The Federal Government is going to track all personal sales of items over $600 in order to make the seller pay income tax on the sale. Problem is that most of the items bought by the seller were originally purchased with “post tax” dollars, making this another example of Federal double taxation.
This new tax proceedure was buried in the thousands of pages of "Patient Protection and Affordable Health Care Act". Obama's lied again. This is a new tax that will affect anyone who sells anything to a business, like a coin dealer or pawn shop. If you have protected your earnings from inflation by purchasing gold or silver coin or bullion, when you convert it into dollars in the future, you will pay income tax a second time on the same dollars. Nice, huh?
ABC News has run a story about this little predicament today, however their spin is that it will only affect the very wealthy or the Tea Party nut jobs.
Since when are you a nut job for wanting to hold on to some of the fruits of your own labors?
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