Wednesday, July 21, 2010

Hey morons, Congress snuck another one by you

Those already outraged by the president's health care legislation now have a new bone of contention -- a scarcely noticed tack-on provision to the law that puts gold coin buyers and sellers under closer government scrutiny.

The issue is rising to the fore just as gold coin dealers are attracting attention over sales tactics.
Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.

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. More here:

Yes, and Congress' approval rating currently stands at 12%.  There are two things about this fact I don't understand:
1 - Why doesn't Congress care?
2 - No, really, why doesn't Congress give one flaming damn?

The answer?  Because voters are idiots, that's why. The figure they keep getting voted back in over and over so, what the heck, keep screwing the pooch.

I have lots of expense categories of stuff for which I pay a combined total of over $600 per year.  I wonder if I'll have to file 1099's on all that stuff. I guess I'll have to research it.

You know what I love -- I LOVE researching tax law for hours and hours and hours.  I have nothing at all better to do.  I guess I could just say the hell with it and pay through the nose for an accountant to figure it out for me -- and then have him/her tell me to do the work of gathering the proper receipts etc.

I mean, it's not as if I spend any time managing taxes now, right?  As it is, it's only one or two hours a week - (unless it's the end of the year, then it's more, much more) that's nothing - it's not as if I have anything better to do than jump through hoops for the government ... you know ... so I can make sure they're only stealing the smallest amount possible from me.

The part that kills me is how Congress really doesn't care about the burden it puts on businesses ... could give a flaming damn ... try making a mistake on your taxes one time and see how compassionate the government is. 

And finally, do they think they're being clever by burying this in a health-care bill?  Why do they do this?  Oh yeah, I forgot, because we're stupid and there will be no consequences whatsoever for their behavior.

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