Finally, Success!

Discussion in 'Money, Investing & Precious Metals' started by IrritatedWithUS, Jun 19, 2011.

  1. IrritatedWithUS

    IrritatedWithUS Well-Known Member

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    Precious metals investors can breathe a collective sigh of relief now that the 1099 repeal has been signed into law.

    The controversial Form 1099 tax reporting requirements that were inserted into last year’s 2,400-page healthcare legislation have been described by critics as intrusive, burdensome to businesses and simply un-American.

    Enacted as part of the Patient Protection and Affordable Care Act, the Form 1099 tax reporting requirements would have forced all businesses, including precious metals dealers, to issue a Form 1099 for all business transactions of $600 or greater in total.

    This small provision has drawn heated protests from gold and silver investors who have been rightfully concerned that the privacy of the American people would be compromised when conducting their own private transactions involving gold and silver with precious metal dealers.

    The law would have compelled precious metals dealers to collect personal data on any individual who sold as little as a single ounce of gold and report that information to the IRS. The amount of paperwork required by this legislation would have been crippling. It is estimated that literally hundreds of millions if not billions of additional 1099 reports would need to be filed to the IRS each year.
     
  2. Possumfam

    Possumfam Well-Known Member

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    Thanks for keeping us posted. It's hard to keep up with everything! Great news!
     

  3. lhalfcent

    lhalfcent Supporting Member

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    I can't get over how these corrupt people try to slip in totally unrelated legislation in bills like this!
    I am so glad there are people who know how to search these things and bring them out in public view.