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Regarding bullion, coins and paperwork related to same
oreville
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Just to keep this where it belongs as it relates to bullion, coins:
Elcontador
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Sunday June 20, 2010 9:05 PM (NEW!)
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They don't have the resources to enforce this new requirement. As it is, how many of you send a 1099 to your gardener, if you pay him over $600 in the year? After all, this is the law, and has been the law for many years.
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ebaytrader
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<<
Actually, this is why some of these bills take sooo long to pass (sifting through thousands of pages to understand what's being voted on) and it's not the US Government that shipped jobs overseas, large corporations have for cheap labor. From what I understand, taxing laws are in the works to "discourage" this practice. >>
-------------------------
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SDSportsFan
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Sunday June 20, 2010 7:44 PM (NEW!)
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<< "who make payments to corporations"
Are payments to individuals exempt from this new law? I thought I had read somewhere else that payments to non-corporations might also included in the new law? Is it limited to payments to corporations?
Wondercoin >>
She told what is termed a "half-truth". It is true that the bill requires businesses and individuals who make payments to corporations in the sum of $600 or more, to file a 1099 with the IRS.
What she did NOT say is that the bill also requires businesses and individuals who make payments to individuals in the sum of $600 or more, to file a 1099 with the IRS. This is the piece that the politicos don't want us to know about until it's too late.
Steve
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joecopper
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Sunday June 20, 2010 7:30 PM (NEW!)
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If we vote for these goofballs, we deserve what we get - it is going to be hard for me to vote for any incumbent.
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Smittys
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Sunday June 20, 2010 1:11 PM (NEW!)
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<< Specifically, Section 9006 of the Patient Protection and Affordable Care Act, P.L. 111-148, requires that businesses and individuals who make payments to corporations in the sum of $600 or more file a 1099 with the IRS (instead of just making payments to independent contractors) for every business transaction. As a significant majority of business transactions fall into this range, this requirement is expected to raise tax compliance and reduce the tax gap without raising taxes. This provision will be enacted on January 1, 2012. >>
If I read it right it's payment made to corporations only
Reread it
Reread it
What does it say
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Connecticoin
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Sunday June 20, 2010 10:38 AM (NEW!)
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<<
<< Let's get the VAT tax going and we can get rid of all this BS 1099 stuff. >>
You must be kidding. We'll just wind up with both taxes. >>
Exactly.
-------------------------
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InYHWHWeTrust
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I'm OK with you posting this here. Thanks for taking time. Like many I thought gloating over 17 billion/10 years was typical insanity of our reps, but RR is prob right, missing a couple of digits (the estimate .... and the honorable congressperson )
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StubbyMcNumbthumbs
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<<
<< Here's a coin!
What date is that? Not a 22-D by any chance? >>
Ding Ding Ding - We have a winner! Just trying to keep coins involved in here somewhere.
Ole' Scarface Abe
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droopyd
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Saturday June 19, 2010 10:06 PM (NEW!)
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<< Here's a coin!
>>
What date is that? Not a 22-D by any chance?
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Coupdescrounge
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And how does this comment relate to coin collecting? Please take your political comments elsewhere. Incidentally, many people, including me, disagree with your viewpoints.
Guess we can see now who voted for this crap, thanks aho
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EagleEye
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I am trying to think what this is reporting is targeting. It is certainly not the collectible/bullion coin businesses, although we are effected. If is renters? Cash businesses, like day-trip fishermen? eBay sellers? I mean, where is the unreported tax revenue expected to be coming from? Certainly if you buy or sell a coin it is not 100% profit. You may not even have a profit to report. Does this mean you have to keep your cost basis on your bullion coins? Perhaps there can be made an exemption for collectibles/bullion businesses.
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PerryHall
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Saturday June 19, 2010 2:08 PM (NEW!)
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<< Let's get the VAT tax going and we can get rid of all this BS 1099 stuff. >>
You must be kidding. We'll just wind up with both taxes.
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Steve
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Saturday June 19, 2010 1:51 PM (NEW!)
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Let's get the VAT tax going and we can get rid of all this BS 1099 stuff.
-------------------------
Proud owner of all 90 Major Lincoln PROOF Wheat & Memorial cents, 44 Lincoln CIRCULATION STRIKE Wheat & Memorial cents and 16 Lincoln Satin Finish Mint Set Memorial cents in the Set Registries
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truthteller
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<<
<< One question I have is: What the heck is this doing in a "Healthcare Bill"? >>
It was one of the ways to raise revenue to make the health care bill look revenue neutral, or even appear to be saving money. >>
<<
<< One question I have is: What the heck is this doing in a "Healthcare Bill"? >>
It was one of the ways to raise revenue to make the health care bill look revenue neutral, or even appear to be saving money. >>
Good Lord, this is nonsense. This 1099 legislation has nothing to do with the healthcare bill. It was one of numerous attachments or riders that are added to any major bill by legislators, much like the Alaska bridge to nowhere. Usually, something this small and innocuous would never pass as a single item.
TRUTH
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19Lyds
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<<
<< One question I have is: What the heck is this doing in a "Healthcare Bill"? >>
This is how all BS laws pass! That's why the bills have 2000 pages because no one will find them or take/have enough time to look.
Once a bill/law passes it's rarely if ever repealed.
When they ship all our jobs overseas, why would anything surprise you??? >>
Actually, this is why some of these bills take sooo long to pass (sifting through thousands of pages to understand what's being voted on) and it's not the US Government that shipped jobs overseas, large corporations have for cheap labor. From what I understand, taxing laws are in the works to "discourage" this practice.
