Wednesday, July 21, 2010

One more reason to hate the healthcare law

I doubt Obama and his cronies specifically targeted gold dealers, even though Rush Limbaugh and Glenn Beck are fronting for gold sellers, but the new regulations mandating IRS form 1099s for any transaction over $600 are really going to impact this industry.
Not only will dealers have to fill out a 1099 for almost any transaction they perform, customers that are selling don't want the government to know they are selling and all customers have a reason to fear the information required can be used for identity theft.

Personally, I find the TV pitchmen for gold to be annoying, but that doesn't make me glad that Big Brother is heaping more paperwork on small and medium businesses.

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