People who do not run businesses have no idea.  Millions and Millions of extra documents will need to be tracked, and of course more Government to monitor that paperwork.

        Obama is very anti-small business and is destroying America.

        Clearly you have never run a business.  And that's not a shot at you... it's to wake people up in your position at just how expensive and difficult it is to keep up with the mass of paperwork.

      2. SparklingJewel profile image76
        SparklingJewelposted 7 years agoin reply to this

        ...like the article stated, for a gold business that handles a thousand or more transactions a month...that would be 12 x 1000 more pieces of paper, etc...more overhead, more of whatever...

        my main point is just the ballooning  bureaucracy costs of it all, that ultimately the taxpayers and small business people pay for in one way or another...we need to shrink government not expand it hmm

  2. William R. Wilson profile image60
    William R. Wilsonposted 7 years ago

    I don't see this as anti small business.  I do in fact work for small businesses and I can see the potential problems this could cause.  But I can see the intent, which is to make it harder to hide income, and thus avoid taxes. 

    I can also see the potential problems -but also several possible ways to fix the potential problems.  Not all small businesses do business in the same way, so some will be affected more than others.  Yes, it could potentially be a paperwork nightmare for some, but certainly not for all.

    1. MikeNV profile image80
      MikeNVposted 7 years agoin reply to this

      That's great.  Spend a couple Billion on new IRS employees and Equipment and Offices to track down a few possible tax cheats.  Then punish ALL Small businessmen to try and collect that money.  I see the logic in that.

      And until you OWN the Small Business... and have to do all the paperwork yourself... and/or pay your accountants you have no idea.  It's pretty easy to punch a clock and go home and leave it all behind... which is exactly my point.

      I've owned several small businesses now.... and the number one burden and expense ans hassle is all the Government required paperwork.

      Good thinking.

      1. William R. Wilson profile image60
        William R. Wilsonposted 7 years agoin reply to this

        Nice how you denigrate my experience from the get go, without having any idea what I do.  Your number one expense is government paperwork?  Really?  You must have a very unique business if you pay more to maintain government records than you do for materials or payroll.

  3. Jim Hunter profile image59
    Jim Hunterposted 7 years ago

    Didn't Obama say this wasn't a tax?

    Then the White house admitted it was a tax.

    Its all rather taxing.

  4. Evan G Rogers profile image74
    Evan G Rogersposted 7 years ago


    History is repeating itself!!! FDR, after the banks inflated the money supply too high, let the banks off the hook by making gold illegal!!!

    Now they're doing it again!! QUICK!! BUY IT!!! HIDE IT!!! PAY CASH!!!!

    1. leeberttea profile image52
      leebertteaposted 7 years agoin reply to this

      That's right here's one view:

      http://www.blanchardonline.com/beru/con … _again.php

      And here is the act passed by FDR that allowed the government to take your gold or face 10 years in jail and/or 10,000 dollar fine!

      http://www.the-privateer.com/1933-gold- … ation.html

      More insanity from the left. Can it happen again? You bet it can!