Obamacare: IRS to track gun sales

[rufus]

No, again if you sell it as an individual you still do not receive a 1099 unless this is your "trade or business". That means, unless this is a major source of income for you then it's no big deal, and big brother doesn't care. The trick with finding it in the text of the health care bill is that it has to be cut and pasted into the IRS code. The section in the health bill is "Section 9006 Expansion of Information Reporting Requirements". This then has to be combined with the IRS Code Section 6041. I realize it's confusing, but if you want to really make sense of it you have to sit down and do a lot of cut and pasting. Most of the IRS Code Section 6041 is still intact as it has been since Reagan signed it into law in 1986, when he raised everyone's social security taxes. But that's tangential to this discussion.

BTW, I think this is turning into a great discussion. I do this stuff for a living, so I actually enjoy talking about this stuff if you can believe that.

Well, I think this is one of those situations where I just got smoked and stand corrected. Thanks for pointing out the facts.

I too, am not interested in spreading bum dope, and I apologize for doing just that. Sorry guys.

 

[weekendclimber]

1099 Changes
Currently, businesses must send 1099s to all individuals who provide more than $600 worth of services to that business in a calendar year.

I dunno - sure looks like I would get a 1099 from any business I sold anything to for over $600. But like the article says, more details to follow...

Again, as an individual, if I sell a gun to a FFL I don't consider that a service to that dealer. So, still no 1099 needed.

 

[weekendclimber]

Sorry guys.

No need to be sorry. There is no such thing as failure if you always learn something when you are unsuccessful.

 

[Sasquatchvnv]

That was fun - what do we holler about next?

 

[weekendclimber]

How about we talk about how lizard alien shape-shifters are trying to take over the earth and use us as batteries for their spaceship flight back to Xanadu?

 

[Sasquatchvnv]

How about we talk about how lizard alien shape-shifters are trying to take over the earth and use us as batteries for their spaceship flight back to Xanadu?

Nah - just can't seem to get my panties in as big of a bunch over proven factual stuff..

 

[rufus]

That was fun - what do we holler about next?

The price of ammo...

 

[eriknemily]

There will be no fix until people stop aligning themselves as either Republicans or Democrats and start aligning themselves against Republicans and Democrats.

Well 'spoken' sir. I couldn't have said it better myself

 

[weekendclimber]

Well 'spoken' sir. I couldn't have said it better myself

Should have added large conglomerate international corporations and banks to that list.

 

[Member 5605]

So...

what your saying is that there will be a lot of $599 sales + trade credit.

 

[weekendclimber]

So...

what your saying is that there will be a lot of $599 sales + trade credit.

Not sure if you're being funny (I do have a sense of humor).

On the downside, one problem that I do see with it is if my business needs to buy a new computer and it costs more that $600, I'll have to make out a 1099 at the end of the year to Staples, Office Depot, or whomever I buy it from. But again, that's business to business transactions which has nothing to do with me as an individual.

 

[Redcap]

I once read where, "cash is king"

Still is.

I foresee a lot more use of cash and barter to avoid this bullbubblegum tax.

 

[nextbest]

There seems to be an endless parade of gun-nut Chicken Littles claiming that the sky is falling. So what if the IRS is trying to collect taxes? It simply must be noted that a business filling out and mailing in a 1099 Form is simply no big deal---it might add five minutes to their day. Small businesses are not going to fail. They keep purchase and sales receipts anyway for their taxes, so this is just not that big of an obstacle. As for the sellers, who ever heard of anyone making a PROFIT when selling a gun to a dealer? D) There is no profit to pay any taxes on, and you have a 1099 Form to prove it.......................elsullo

well said!

 

[wence5]

Remember "We have to pass the bill so you can see what’s in it"? How do you like this little provision:



Obamacare’s Hidden Gun Control[/QUOTE

Does this mean the IRS will be hiring?

 

[bugeye]

I have no problem with people "spreading the word", it's the "spreading the fear" part that I have a problem with.

But isn't spreading the fear all they got?
I mean, do they have a plan, do they have solutions, do they have any workable ideas, heck no!
They just have fear, distortions and exceptionally moronic sound bites.

Can't wait for these great saviours to take over and deliver you poor, abused pea pickers from your implanted delusions.

 

[Gunner3456]

I think some people are still missing the point about how this will be a burden on small businesses.

