Saturday, July 24, 2010

Liberals, Your Health Care Lies and Deceit Will Defeat You!

"We have to pass the bill before we can see what is in it." When Nancy Pelosi proudly blurted those words out we were all too appalled. Now that we are learning all the hidden little items that were installed in the giant bill were overlooked by many House members. The great unjustice this government has passed on to us and our children can not be taken lightly. We were promised from day one of Obama's administration we would not see an increase in taxes. Obamacare was not supposed to add any more taxes on us. All I can see is no end to the taxation this administration is imposing on us.

With most of the country already in an uproar over Obamacare or properly named the Patient Protection and Affordable Care Act, here is one more hidden addendum for us to beware of; Section 9006 of the Act is bringing more resentment for this bill and this Socialistic, Communistic administration.

We all know buying and selling gold has been an action many investors have taken recently in this recession. When they sell their precious metals, they will receive a 1099 form from the buyer. Taxes will be charged to the seller based on the selling price!
The following are excerpts from and abc article
Starting Jan. 1, 2012, 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 new tax code will bring in an estimated $17 billion in revenue.

Coin dealers are in an outrage over this action, as they buy precious metals and coins from other dealers and the public. If a dealer purchases more than $600 in gold from an individual he will have to issue a 1099 Form to the buyer.

Liberty coin Service deals with about 1,000 customers per week say Pat Heller (owner). He estimates he will have to hire 2 full time employees to do nothing but handle the paper work for an estimated 10 to 20 thousand tax forms that will have to be filed with the IRS. This will definitely cut into his profits.

The office of the National Taxpayer Advocate, a citizen's ombudsman within the IRS, issued a report June 30 that said the new rule "may present significant administrative challenges to taxpayers and the IRS."

CNN's article, Health care law's massive, hidden tax change is very informative. Businesses will be swamped with an excess of tax paper work.
Right now, the IRS Form 1099 is used to document income for individual workers other than wages and salaries. Freelancers receive them each year from their clients, and businesses issue them to the independent contractors they hire.
But under the new rules, if a freelance designer buys a new iMac from the Apple Store, they'll have to send Apple a 1099. A laundromat that buys soap each week from a local distributor will have to send the supplier a 1099 at the end of the year tallying up their purchases. 

Where tangible goods were exempt from this law, now they will be subject to IRS rules and require 1099s issued to not only individuals , but corporations as well.


Be careful folks Big Brother is arriving. They are forcing us to leave a paper trail that will travel from the poor individual trying to make a living to the large corporations. The small business man will suffer the most, as he more than likely does not have the knowledge to understand this or the means to hire a full time accountant to take care of these matters.

We own a mobile home park and if I interpret what I have read, each tenant will be responsible for sending me a 1099 at the end of the year, if we receive more than $600 from them. The same applies to the very small water utility company we own. We will be flooded with the burden of handling a lot more paperwork. I also do not like the idea of giving my private information to a bunch of tenants I may evict sometime during the year.

I am also under the understanding if I have a giant garage sale and someone offers me $700 for the entire lot he will be required to send me a 1099 form for junk I no longer need.


This being the case it is imposing a double tax on many items. If I buy a $2000 piece of equipment and the economy goes down; I have to sell it for $1000, I will have to pay tax again on it. 
People want to know "What this has to do with the health care bill and why weren't we told of this earlier?" The only way I can answer this question is you have Obama, Pelosi, Reid and the other Liberals who say they are representing you while lies continue to be their agenda to thank!
 
I am not an tax accountant, so I could be wrong in my interpretation. 
Let me know how you interpret this?

Deanie

13 comments:

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  2. I haven't heard about all of this, thanks for sharing, I too will share.
    The bill was formed and voted in the most sleazy way. It is disgusting there are so many hidden clauses in the bill. I tried reading it, but do not have the understanding and knowledge to know what it meant. You know most of Congress did not read it. At least the Repubs had the sense not to vote for it.
    We will pay for a long time for the disgraces this administration has brought to this country.

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  3. Bis Brother isn't arriving he is here!
    Our Free Society is quickly dwindling and we better stop it before it is too late.

    I for one never believed we would see 'NO more taxes' with this president. Gold dealers and others will return to the black market to make their transactions. Is this what the nuts in DC want? There has not been anything this administration has done that is for the benefit of the people. In the long run, we will suffer.

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  4. When you send a 1099 you might as well attach a gedcom(this is a file that genealogist use for transporting family history) file also. It is getting to the point that you can't do anything without a lot of paperwork. Where are the tree huggers, they are killing a lot of trees to make these forms. It's time to repeal this monster health care bill. We are about to lose our freedom people!!

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  5. Okay folks, this is another sign of the unsrupulous way this administration is being run. As the days go by, we are finding more and more sleazy add-ons to Obamacare. We need to insist on this whole bill being repealed or nullified in the states.
    It is hard to believe that as a renter I am going to have to give my landlord a 1099 form, I don't even know how to go about doing that. I guess I will have to hire an accountant to do this, or I just won't do it. This is stupid.

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  6. At least in Orwells book you only had to "tell" Big Brother if your neighbor was hoarding or increasing property...now you have to give it to him in writing!

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  7. Good point Laurence. This is the most absurd thing I have ever heard. I hope your interpretations are wrong Deanie, as I too own rental property and do not wish to divulge my information to my tenants.
    What is this country coming to?

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  8. 1099 requires name, address and social security number and maybe taxpayer's ID No. Lots of private information will be changing hands with a golden opportunity for identity thieft. Sure to stimulate the economy of Nigeria.

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  9. Mad Sally's RoommateJuly 28, 2010 at 5:40 AM

    I don't even put my SS on doctors forms, unless they insist.
    If I am buying a lot of stuff from businesses, I hate the idea of having to take the time to fill out an IRS form 1099. I don't even know where to get the forms.
    More Big Gov control over lives, helping crooks to steal our identity.

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  10. I worry about the future generations, it's hard enough to get by now, the future is even bleaker. I can't understand why they had to sneak this in the hc bill. Of course we know why it would never fly in Congress.

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  11. Big Brother and Big Government is already here. How can they slap a new tax law on us in a health care bill?
    Many people will be buying and selling gold on the black market again.
    Deals will be made in cash and kept quiet.
    Tax cuts are going to expire and we the people will pay dearly. Nothing this government is doing is for the people.

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  12. If this government can't get more money from us it will crash, because we have to support, bail out, and give away our money to people who could care less what is happening to our economy.
    Can't we impeach this administration before it is too late?

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  13. this is just another way to get our money. it will not end if the government does not quit spending all the money we have. The big government is proving big brother is here. I am afraid for my grandchildren, they do not have a chance.

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