OT: Obamacare 1099s

Well then, I guess we're back to asking folks to pay cash. :) Maybe this will have the effect of boosting the value of paper currencies.

My bigger concern is what's going to happen to the Capital Gains tax? Any insight there?

It is 'Capital Gains Tax' or 'capital gains taxes'.

Make up your mind. Oh... that's right... you are the only one that gets to go 'round making jabs at folks' spellings, etc.

You're a joke.

Or, more accurately, 'Capitol Gains Tax.'

-- Cheers, James Arthur

Mr. Obama wants to tax capital gains at roughly 30%. What actually happens depends on Congress.

(Said tax would be zero under the Fair Tax, FWIW.)

-- Cheers, James Arthur

,

It's difficult to get a straight answer, but it looks like the current CGT is 20% in the US (through 2010 for they type of gains we're concerned with). Hopefully, the Congress will be so innundated with other concerns that they won't have time to monkey with it this session or next.

If the US can bail out Greece via the IMF, I think they can allow for some home-grown innovation to help restart our economic engine without smothering it to death with taxes!

Didn't Orwell predict ... now I digress :-)

Quote: "Notwithstanding any regulation prescribed by the Secretary before the date of the enactment of this subsection, for purposes of this section the term ?person? includes any corporation that is not an organization exempt from tax under section 501(a)."

So it seems if you don't incorporate you won't have to have to deal with this non-productive paperwork.

I guess the USPS is going to be quite happy about this, tons and tons of letters have to be carried :-)

--
Regards, Joerg

http://www.analogconsultants.com/

"gmail" domain blocked because of excessive spam.
Use another domain or send PM.

This "feature" was talked about by the pundits before ObummerCare passed.

So the seller chalks it up as profit? Not likely. You'll fill out a W4, with all your personal information, when you buy the widget. Can you say "identity theft"?

Back to Clinton levels, or higher. Too much money to leave on the table, ignoring dynamics, as all Demonicrats do.

If you think the market tanked recently, wait for the year-end sell-off.

I guess I'll be sending 1099's to:

Mouser DigiKey Avnet UPS FedEx Office Depot Staples US Post Office

and others. By a new PC, send a 1099. Buy some parts, send a 1099. Ship enough stuff, 1099. I'm sure these guys are gonna be happy getting 1099's (and having to report said 1099's) from a huge chunk of their customers.

--
Joe Chisolm
Marble Falls, Tx.

You're wrong, but since it is very nearly theft, it is almost accurate.

That'll teach him not to mess with things.

I'm a consultant, not a corporation. As you understand it, does this change my responsibility? Companies pay me for my services, I don't purchase goods/services. I already have to send the IRS money every quarter. :-( At least the accountant takes care of that administrivia, telling me what to send and why. I'll ask him about it, but it would be good to have some clue up front before the conversation.

Thanks, Ed

Is that why coin shops require a 1099 when you buy or sell a gold coin?

You *MUST* 1099 every company, store, and business that you pay anything to... The IRS and the democratic run congress must learn that they cannot steam roller American free enterprise, destroy the economy and all just for their political futures.

As well, we must work very hard to ensure that there are no democrats left in congress next fall. None, we must be able to totally override any vetoes that Obama might make and first and foremost get rid of this horrific bit of oppressive legislation.

[snip]

It isn't going to happen. Even here in AZ a recent proposal to RAISE sales tax was PASSED 65%/35%. The sheeple are in the majority :-( ...Jim Thompson

--
| James E.Thompson, CTO                            |    mens     |
| Analog Innovations, Inc.                         |     et      |
| Analog/Mixed-Signal ASIC's and Discrete Systems  |    manus    |
| Phoenix, Arizona  85048    Skype: Contacts Only  |             |
| Voice:(480)460-2350  Fax: Available upon request |  Brass Rat  |
| E-mail Icon at http://www.analog-innovations.com |    1962     |
             
      The only thing bipartisan in this country is hypocrisy

This is the sad reality all over the planet. Those in power have such a mass-control instrument in todays media they don't even need to remind us they are the armed ones. They raise zillions of sheep who *think* what they are supposed to (duly delivered through the media, good luck ignoring that if you are just growing up).

Dimiter

As far as I understand it only affects corporation. IOW if you were incorporated and bought a $2000 scope you'd probably have to issue a

1099. With sole proprietors that wouldn't be too practical because then just about anyone would have your social security number and ID theft would become rampant. Although, with politicians you never know what's next.

But that's just the way I understand it. Better to ask a CPA or tax professional. My CPA is also a tax attorney so he can go to the mat if they really want to screw it up. But that's expensive.

[...]

--
Regards, Joerg

http://www.analogconsultants.com/

"gmail" domain blocked because of excessive spam.
Use another domain or send PM.

Sounds like the preliminaries to VAT :-( ...Jim Thompson

--
| James E.Thompson, CTO                            |    mens     |
| Analog Innovations, Inc.                         |     et      |
| Analog/Mixed-Signal ASIC's and Discrete Systems  |    manus    |
| Phoenix, Arizona  85048    Skype: Contacts Only  |             |
| Voice:(480)460-2350  Fax: Available upon request |  Brass Rat  |
| E-mail Icon at http://www.analog-innovations.com |    1962     |
             
      The only thing bipartisan in this country is hypocrisy

Well, if you're talking about cash, it's "capital," but I guess it's the bureaucrats at the capitol who are doing all the gaining after all.

Thanks, Rich

If they have to raise taxes, sales taxes aren't a bad place to do it. It's hard to hide a sales tax and it's regressive. What's not to like? ;-)