-------------------------
Lee
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Kablemodem
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Saturday June 19, 2010 12:22 PM (NEW!)
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<< One question I have is: What the heck is this doing in a "Healthcare Bill"? >>
It was one of the ways to raise revenue to make the health care bill look revenue neutral, or even appear to be saving money.
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MrOrganic
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Saturday June 19, 2010 11:54 AM (NEW!)
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<< Thank you for contacting me regarding 1099 information reporting. I appreciate hearing from you, and I welcome the opportunity to respond.
The Internal Revenue Service (IRS) estimates that the tax gap in 2001 (the difference between how much taxpayers owed and how much they paid) was $345 billion. With budget deficits over a trillion dollars, closing this gap would help reduce our deficits. One such measure, a provision that would expand 1099 reporting, was included in the health reform legislation that was recently signed into law.
Specifically, Section 9006 of the Patient Protection and Affordable Care Act, P.L. 111-148, requires that businesses and individuals who make payments to corporations in the sum of $600 or more file a 1099 with the IRS (instead of just making payments to independent contractors) for every business transaction. As a significant majority of business transactions fall into this range, this requirement is expected to raise tax compliance and reduce the tax gap without raising taxes. This provision will be enacted on January 1, 2012.
I understand that some have concerns about having to fill out additonal paperwork from the IRS. However, in these fiscally challenging times, most Americans would prefer that we collect taxes that are already owed, rather than impose new ones. This reporting requirement is projected to bring in $17 billion over ten years - without raising anyone's taxes.
Of course, we will need to do much more to balance the budget. I have been fighting to enact discretionary spending caps, to install Pay-As-You-Go rules that require new tax cuts and spending to be deficit neutral, and to establish a fiscal commission that must submit proposals that would enable Congress to balance the budget. Additionally, I am one of six Senators who do not request "earmarks" (funding for pet projects selected by legislators), and I have consistently voted to strip earmarks from spending bills.
Again, thank you for contacting me. Please do not hesitate to contact me in the future if I can be of further assistance to you on this or any other issue. >>
so cut politicians pay & expense accts. All those lobbyist gifts/hookers/parties should make up in loss wages
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Coinsponge
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[And how does this comment relate to coin collecting?
Unfortunately, many of the actions of our leaders do impact life in such a way that it does impact coin collecting. Sometimes it is direct when they pass coinage laws or bullion ralated laws and action. Sometimes it is indirect, such as tax laws which can affect our spending decisions overall. It would be nice if PCGS would create another board for discussing governmental issues as it ralates to coin collecting so these issues can be discussed freely as long as it was kept civil.
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TwoSides2aCoin
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Saturday June 19, 2010 9:32 AM (NEW!)
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...and ___ knows, I was skirtin' da edge.
-------------------------
do your best
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tincup
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Saturday June 19, 2010 9:30 AM (NEW!)
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<<
<<
<< However, in these fiscally challenging times, most Americans would prefer that we collect taxes that are already owed, rather than impose new ones. >>
If this turkey voted for the healthcare bill, then how can he/she say that with a straight face, after imposing $1 trillion in new taxes on Americans for a massive government takeover of the private sector? >>
And how does this comment relate to coin collecting? Please take your political comments elsewhere. Incidentally, many people, including me, disagree with your viewpoints. >>
It has everything to do with coins. You purchase coins, don't you? So every time you purchase a coin or any bullion that hits the $600 mark, it is up to YOU as the purchaser to determine if who you purchased the item from is incorporated, and if so, it is up to YOU as the purchaser to fill out the form (probably gets included in your income tax report?). If this does not bother you, then never mind...
And it applies with everything you purchase. Have fun the next time you buy a new flat screen TV..... or riding lawn mower.... or refrigerator...... or one ounce of gold.....
You have the right to your own opinion, of course. Just like all of the rest of us also. But the government is already too intrusive into our everyday lives (IMO) and this will just add to the intrusiveness.
-------------------------
----- kj
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BAJJERFAN
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Saturday June 19, 2010 9:22 AM (NEW!)
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<< One question I have is: What the heck is this doing in a "Healthcare Bill"? >>
Isn't that commonly referred to as a "rider"?
-------------------------
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TwoSides2aCoin
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Saturday June 19, 2010 9:19 AM (NEW!)
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reverse
-------------------------
do your best
Edited: Saturday June 19, 2010 at 9:30 AM by TwoSides2aCoin
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StubbyMcNumbthumbs
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Here's a coin!
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StubbyMcNumbthumbs
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Saturday June 19, 2010 9:09 AM (NEW!)
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<<
<< One question I have is: What the heck is this doing in a "Healthcare Bill"? >>
This is how all BS laws pass! That's why the bills have 2000 pages because no one will find them or take/have enough time to look.
Once a bill/law passes it's rarely if ever repealed.
When they ship all our jobs overseas, why would anything surprise you??? >>
It was more of a rhetorical question, I suppose. I know all too well how these one-liners get sandwiched in between totally unrelated paragraphs in a bill (i.e. small changes to gun laws, tax law, immigration, etc). Usually, (99% of the time?) it's because these would never pass muster in a stand-alone bill. I think this was more of a "Here's our chance to change every aspect of government to something closer to what we want and we'll call it "HEALTHCARE...something" to make it easier to get passed, and if that doesn't work, we'll shove it in anyway, legally or not".
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johnny9434
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the governments getting pretty desparate
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gsa1fan
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Saturday June 19, 2010 7:03 AM (NEW!)
