During much of 2010, as the nation was trying to engage in meaningful debate about the new health care act, it became apparent that the bill would pass into law without lawmakers, much less the public at large, knowing what it contained.
After all, the bill, popularly dubbed “Obamacare,” was thousands of pages long.
Many observers were suspicious that there were provisions included which had nothing to do with health care at all and more to do with big government.
Those observers were correct and there is one specific provision in the Obamacare law which involves an outright assault on wealth and privacy in America:
There is a new IRS Form 1099 requirement found in Section 9006 of Public Law 111-148, the Health Care Reform Act, which requires all businesses to issue a tax information reporting form to all customers and vendors (including corporations) on all liquidation transactions exceeding a $600 threshold in a calendar year.
This new law, which takes effect on 1 January 2012, creates a monumental paperwork burden for every business in America.
Obamacare’s new 1099 provision will require every business to file hundreds, and in many cases, thousands, of these forms. Further, it is not simply a matter of completing the form, but also the work and time involved in obtaining the proper tax identification number and dealing with backup withholding requirements. This means ALL businesses.
In addition—and most ominously this is some actual language in the economic reform 10,000 page bill: –Businesses will now be required to obtain confidential tax ID information from colleagues and customers and also be responsible for safekeeping that confidential data if ever needed. What does that mean? It’s not clear to us but it certainly does not sound good.
This is NOT merely proposed. This is already law under the massive Health Care Reform Act, better known as “Obamacare.”
Repeating: As of January, 2012, businesses will be required to report ALL goods and services you sell in excess of $600 on a 1099 form. This changes existing law to add reporting of goods (merchandise) and eliminates the exemption for corporations. This new requirement applies to ALL businesses. The problem is once the government knows you sold gold, and then they can assume you still own more gold. The way it is now no one knows you have it.
WHY is the government doing this?? The goal is to increase reporting as a way to raise $17 BILLION to help pay for Obamacare. According to an article in the Washington Post, “The idea behind the law is simple: Research shows taxpayers do a much better job of reporting taxable income when they know the IRS is receiving information about their transactions.”
Keep in mind that, once the federal government begins to have access to these records, they will be able to determine what you own, guns, gold, you name it.
The fact that the government will be able to know if you own gold is especially relevant for us because the US federal government has recalled or confiscated gold on three occasions over the course of our history.
As explained in our special report, Obamanomics: Promise and Reality, the gold confiscation law is still on the books and the government regards private ownership of gold as a privilege and not a right.
In the event of a Dollar crisis or some other severe national economic emergency, the president could use his authority to order Americans to turn in their gold. Under the new reporting requirement which goes into effect on January 1st, 2012, the government will know when you sell gold.
Start Safeguarding Your Privacy Today
Investors need to prepare today for the onset of Obamacare and its stealthy provisions aimed at confiscating wealth and collecting information on your assets.
The way to do this is to own rare gold coins now. The $600 2012 reporting regulations will not include coins sold person to person or public actions as long as the auction house is not affiliated with a precious metals dealer
Unlike gold bullion, rare gold coins are also specifically exempted from government gold confiscation provisions.
Furthermore, rare gold coins are perhaps the ultimate financial asset for those who do not wish to have the rest of the world know what they own. This is because there are no paperwork reporting requirements associated with the purchase of rare gold coins. This makes them an ideal wealth preservation tool against frivolous lawsuits as well as government gold confiscation.
CONTACTING YOUR MEMBERS OF CONGRESS
IS THE FIRST STEP OF THIS BATTLE!
We need to make sure every Member of Congress is aware of this assault on your small business that was slipped into the giant health care bill. Coin Trader & ICTA (The Industry Council for Tangible Assets) is actively working to develop our strategy and options for fighting this unreasonable, burdensome reporting requirement. In the meantime, CONTACT YOUR MEMBERS OF CONGRESS, and ask them to sign on to Rep. Lundgren’s bill, HR 5141.
**For Coin Trader’s latest recommendations on what you should buy, sell or trade call today. You can talk to one of the nation’s top advisors now by calling toll free 866.603.1938. Or visit http://www.cointraderinc.com. **