They have to keep records on each person they buy something from. If the total during the tax year reaches or exceeds $600, then they have to do a 1099. So, if you sell a chainsaw to a second hand dealer for $200, he has to start a ledger either manually or computerized in case you come in later a couple of times and sell more items until the total equals or exceeds $600. Then he has to do the 1099.

If I'm a berry farmer and I sell $200 to a local farmers' market, they have to start a record in case I sell enough during the year to equal or exceed $600. They have to do that with everyone they buy from.

 

[rufus]

But isn't spreading the fear all they got?
I mean, do they have a plan, do they have solutions, do they have any workable ideas, heck no!
They just have fear, distortions and exceptionally moronic sound bites.

Can't wait for these great saviours to take over and deliver you poor, abused pea pickers from your implanted delusions.

I have a few workable ideas for ya.

How to fix the economy:

• One year Federal tax holiday, with known start and end dates. Not one cent collected on Big Governments behalf for one full year.
  
• Repeal Obamacare. It will never work, flush it down the toilet.
  
• Shut down Fannie Mae & Freddie Mac.
  
• Put Big Government on a serious diet. It should be less than one quarter its current size.
  
• Fix Social Security. Remember algores "Lock Box"? Do one better and audit the past 50 years then publish where the money went and let the People decide if they want to continue the program.
  
• Subsidize ammunition. Okay, I threw that one in just to keep this gun related.

I could go on, but this is probably enough "moronic sound bites" to satisfy. And for the advocates of Big Government, can you point to one example of anything Big Government does well?

 

[rufus]

...please point to something specific they have done that is a benefit to us all.

Cash for Clunkers!

Oh wait, that did not work out so well:

Clunkers in Practice
One of Washington's all-time dumb ideas.

Remember "cash for clunkers," the program that subsidized Americans to the tune of nearly $3 billion to buy a new car and destroy an old one? Transportation Secretary Ray LaHood declared in August that, "This is the one stimulus program that seems to be working better than just about any other program."

If that's true, heaven help the other programs. Last week U.S. automakers reported that new car sales for September, the first month since the clunker program expired, sank by 25% from a year earlier. Sales at GM and Chrysler fell by 45% and 42%, respectively. Ford was down about 5%. Some 700,000 cars were sold in the summer under the program as buyers received up to $4,500 to buy a new car they would probably have purchased anyway, so all the program seems to have done is steal those sales from the future. Exactly as critics predicted.

Cash for clunkers had two objectives: help the environment by increasing fuel efficiency, and boost car sales to help Detroit and the economy. It achieved neither. According to Hudson Institute economist Irwin Stelzer, at best "the reduction in gasoline consumption will cut our oil consumption by 0.2 percent per year, or less than a single day's gasoline use." Burton Abrams and George Parsons of the University of Delaware added up the total benefits from reduced gas consumption, environmental improvements and the benefit to car buyers and companies, minus the overall cost of cash for clunkers, and found a net cost of roughly $2,000 per vehicle. Rather than stimulating the economy, the program made the nation as a whole $1.4 billion poorer.

The basic fallacy of cash for clunkers is that you can somehow create wealth by destroying existing assets that are still productive, in this case cars that still work. Under the program, auto dealers were required to destroy the car engines of trade-ins with a sodium silicate solution, then smash them and send them to the junk yard. As the journalist Henry Hazlitt wrote in his classic, "Economics in One Lesson," you can't raise living standards by breaking windows so some people can get jobs repairing them.

In the category of all-time dumb ideas, cash for clunkers rivals the New Deal brainstorm to slaughter pigs to raise pork prices. The people who really belong in the junk yard are the wizards in Washington who peddled this economic malarkey.

 

[kenno]

There seems to be an endless parade of gun-nut Chicken Littles claiming that the sky is falling. So what if the IRS is trying to collect taxes? It simply must be noted that a business filling out and mailing in a 1099 Form is simply no big deal---it might add five minutes to their day. Small businesses are not going to fail. They keep purchase and sales receipts anyway for their taxes, so this is just not that big of an obstacle. As for the sellers, who ever heard of anyone making a PROFIT when selling a gun to a dealer? D) There is no profit to pay any taxes on, and you have a 1099 Form to prove it.......................elsullo

It simply must be noted how many kool aid drinkers there are on this site!

 

[Gunner3456]

It simply must be noted how many kool aid drinkers there are on this site!

I have Kool Aid pouring out of my computer screen. Now I know why.