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<< One question I have is: What the heck is this doing in a "Healthcare Bill"? >>
This is how all BS laws pass! That's why the bills have 2000 pages because no one will find them or take/have enough time to look.
Once a bill/law passes it's rarely if ever repealed.
When they ship all our jobs overseas, why would anything surprise you???
-------------------------
Avid collector of Carson City GSA's. Bullion ~ Gold & Silver also. I am a ANA member and suggest every one join. Peace, Tim
Edited: Saturday June 19, 2010 at 7:06 AM by gsa1fan
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Connecticoin
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<<
<<
<< However, in these fiscally challenging times, most Americans would prefer that we collect taxes that are already owed, rather than impose new ones. >>
If this turkey voted for the healthcare bill, then how can he/she say that with a straight face, after imposing $1 trillion in new taxes on Americans for a massive government takeover of the private sector? >>
And how does this comment relate to coin collecting? Please take your political comments elsewhere. Incidentally, many people, including me, disagree with your viewpoints. >>
Hey, it's kind of like being related to Kevin Bacon -- one thing relates to another, then another, etc.
-------------------------
BST Coins For Sale
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TwoSides2aCoin
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obverse
-------------------------
do your best
Edited: Saturday June 19, 2010 at 9:30 AM by TwoSides2aCoin
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StubbyMcNumbthumbs
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One question I have is: What the heck is this doing in a "Healthcare Bill"?
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pennyannie
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They will spend more on new hires than they will collect. I can just imagine trying to get ahold of a live person at the tax office in 2012
-------------------------
Mark
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working on proof shield nickels # 8 with a bullet!!!!
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CaptHenway
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<< I'd write him back and suggest Washington focus on enforcing the tax laws they already have. More laws are not the answer. Better enforcement of existing laws is a good start. >>
Just to play devil's advocate, one could argue that what the government is doing IS an attempt to enforce the tax laws they already have.
That does not mean that I agree with it, just that there is some method to their madness.
-------------------------
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WillieBoyd2
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It's a form letter probably used by all senators who get this question.
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BillJones
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Friday June 18, 2010 10:31 PM (NEW!)
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The trouble with these guys in Congress is the more money you send them, the more money they will spend. They will NOT use the additional revenue to lower the budget deficits.
Many years ago when I was an accounting major in undergraduate school, I took the Federal Income Tax course from a professor who had been a regional IRS administrator. One day he told us (in so many words), “The enforcement of the tax laws is intended to encourage BASIC compliance with the tax laws. It has never been intended to be perfect.”
Now the Federal Government has over spent itself into such a hole that it is grabbing at straws. Now the government is looking to micro manage the tax code to the extent which is not marginally efficient when it comes to revenue collection. Cutting the reporting requirements down to $600 transactions is lunacy. I don’t care if you have computers to process this avalanche of data. Would it make sense to track down someone who does not report $600, especially when that is GROSS REVENUE and not GROSS MARGIN (Gross margin = selling price - the cost of the item)?
The young squirts who now writing our Congressional bills, which most Congress people don’t bother to read before they vote on them, are looking for every ounce of revenue that they can get. They have no appreciation for what this does to the private sector because they have never worked in the private sector and are looking forward to government jobs or lobbying positions for the rest of their lives. They don’t realize or care about what compliance with this bill will do to the private sector.
-------------------------
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals.
Edited: Friday June 18, 2010 at 10:36 PM by BillJones
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roadrunner
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This reporting requirement is projected to bring in $17 billion over ten years -
Outstanding. That will fund about 4-5 days of our current budget deficit. 10 yrs of headaches for one week of deficit spending. J6P cannot even do his taxes without turbo tax. Do you think he's going to report all 1099 purchases of >$600.
Any chance that your representative left off a couple of digits? That $1.7 BILL/yr figure seems absurdly low. That's $170 per taxpayer per year assuming 10 MILL taxpayers are affected and file 1099's. The IRS will have to raise their payroll by more than $1.7 BILL per year just to handle all the new paperwork.
roadrunner
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Edited: Friday June 18, 2010 at 10:23 PM by roadrunner
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wondercoin
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"who make payments to corporations"
Are payments to individuals exempt from this new law? I thought I had read somewhere else that payments to non-corporations might also included in the new law? Is it limited to payments to corporations?
Wondercoin
-------------------------
Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
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droopyd
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<< Better enforcement of existing laws is a good start. >>
This is an existing law that people re required to report and pay taxes on all sources of income. The new 1099 requirements are the means for better enforcement of the existing law.
-------------------------
Me at the Springfield coin show:
45 years into this hobby and I'm still working on my Lincoln set!
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PLE
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Friday June 18, 2010 9:44 PM (NEW!)
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<<
<< However, in these fiscally challenging times, most Americans would prefer that we collect taxes that are already owed, rather than impose new ones. >>
If this turkey voted for the healthcare bill, then how can he/she say that with a straight face, after imposing $1 trillion in new taxes on Americans for a massive government takeover of the private sector? >>
And how does this comment relate to coin collecting? Please take your political comments elsewhere. Incidentally, many people, including me, disagree with your viewpoints.
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Aegis3
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Post erased before posting. On second thought, I don't want to generate more heat in this thread. Let us all breathe and think first before reflexively posting to an obvious political thread. And pause a second time before you hit that "Reply to Thread" button.
-------------------------
--
Ed. S.
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jmski52
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tim, turn on your pm function. It seems that she is my Senator too. Not really "my" Senator, but from my state.
-------------------------
I knew it would happen.
