Thursday, July 22, 2010

Gold is kind of like health care

Gracious. The hits just keep on coming. Yet another installment for our running archive Nancy's Nuances: a journey of discovery.... things we're finding out about ObamaCare after the legislation has passed.

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.

And some perspective from the small business angle:

Pat Heller, who owns Liberty Coin Service in Lansing, Mich., deals with around 1,000 customers every week. Many are individuals looking to protect wealth in an uncertain economy, he said, while others are dealers like him.

With spot market prices for gold at nearly $1,200 an ounce, Heller estimates that he'll be filling out between 10,000 and 20,000 tax forms per year after the new law takes effect.

"I'll have to hire two full-time people just to track all this stuff, which cuts into my profitability," he said.

No one gives a damn about your profitability, Mr. Heller. Profits are evil. In fact, why are we fussing around so much about this. If gold is so popular, let's just declare it a right.

Affordable gold for everybody!


K T Cat said...

This makes perfect sense. Gold is a mineral we need in our diet.

Harrison said...

When I read that about how many forms he'll be filling out per year... good god imagine all the jobs that will be created!!!

Dean said...

So that's what the President meant about jobs "created or saved".