Taxes Gold

Hidden Health Care amendment to further tax public

An amendment that did not get much notice in the health care legislation will bring government scrutiny to gold and silver coin dealers and all those who sell coins and bullion. Obama's health care legislation has a sneaky provision hidden in it .

Starting Jan. 1, 2012,  New Tax - Section 9006 of the Obamacare will amend the Internal Revenue Code to expand the scope of Form 1099. Every time a member of the public sells more than $600 worth of gold to a dealer, the transaction will have to be reported to the government by the buyer. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.

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. Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change.

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.

Those already outraged by the president's health care legislation now have a new bone of contention.

Under the new law, every time a dealer buys more than $600 of coins or bullion off a non-dealer, they will have to report that transaction to the government.

Rep. Daniel Lungren (R-CA) is working to repeal the tax law. "Large corporations have whole divisions to handle such transaction paperwork but for a small business, which doesn't have the manpower, this is yet another brick on their back," said Lungren. "Everyone agrees that small businesses are job creators and the engine which drives the American economy. I am dumfounded that this Administration is doing all it can to make it more difficult for businesses to succeed rather than doing all it can to help them grow."
 

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