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timcoin
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It is pitiful indeed, but she is just tickled pink about all of this. People need to understand that these politicians could care a less about anyone having to do more work and waste their time, especially companies, just as long as they themselves get more of our money to spend. They love it! Her name is Claire McCaskill, she hails from the great State of Missouri, and she is safe until 2012.
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Connecticoin
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<< However, in these fiscally challenging times, most Americans would prefer that we collect taxes that are already owed, rather than impose new ones. >>
If this turkey voted for the healthcare bill, then how can he/she say that with a straight face, after imposing $1 trillion in new taxes on Americans for a massive government takeover of the private sector?
-------------------------
BST Coins For Sale
Edited: Friday June 18, 2010 at 3:55 PM by Connecticoin
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lcoopie
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Please do not post any politician letters for at least
3 hours after meal time and the food has completely exited my
upper digestive tract.
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jmski52
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"but if I really say it, the radio won't play it...............unless I lay it between the lines.............."
-------------------------
I knew it would happen.
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mrearlygold
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Never mind
-------------------------
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
941-629-4765
Edited: Friday June 18, 2010 at 3:50 PM by mrearlygold
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jmski52
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So what he is saying is of the $345 Billion per year underpaid they expect to collect $1.7 billion or increase tax compliance by 0.4% while increasing paper work 10 or 20 times?
Stupid. I think so.
Yes, that seems about right for Congress. They are about 1.7/345 = 0.5% effective in solving most problems in which they come into contact.
Vote that guy out. (or that woman, if the case may be).
-------------------------
I knew it would happen.
Edited: Friday June 18, 2010 at 3:50 PM by jmski52
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mrearlygold
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<< So what he is saying is of the $345 Billion per year underpaid they expect to collect $1.7 billion or increase tax compliance by 0.4% while increasing paper work 10 or 20 times?
Stupid. I think so. >>
Not stupid. Evil. Far from stupid.
-------------------------
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
941-629-4765
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ProofCents
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Friday June 18, 2010 3:44 PM (NEW!)
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So what he is saying is of the $345 Billion per year underpaid they expect to collect $1.7 billion or increase tax compliance by 0.4% while increasing paper work 10 or 20 times?
Stupid. I think so.
-------------------------
Toned To Perfection Showcase
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messydesk
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$17 billion over 10 years? That's it? I wonder how that compares to the cost of compliance over the same time period.
-------------------------
John
Vice President, Society of Silver Dollar Collectors
Contact me for coin imaging
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jmski52
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Of course, we will need to do much more to balance the budget.
Ya think? He's willing to make everyone's life miserable for $17 billion over 10 years, and yet he didn't mention a single thing about cutting government spending. Get rid of him.
-------------------------
I knew it would happen.
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pocketpiececommems
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And who is this Senator?
-------------------------
Pocketpiececommemoratives
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derryb
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I'd write him back and suggest Washington focus on enforcing the tax laws they already have. More laws are not the answer. Better enforcement of existing laws is a good start.
-------------------------
When you put clowns in charge, don't be surprised when a circus breaks out.
BST success with 7over8, nederveit, fivecents, mikesCoins, Epoch
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MadMarty
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-------------------------
It is not exactly cheating, I prefer to consider it creative problem solving!!!
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timcoin
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Thank you for contacting me regarding 1099 information reporting. I appreciate hearing from you, and I welcome the opportunity to respond.
The Internal Revenue Service (IRS) estimates that the tax gap in 2001 (the difference between how much taxpayers owed and how much they paid) was $345 billion. With budget deficits over a trillion dollars, closing this gap would help reduce our deficits. One such measure, a provision that would expand 1099 reporting, was included in the health reform legislation that was recently signed into law.
Specifically, Section 9006 of the Patient Protection and Affordable Care Act, P.L. 111-148, requires that businesses and individuals who make payments to corporations in the sum of $600 or more file a 1099 with the IRS (instead of just making payments to independent contractors) for every business transaction. As a significant majority of business transactions fall into this range, this requirement is expected to raise tax compliance and reduce the tax gap without raising taxes. This provision will be enacted on January 1, 2012.
I understand that some have concerns about having to fill out additonal paperwork from the IRS. However, in these fiscally challenging times, most Americans would prefer that we collect taxes that are already owed, rather than impose new ones. This reporting requirement is projected to bring in $17 billion over ten years - without raising anyone's taxes.
Of course, we will need to do much more to balance the budget. I have been fighting to enact discretionary spending caps, to install Pay-As-You-Go rules that require new tax cuts and spending to be deficit neutral, and to establish a fiscal commission that must submit proposals that would enable Congress to balance the budget. Additionally, I am one of six Senators who do not request "earmarks" (funding for pet projects selected by legislators), and I have consistently voted to strip earmarks from spending bills.
Again, thank you for contacting me. Please do not hesitate to contact me in the future if I can be of further assistance to you on this or any other issue.
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Elcontador
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They don't have the resources to enforce this new requirement. As it is, how many of you send a 1099 to your gardener, if you pay him over $600 in the year? After all, this is the law, and has been the law for many years.
Esto es lleno de mas cagado que palo en gallinero.
-------------------------
"Vou invadir o Nordeste,
"Seu cabra da peste,
"Sou Mangueira......."
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ebaytrader
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<<
Actually, this is why some of these bills take sooo long to pass (sifting through thousands of pages to understand what's being voted on) and it's not the US Government that shipped jobs overseas, large corporations have for cheap labor. From what I understand, taxing laws are in the works to "discourage" this practice. >>
-------------------------
Open for business and adding items daily.
