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Legislation Repealing Controversial Form 1099 Rules Passed By Senate, Headed To White House
Florence Delva/Getty Images A stack of coins is shown in this file photo. A new IRS rule that will start in 2012 will require sellers, buyers of gold coins to file IRS paperwork.
(Kitco News) Both chambers of the U.S. Congress have approved legislation to eliminate controversial new Form 1099 tax-reporting requirements that coin dealers and other business organizations had complained was too onerous.
The measure is on its way to the desk of President Obama after Senate passage by an 87-12 vote Tuesday. A number of news reports suggested that the White House is expected to sign the bill into law.
Sen. Mike Johanns (R-Neb.), who introduced Form 1099 repeal seven times, said the Senate measure was identical to a version that already passed the House of Representatives. This means the measure does not have to go to a conference committee and instead goes directly to the White House. An amendment that would have resulted in further delay of 1099 repeal was rejected, he said.
“I appreciate that my colleagues have seen the wisdom of avoiding further delays and getting this costly, looming paperwork burden off the backs of our job creators,” Johanns said. “We now need only a simple signature from the president and this bill will become law, saving jobs and much needed capital for our small businesses.”
The House passed a bill for repeal of the Form 1099 rules in early March. Both parties have favored repeal for months now, although it was held up by a fight over how to offset to any health-care funding that purportedly would be lost. According to news reports, the House and Senate bills would limit health-care subsidies for families over a certain income threshold.
The Industry Council for Tangible Assets said Tuesday night it was cautiously optimistic that the repeal will become law. ICTA is a trade group for the rare coin, precious metals and tangible assets industry.
The group noted that as of early last month, a statement of administration policy indicated that the White House did not agree with Read more…
Can You Anticipate Gold To Hit $1,500 & Silver $50 Quite Soon, Probably As Early As Summertime?
Yes, I believe that you can anticipate gold to hit $1,500 and silver to hit $50 extremely quickly, perhaps as early as this summertime. Now would be an excellent time for you for making investments in gold and silver. Buy precious metals now.
FOR IMMEDIATE RELEASE
Governments have in turn cherished it, hated it and now are beginning to adore it again. It’s what it is purported to signify that leads to all the fuss. Just take a look at the factors put forward by some regarding why it’s rising in price and Read more…
12 Warning Signs of U.S. Hyperinflation
One of the most frequently asked questions we receive at the National Inflation Association (NIA) is what warning signs will there be when hyperinflation is imminent. In our opinion, the majority of the warning signs that hyperinflation is imminent are already here today, but most Americans are failing to properly recognize them. NIA believes that there is a serious risk of hyperinflation breaking out as soon as the second half of this calendar year and that hyperinflation is almost guaranteed to occur by the end of this decade.
In our estimation, the most likely time frame for a full-fledged outbreak of hyperinflation is between the years 2013 and 2015. Americans who wait until 2013 to prepare, will most likely see the majority of their purchasing power wiped out. It is essential that all Americans begin preparing for hyperinflation immediately.
Here are NIA’s top 12 warning signs that hyperinflation is about to occur: Read more…
Worldwide Silver Shortage?
FutureMoneyTrends.com has recently received several reports, published and non published reports about possible silver shortages. Is their a very limited supply of silver, yes, is there a worldwide shortage happening right now, well not exactly. Under the agreement that we wouldn’t reveal their name, a major bullion dealer who we are friends with, told us that their traders are not having any issues buying physical silver, and that their warehouse had a significant amount of physical silver. Now, will there one day be a shortage of silver, in our opinion at these prices, yes, the price for silver will have to move up considerably in order to come in line with the above ground available supply and ever increasing demand. Sorry to disappoint you, Read more…
China May Match India as World’s Biggest Gold Consumer on ‘Amazing’ Demand
Chinese consumption of gold may climb to rival that of India, the top user, as investors buy the metal as a store of value, said GFMS Ltd. and INTL FCStone.
Demand in China, the world’s second-biggest economy, almost tripled to 580 metric tons last year from 206 tons in 2001, data from the producer-funded World Gold Council show. Use in India may slump 5 percent to 26 percent this year from 963 tons in 2010, Morgan Stanley said in a report yesterday.
Bullion soared to a record $1,444.95 an ounce on March 7 and rallied 30 percent last year for a 10th annual gain as investors sought to preserve their wealth against inflation, Middle East unrest and currency debasement. Consumer prices in China climbed 4.9 percent in February from a year ago, exceeding the government’s 4 percent goal for the full year.
“The level of interest in gold as an asset class is just amazing,” Jeffrey Rhodes, global head of precious metals with INTL FCStone in Dubai, said in an interview. “There is potential for China to Read more…
Silver, gold gain on fast-changing global events
Silver and gold prices are climbing as developing crises from Portugal’s financial problems to uprisings in the Middle East are prompting investors to buy more stable assets.
Silver for May delivery rose 2.6 percent Wednesday to settle at $37.198 an ounce. Gold settled up $10.40 at $1,438 an ounce.
Investors are nervous as they monitor fast-changing global events.
In Portugal, lawmakers are poised to vote against more austerity measures for the debt-stressed country. Meanwhile violence in the Middle East and North Africa is raising concern about oil supplies.
The uncertainty of how those events will play out is supporting both precious metals, which have the reputation of being safer assets to hold during turbulent economic times.
Energy prices were mainly higher. Bean and grain prices fell.
Secret Iran Gold Holdings Leaked: Tehran Holds Same Amount Of Gold As United Kingdom, And Is Buying More
While it will not come as a major surprise to most, according to senior BOE individuals and Wikileaks, Iran, as well as Qatar and Jordan have been actively purchasing gold well over the amount reported to and by the IMF, in an accelerated attempt to diversify their holdings away from the US dollar. “Iran has bought large amounts of gold in the international market, according to a senior Bank of England official, in a sign of how growing political pressure has driven Tehran to reduce its exposure to the US dollar. Andrew Bailey, head of banking at the Bank of England, told an American official that the central bank had observed “significant moves by Iran to purchase gold”, according to a US diplomatic cable obtained by WikiLeaks and seen by the Financial Times.” The reason for Tehran’s scramble into gold: “an attempt by Iran to protect its reserves from risk of seizure”. The misrepresentation of Iran’s holdings could be so vast that Iran could possibly be one of the largest holders of goldin the world. “Market observers believe Tehran has been one of the biggest buyers of bullion over the past decade after China, Russia and India, and is among the Read more…
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