Fed Personal Property Tax hidden in HCRB?

[Aerogal]

I get a lot of email from different sources about what the govt is up too. One I got yesterday was one of those "Your gold is at risk of being confiscated". If you recall, the govt confiscated personal gold in the 1930's (when people actually used gold coins to pay for stuff). Well, this email says that tsection 9006 of the healthcare bill does that. So I dug up this
"

SEC. 9006. EXPANSION OF INFORMATION REPORTING REQUIREMENTS.
(a) IN GENERAL.—Section 6041 of the Internal Revenue Code
of 1986 is amended by adding at the end the following new subsections:
‘‘(h) APPLICATION TO CORPORATIONS.—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).
‘‘(i) REGULATIONS.—The Secretary may prescribe such regulations
and other guidance as may be appropriate or necessary to
carry out the purposes of this section, including rules to prevent
duplicative reporting of transactions.’’.
(b) PAYMENTS FOR PROPERTY AND OTHER GROSS PROCEEDS.—
Subsection (a) of section 6041 of the Internal Revenue Code of
1986 is amended—
(1) by inserting ‘‘amounts in consideration for property,’’
after ‘‘wages,’’,
(2) by inserting ‘‘gross proceeds,’’ after ‘‘emoluments, or
other’’, and
(3) by inserting ‘‘gross proceeds,’’ after ‘‘setting forth the
amount of such’’.
(c) EFFECTIVE DATE.—The amendments made by this section
shall apply to payments made after December 31, 2011

"

So I look for a layman's summary (in English vice govt double speak:

The Summary of the 1099 Reporting and Tax Legislation changes « The Hub
The Summary of the 1099 Reporting and Tax Legislation changes
The Summary of the Tax Legislation changes
Section 6041 of the Internal Revenue Code outlines 1099 reporting requirements. The Patient Protection and Affordable Care Act includes an Amendment to Section 6041 which now requires 1099 reporting for any payments aggregating $600 to a supplier per year

The new amendment will now create requirements for reporting for:

All for-profit corporations (excluding tax-exempt corporations)
Payments made for Property (goods, merchandise, supplies, raw materials, equipment, etc.)
Companies will be required to submit accurate TIN information or face monetary penalties

The provision in the health care law is aimed to reduce the gap between income that individuals and businesses make and the federal taxes they pay, which the Government Accountability Office estimates is $345 billion

The Wall Street Journal says Congress hopes the new 1099 provision will collect $17 billion more in federal taxes and fees.

So if I understand this correctly, any financial transaction over $600.00 (buying ang stock, tangibles, coins et..), is subject to additional taxes and fees. These are not dividend taxes, these are a federal sales tax on the individual? Is that what I'm understanding?
And this is also a means of tracking who owns what by the fed. I kow there is a provision buried somewhere in one of the bills they've passed lately to allow confiscation of wealth (includes the 401k's OBTW) by the fed in a "declared' emergency, can't remember which one though.

Any one out there smart about these things can shed some light on this?

 

[smilin]

My understanding of this provision is anyone in business is required to issue a 1099 to any supplier of: $600 or more of goods during tax year.
This is supposed to allow the Government an easier method of tracking taxes owed.
The big gripe since this came out is the burden has now been shifted to
business to report all transactions over $600/year.

Imagine you are a real estate agent who uses $601 of paper, ink or equipment
(computer or printer) purchased from Staples. YOU are now required to send a 1099 to Staples!

 

[Aerogal]

Hmm. Seems the company supplying the goods is required to report and the the consumer (business or personal) is required to pay taxes and fees? At least that's how I read it. Is that per transaction or cummulative?

Anyway - it's a crock.

This has to pizz off GW..........

 

[MadDogMarine]

When a company(or person) asks for your SSN so they can generate
a 1099 to the IRS, JUST SAY NO. There is no legal requirement you have to supply your SSN to anyone. Just acknowledge(in writing) to the requester that they have requested it and that you refuse to give it. That will stop the requester from getting a $50 penalty for supplying a 1099 with out SSN.
It is called Reasonable Cause
http://www.irs.gov/pub/irs-pdf/p1586.pdf
It is long past time for all of us to say NO, NO MORE.WE HAVE HAD ENOUGH.