Neat stuff for sale on eBay.
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SDSportsFan
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Sunday June 20, 2010 7:44 PM (NEW!)
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<< "who make payments to corporations"
Are payments to individuals exempt from this new law? I thought I had read somewhere else that payments to non-corporations might also included in the new law? Is it limited to payments to corporations?
Wondercoin >>
She told what is termed a "half-truth". It is true that the bill requires businesses and individuals who make payments to corporations in the sum of $600 or more, to file a 1099 with the IRS.
What she did NOT say is that the bill also requires businesses and individuals who make payments to individuals in the sum of $600 or more, to file a 1099 with the IRS. This is the piece that the politicos don't want us to know about until it's too late.
Steve
-------------------------
My Get-Up-and-Go done got up and went
If winning isn't important, why keep score?
If at first you don't succeed, redefine success.
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joecopper
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If we vote for these goofballs, we deserve what we get - it is going to be hard for me to vote for any incumbent.
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Smittys
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Sunday June 20, 2010 1:11 PM (NEW!)
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<< Specifically, Section 9006 of the Patient Protection and Affordable Care Act, P.L. 111-148, requires that businesses and individuals who make payments to corporations in the sum of $600 or more file a 1099 with the IRS (instead of just making payments to independent contractors) for every business transaction. As a significant majority of business transactions fall into this range, this requirement is expected to raise tax compliance and reduce the tax gap without raising taxes. This provision will be enacted on January 1, 2012. >>
If I read it right it's payment made to corporations only
Reread it
Reread it
What does it say
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Connecticoin
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<<
<< Let's get the VAT tax going and we can get rid of all this BS 1099 stuff. >>
You must be kidding. We'll just wind up with both taxes. >>
Exactly.
-------------------------
BST Coins For Sale
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InYHWHWeTrust
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I'm OK with you posting this here. Thanks for taking time. Like many I thought gloating over 17 billion/10 years was typical insanity of our reps, but RR is prob right, missing a couple of digits (the estimate .... and the honorable congressperson )
-------------------------
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StubbyMcNumbthumbs
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<<
<< Here's a coin!
What date is that? Not a 22-D by any chance? >>
Ding Ding Ding - We have a winner! Just trying to keep coins involved in here somewhere.
Ole' Scarface Abe
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droopyd
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<< Here's a coin!
>>
What date is that? Not a 22-D by any chance?
-------------------------
Me at the Springfield coin show:
45 years into this hobby and I'm still working on my Lincoln set!
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Coupdescrounge
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And how does this comment relate to coin collecting? Please take your political comments elsewhere. Incidentally, many people, including me, disagree with your viewpoints.
Guess we can see now who voted for this crap, thanks aho
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EagleEye
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I am trying to think what this is reporting is targeting. It is certainly not the collectible/bullion coin businesses, although we are effected. If is renters? Cash businesses, like day-trip fishermen? eBay sellers? I mean, where is the unreported tax revenue expected to be coming from? Certainly if you buy or sell a coin it is not 100% profit. You may not even have a profit to report. Does this mean you have to keep your cost basis on your bullion coins? Perhaps there can be made an exemption for collectibles/bullion businesses.
-------------------------
Rick Snow, Eagle Eye Rare Coins, Inc.
Check out our new website - www.indiancent.com.
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PerryHall
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<< Let's get the VAT tax going and we can get rid of all this BS 1099 stuff. >>
You must be kidding. We'll just wind up with both taxes.
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Steve
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Let's get the VAT tax going and we can get rid of all this BS 1099 stuff.
-------------------------
Proud owner of all 90 Major Lincoln PROOF Wheat & Memorial cents, 44 Lincoln CIRCULATION STRIKE Wheat & Memorial cents and 16 Lincoln Satin Finish Mint Set Memorial cents in the Set Registries
My Complete PROOF Lincoln Cent with Major Varieties (1909-2009) Set Registry
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truthteller
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Saturday June 19, 2010 1:04 PM (NEW!)
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<<
<< One question I have is: What the heck is this doing in a "Healthcare Bill"? >>
It was one of the ways to raise revenue to make the health care bill look revenue neutral, or even appear to be saving money. >>
<<
<< One question I have is: What the heck is this doing in a "Healthcare Bill"? >>
It was one of the ways to raise revenue to make the health care bill look revenue neutral, or even appear to be saving money. >>
Good Lord, this is nonsense. This 1099 legislation has nothing to do with the healthcare bill. It was one of numerous attachments or riders that are added to any major bill by legislators, much like the Alaska bridge to nowhere. Usually, something this small and innocuous would never pass as a single item.
TRUTH
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19Lyds
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<<
<< One question I have is: What the heck is this doing in a "Healthcare Bill"? >>
This is how all BS laws pass! That's why the bills have 2000 pages because no one will find them or take/have enough time to look.
Once a bill/law passes it's rarely if ever repealed.
When they ship all our jobs overseas, why would anything surprise you??? >>
Actually, this is why some of these bills take sooo long to pass (sifting through thousands of pages to understand what's being voted on) and it's not the US Government that shipped jobs overseas, large corporations have for cheap labor. From what I understand, taxing laws are in the works to "discourage" this practice.
-------------------------
Lee
I cannot and will not be held responsible for my typing errors as it appears that there is a bug in the keyboard!
........I've tried on numberous occasions to fix the problme but it just keeps coming back agin and again! -L. Lydston 2008
Snakeskin Proofs™ - You heard it here first Folks!
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Kablemodem
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Saturday June 19, 2010 12:22 PM (NEW!)
