Photo: US Army
Bad news for goldbugs: Obamacare contains legislation that would tax coin and bullion transactions.The tax comes in an obscure section of the tax code that deals with purchases by self-employed people and small businesses. These groups will have to report all outlays over $600 — not just wage payments.
This angers goldbugs who typically buy gold as a form of wealth the government can’t touch. Gold coin sellers have already launched a protest, says ABC:
Taking an early and vociferous role in opposing the measure is the precious metal and coin industry, according to Diane Piret, industry affairs director for the Industry Council for Tangible Assets. The ICTA, based in Severna Park, Md., is a trade association representing an estimated 5,000 coin and bullion dealers in the United States.
“Coin dealers not only buy for their inventory from other dealers, but also with great frequency from the public,” Piret said. “Most other types of businesses will have a limited number of suppliers from which they buy their goods and products for resale.”
Read more: 15 New Taxes Hidden In The Health Care Bill