What do you all think about this, let me know http://www.silverbearcafe.com/private/5.08/reversal.html
Yes, that is very interesting and clever. I have often wondered about the same thing. While this just may work in the short term I can gurantee you the government will VERY quickly close that loophole. Legal or not, I would not recommend anyone to use this ploy to avoid income and FICA taxes. If you try this you will be inviting the IRS to "Please audit me!". If you have never had an IRS audit, believe me - you want to avoid that at all cost. (Been there. Done that.)
This article actually made me stand up and applaud! Bravo to the ingenious individual who thought of skirting taxes by paying in cash! I LOVE it!!!
A big crock of dog-poop from an anti-social paranoid who claims to know more constitutional law than every Supreme Court Justice who has served since the 16th Amendment to the Constitution was approved in 1913!
Just because the amendment passed, doesn't mean people agree with it. Take prohibition for example...
True, but whether you agree with it or not, it IS the law, and if the nay-sayers are correct and the Supreme Court is wrong, then how can you claim that the 2nd Amendment, for example, is law?
Whenever the $50 gold is sold, it becomes taxable as a capital or collectable gain.....taxed at diff rates....
Lemme guess, it's the same kooks that find fun in harassing Police Officers and other Law Enforcement Officials for their names, their Supervisors names, and their badge numbers when all they gotta do is "Are you smuggling narcotics or other controlled substances, yes or no?"
You could take any American Bullion at face value for payment and then be taxed on that amount. Then when you go and sell the coin for a higher amount you would be taxed on the profit that you made at the time of selling the coin. So this really isn't a loophole. You would just be delaying the tax that you have to pay. This is also why I am in favor of the fair tax. Flat tax on everything I purchase. We should never punish (tax) people to work, save, or be productive. To do so is counter productive. That and we just can't continue to pay people for not working but thats another topic all together.
Exactly. You'd be fine until you had to "spend" the gold eagle. Then you would realize a gain, and be taxed on that amount. If anything it is a way to delay paying your taxes (provided you actually claim it). You are essentially transferring your income into a holding of gold, and risking the market fluctuations in precious metals until you cash in, at which time you would be on the hook for the taxes. Still though, your taxes would likely be lower on the gains than on the income, and you wouldn't be paying into social security on the gains.
Unless you can find something else to buy with the coin at "face", i.e. someone else to accept it in the same way as the original person did.
You could always spend the coins ( trade ) them at coin shows for items you want for your collection. Any coin dealer would take payment in gold. I have taken payment in many forms including gold. One time I got a 1976 Corvette for partial payment on a large diamond.
skip the gold eagles. pay me off in 100 16d dimes, 200 09svbd cents and ... so on. that'd really be mind boggling IRS: wages reported this year? 12.00
I've done that with circ found silver coins before. It's like adding to my collection for just about free. Great feeling.