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<< One question I have is: What the heck is this doing in a "Healthcare Bill"? >>
It was one of the ways to raise revenue to make the health care bill look revenue neutral, or even appear to be saving money.
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MrOrganic
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Saturday June 19, 2010 11:54 AM (NEW!)
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<< Thank you for contacting me regarding 1099 information reporting. I appreciate hearing from you, and I welcome the opportunity to respond.
The Internal Revenue Service (IRS) estimates that the tax gap in 2001 (the difference between how much taxpayers owed and how much they paid) was $345 billion. With budget deficits over a trillion dollars, closing this gap would help reduce our deficits. One such measure, a provision that would expand 1099 reporting, was included in the health reform legislation that was recently signed into law.
Specifically, Section 9006 of the Patient Protection and Affordable Care Act, P.L. 111-148, requires that businesses and individuals who make payments to corporations in the sum of $600 or more file a 1099 with the IRS (instead of just making payments to independent contractors) for every business transaction. As a significant majority of business transactions fall into this range, this requirement is expected to raise tax compliance and reduce the tax gap without raising taxes. This provision will be enacted on January 1, 2012.
I understand that some have concerns about having to fill out additonal paperwork from the IRS. However, in these fiscally challenging times, most Americans would prefer that we collect taxes that are already owed, rather than impose new ones. This reporting requirement is projected to bring in $17 billion over ten years - without raising anyone's taxes.
Of course, we will need to do much more to balance the budget. I have been fighting to enact discretionary spending caps, to install Pay-As-You-Go rules that require new tax cuts and spending to be deficit neutral, and to establish a fiscal commission that must submit proposals that would enable Congress to balance the budget. Additionally, I am one of six Senators who do not request "earmarks" (funding for pet projects selected by legislators), and I have consistently voted to strip earmarks from spending bills.
Again, thank you for contacting me. Please do not hesitate to contact me in the future if I can be of further assistance to you on this or any other issue. >>
so cut politicians pay & expense accts. All those lobbyist gifts/hookers/parties should make up in loss wages
-------------------------
VISIT OUR BOOTH:
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Coinsponge
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[And how does this comment relate to coin collecting?
Unfortunately, many of the actions of our leaders do impact life in such a way that it does impact coin collecting. Sometimes it is direct when they pass coinage laws or bullion ralated laws and action. Sometimes it is indirect, such as tax laws which can affect our spending decisions overall. It would be nice if PCGS would create another board for discussing governmental issues as it ralates to coin collecting so these issues can be discussed freely as long as it was kept civil.
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TwoSides2aCoin
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...and ___ knows, I was skirtin' da edge.
-------------------------
do your best
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tincup
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Saturday June 19, 2010 9:30 AM (NEW!)
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<<
<<
<< However, in these fiscally challenging times, most Americans would prefer that we collect taxes that are already owed, rather than impose new ones. >>
If this turkey voted for the healthcare bill, then how can he/she say that with a straight face, after imposing $1 trillion in new taxes on Americans for a massive government takeover of the private sector? >>
And how does this comment relate to coin collecting? Please take your political comments elsewhere. Incidentally, many people, including me, disagree with your viewpoints. >>
It has everything to do with coins. You purchase coins, don't you? So every time you purchase a coin or any bullion that hits the $600 mark, it is up to YOU as the purchaser to determine if who you purchased the item from is incorporated, and if so, it is up to YOU as the purchaser to fill out the form (probably gets included in your income tax report?). If this does not bother you, then never mind...
And it applies with everything you purchase. Have fun the next time you buy a new flat screen TV..... or riding lawn mower.... or refrigerator...... or one ounce of gold.....
You have the right to your own opinion, of course. Just like all of the rest of us also. But the government is already too intrusive into our everyday lives (IMO) and this will just add to the intrusiveness.
-------------------------
----- kj
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BAJJERFAN
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Saturday June 19, 2010 9:22 AM (NEW!)
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<< One question I have is: What the heck is this doing in a "Healthcare Bill"? >>
Isn't that commonly referred to as a "rider"?
-------------------------
PLASTIC!! It adds a "little" and forgives a "lot". Things are more like they are now than they have ever been: Gerald Ford.
MY MORGAN REGISTRY SET
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TwoSides2aCoin
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reverse
-------------------------
do your best
Edited: Saturday June 19, 2010 at 9:30 AM by TwoSides2aCoin
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StubbyMcNumbthumbs
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Here's a coin!
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StubbyMcNumbthumbs
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Saturday June 19, 2010 9:09 AM (NEW!)
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<<
<< One question I have is: What the heck is this doing in a "Healthcare Bill"? >>
This is how all BS laws pass! That's why the bills have 2000 pages because no one will find them or take/have enough time to look.
Once a bill/law passes it's rarely if ever repealed.
When they ship all our jobs overseas, why would anything surprise you??? >>
It was more of a rhetorical question, I suppose. I know all too well how these one-liners get sandwiched in between totally unrelated paragraphs in a bill (i.e. small changes to gun laws, tax law, immigration, etc). Usually, (99% of the time?) it's because these would never pass muster in a stand-alone bill. I think this was more of a "Here's our chance to change every aspect of government to something closer to what we want and we'll call it "HEALTHCARE...something" to make it easier to get passed, and if that doesn't work, we'll shove it in anyway, legally or not".
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johnny9434
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the governments getting pretty desparate
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gsa1fan
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Saturday June 19, 2010 7:03 AM (NEW!)
