New IRS Rules to Bring in $300 Billion a Year, each $600 Transaction at a Time

Reported in the Activist Post:

New Rules: You And The IRS This January

The new ObamaCare1099 rule for reporting of all cash, credit and check business transactions of $600 or more is scheduled to begin January of 2012.  This is really an extension of the 2008 Housing and Recovery Act IRS rules that start this January when merchant banks and PayPal will report business sales directly to the IRS (the reporting threshold is $20,000 and 200 transactions a year).

These new IRS rules will affect every American:

• Income tax collection could rise as much as $345 billion a year
• Small businesses will be crushed and unemployment will rise
• A cashless economy is further set in motion
• IRS snooping and audits will increase
• Gold can be tracked
• Identity theft is a risk
• Government surveillance will increase

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Reported in GATA:

Senate fails to repeal $600 tax-filing requirement

WASHINGTON — The Senate on Monday rejected an effort to reduce tax-related paperwork for businesses when lawmakers couldn’t agree on whether they would make up the revenue the new requirement was expected to produce.

The filing requirement is part of President Barack Obama’s health care overhaul but not related to health care itself. It is expected to help the government collect an estimated $19 billion in taxes on underreported income over the next decade, and that revenue has been slated to help pay for changes in the health care system.

Under the new law, nearly 40 million U.S. businesses would start filing tax forms in 2012 for every vendor that sells them more than $600 in goods. Many Democrats who supported the filing requirement now acknowledge that it would create a paperwork nightmare, but whether to make up for the lost revenue has divided senators who agree it should be repealed.

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I would like to humbly demand that a rule be established in Congress that each bill contain only germane topics; adding a tax increase to a 2500 page healthcare expropriation and a repeal of it to a food “safety” arrogation.

One topic for each bill which would be short enough and clear enough for every American to understand.

No, forget I suggested that it makes way to much common sense.