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<< One question I have is: What the heck is this doing in a "Healthcare Bill"? >>
This is how all BS laws pass! That's why the bills have 2000 pages because no one will find them or take/have enough time to look.
Once a bill/law passes it's rarely if ever repealed.
When they ship all our jobs overseas, why would anything surprise you???
-------------------------
Avid collector of Carson City GSA's. Bullion ~ Gold & Silver also. I am a ANA member and suggest every one join. Peace, Tim
Edited: Saturday June 19, 2010 at 7:06 AM by gsa1fan
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Connecticoin
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<<
<<
<< However, in these fiscally challenging times, most Americans would prefer that we collect taxes that are already owed, rather than impose new ones. >>
If this turkey voted for the healthcare bill, then how can he/she say that with a straight face, after imposing $1 trillion in new taxes on Americans for a massive government takeover of the private sector? >>
And how does this comment relate to coin collecting? Please take your political comments elsewhere. Incidentally, many people, including me, disagree with your viewpoints. >>
Hey, it's kind of like being related to Kevin Bacon -- one thing relates to another, then another, etc.
-------------------------
BST Coins For Sale
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TwoSides2aCoin
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obverse
-------------------------
do your best
Edited: Saturday June 19, 2010 at 9:30 AM by TwoSides2aCoin
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StubbyMcNumbthumbs
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One question I have is: What the heck is this doing in a "Healthcare Bill"?
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pennyannie
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They will spend more on new hires than they will collect. I can just imagine trying to get ahold of a live person at the tax office in 2012
-------------------------
Mark
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
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CaptHenway
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<< I'd write him back and suggest Washington focus on enforcing the tax laws they already have. More laws are not the answer. Better enforcement of existing laws is a good start. >>
Just to play devil's advocate, one could argue that what the government is doing IS an attempt to enforce the tax laws they already have.
That does not mean that I agree with it, just that there is some method to their madness.
-------------------------
THE STANLEY CUP CHAMPION CHICAGO BLACKHAWKS!!!!!!!!!!!!!
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WillieBoyd2
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Friday June 18, 2010 10:46 PM (NEW!)
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It's a form letter probably used by all senators who get this question.
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BillJones
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Friday June 18, 2010 10:31 PM (NEW!)
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The trouble with these guys in Congress is the more money you send them, the more money they will spend. They will NOT use the additional revenue to lower the budget deficits.
Many years ago when I was an accounting major in undergraduate school, I took the Federal Income Tax course from a professor who had been a regional IRS administrator. One day he told us (in so many words), “The enforcement of the tax laws is intended to encourage BASIC compliance with the tax laws. It has never been intended to be perfect.”
Now the Federal Government has over spent itself into such a hole that it is grabbing at straws. Now the government is looking to micro manage the tax code to the extent which is not marginally efficient when it comes to revenue collection. Cutting the reporting requirements down to $600 transactions is lunacy. I don’t care if you have computers to process this avalanche of data. Would it make sense to track down someone who does not report $600, especially when that is GROSS REVENUE and not GROSS MARGIN (Gross margin = selling price - the cost of the item)?
The young squirts who now writing our Congressional bills, which most Congress people don’t bother to read before they vote on them, are looking for every ounce of revenue that they can get. They have no appreciation for what this does to the private sector because they have never worked in the private sector and are looking forward to government jobs or lobbying positions for the rest of their lives. They don’t realize or care about what compliance with this bill will do to the private sector.
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Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals.
Edited: Friday June 18, 2010 at 10:36 PM by BillJones
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roadrunner
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Friday June 18, 2010 10:15 PM (NEW!)
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This reporting requirement is projected to bring in $17 billion over ten years -
Outstanding. That will fund about 4-5 days of our current budget deficit. 10 yrs of headaches for one week of deficit spending. J6P cannot even do his taxes without turbo tax. Do you think he's going to report all 1099 purchases of >$600.
Any chance that your representative left off a couple of digits? That $1.7 BILL/yr figure seems absurdly low. That's $170 per taxpayer per year assuming 10 MILL taxpayers are affected and file 1099's. The IRS will have to raise their payroll by more than $1.7 BILL per year just to handle all the new paperwork.
roadrunner
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Edited: Friday June 18, 2010 at 10:23 PM by roadrunner
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wondercoin
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Friday June 18, 2010 10:08 PM (NEW!)
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"who make payments to corporations"
Are payments to individuals exempt from this new law? I thought I had read somewhere else that payments to non-corporations might also included in the new law? Is it limited to payments to corporations?
Wondercoin
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droopyd
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Friday June 18, 2010 10:02 PM (NEW!)
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<< Better enforcement of existing laws is a good start. >>
This is an existing law that people re required to report and pay taxes on all sources of income. The new 1099 requirements are the means for better enforcement of the existing law.
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PLE
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Friday June 18, 2010 9:44 PM (NEW!)
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<<
<< However, in these fiscally challenging times, most Americans would prefer that we collect taxes that are already owed, rather than impose new ones. >>
If this turkey voted for the healthcare bill, then how can he/she say that with a straight face, after imposing $1 trillion in new taxes on Americans for a massive government takeover of the private sector? >>
And how does this comment relate to coin collecting? Please take your political comments elsewhere. Incidentally, many people, including me, disagree with your viewpoints.
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Aegis3
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Friday June 18, 2010 8:50 PM (NEW!)
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Post erased before posting. On second thought, I don't want to generate more heat in this thread. Let us all breathe and think first before reflexively posting to an obvious political thread. And pause a second time before you hit that "Reply to Thread" button.
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Ed. S.
(EJS)
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jmski52
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Friday June 18, 2010 4:29 PM (NEW!)
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tim, turn on your pm function. It seems that she is my Senator too. Not really "my" Senator, but from my state.
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I knew it would happen.
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timcoin
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Friday June 18, 2010 4:06 PM (NEW!)
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It is pitiful indeed, but she is just tickled pink about all of this. People need to understand that these politicians could care a less about anyone having to do more work and waste their time, especially companies, just as long as they themselves get more of our money to spend. They love it! Her name is Claire McCaskill, she hails from the great State of Missouri, and she is safe until 2012.
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Connecticoin
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Friday June 18, 2010 3:54 PM (NEW!)
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<< However, in these fiscally challenging times, most Americans would prefer that we collect taxes that are already owed, rather than impose new ones. >>
If this turkey voted for the healthcare bill, then how can he/she say that with a straight face, after imposing $1 trillion in new taxes on Americans for a massive government takeover of the private sector?
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BST Coins For Sale
Edited: Friday June 18, 2010 at 3:55 PM by Connecticoin
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lcoopie
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Friday June 18, 2010 3:54 PM (NEW!)
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Please do not post any politician letters for at least
3 hours after meal time and the food has completely exited my
upper digestive tract.
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jmski52
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Friday June 18, 2010 3:51 PM (NEW!)
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"but if I really say it, the radio won't play it...............unless I lay it between the lines.............."
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I knew it would happen.
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mrearlygold
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Friday June 18, 2010 3:49 PM (NEW!)
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Never mind
-------------------------
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
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Edited: Friday June 18, 2010 at 3:50 PM by mrearlygold
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jmski52
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Friday June 18, 2010 3:49 PM (NEW!)
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So what he is saying is of the $345 Billion per year underpaid they expect to collect $1.7 billion or increase tax compliance by 0.4% while increasing paper work 10 or 20 times?
Stupid. I think so.
Yes, that seems about right for Congress. They are about 1.7/345 = 0.5% effective in solving most problems in which they come into contact.
Vote that guy out. (or that woman, if the case may be).
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I knew it would happen.
Edited: Friday June 18, 2010 at 3:50 PM by jmski52
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mrearlygold
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Friday June 18, 2010 3:48 PM (NEW!)
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<< So what he is saying is of the $345 Billion per year underpaid they expect to collect $1.7 billion or increase tax compliance by 0.4% while increasing paper work 10 or 20 times?
Stupid. I think so. >>
Not stupid. Evil. Far from stupid.
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Coin's for sale/trade.
Tom Pilitowski
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ProofCents
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Friday June 18, 2010 3:44 PM (NEW!)
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So what he is saying is of the $345 Billion per year underpaid they expect to collect $1.7 billion or increase tax compliance by 0.4% while increasing paper work 10 or 20 times?
Stupid. I think so.
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messydesk
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Friday June 18, 2010 3:29 PM (NEW!)
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$17 billion over 10 years? That's it? I wonder how that compares to the cost of compliance over the same time period.
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John
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jmski52
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Friday June 18, 2010 3:29 PM (NEW!)
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Of course, we will need to do much more to balance the budget.
Ya think? He's willing to make everyone's life miserable for $17 billion over 10 years, and yet he didn't mention a single thing about cutting government spending. Get rid of him.
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I knew it would happen.
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pocketpiececommems
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Friday June 18, 2010 3:28 PM (NEW!)
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And who is this Senator?
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derryb
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Friday June 18, 2010 3:26 PM (NEW!)
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I'd write him back and suggest Washington focus on enforcing the tax laws they already have. More laws are not the answer. Better enforcement of existing laws is a good start.
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When you put clowns in charge, don't be surprised when a circus breaks out.
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MadMarty
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Friday June 18, 2010 3:26 PM (NEW!)
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It is not exactly cheating, I prefer to consider it creative problem solving!!!
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timcoin
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Friday June 18, 2010 3:20 PM (NEW!)
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Thank you for contacting me regarding 1099 information reporting. I appreciate hearing from you, and I welcome the opportunity to respond.
The Internal Revenue Service (IRS) estimates that the tax gap in 2001 (the difference between how much taxpayers owed and how much they paid) was $345 billion. With budget deficits over a trillion dollars, closing this gap would help reduce our deficits. One such measure, a provision that would expand 1099 reporting, was included in the health reform legislation that was recently signed into law.
Specifically, Section 9006 of the Patient Protection and Affordable Care Act, P.L. 111-148, requires that businesses and individuals who make payments to corporations in the sum of $600 or more file a 1099 with the IRS (instead of just making payments to independent contractors) for every business transaction. As a significant majority of business transactions fall into this range, this requirement is expected to raise tax compliance and reduce the tax gap without raising taxes. This provision will be enacted on January 1, 2012.
I understand that some have concerns about having to fill out additonal paperwork from the IRS. However, in these fiscally challenging times, most Americans would prefer that we collect taxes that are already owed, rather than impose new ones. This reporting requirement is projected to bring in $17 billion over ten years - without raising anyone's taxes.
Of course, we will need to do much more to balance the budget. I have been fighting to enact discretionary spending caps, to install Pay-As-You-Go rules that require new tax cuts and spending to be deficit neutral, and to establish a fiscal commission that must submit proposals that would enable Congress to balance the budget. Additionally, I am one of six Senators who do not request "earmarks" (funding for pet projects selected by legislators), and I have consistently voted to strip earmarks from spending bills.
Again, thank you for contacting me. Please do not hesitate to contact me in the future if I can be of further assistance to you on this or any other issue.
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