Robert Stacy McCain
The Other McCain
11/13/2010
…Economics 101: It is always in the seller’s interest to maximize his profit from any transaction and you, as the buyer, are responsible for looking out for your own interest.
In the interest of fairness, I now link “Why gold is a bad investment,” by Jonathan Burton of MarketWatch. But I am not personally persuaded by Burton’s argument, given that he is obligated to mention that (a) gold is still about $900 an ounce below its 1980 peak in inflation-adjusted dollars, and (b) George Soros has a substantial investment in gold.
Wait: George Soros getting investment advice from . . . Glenn Beck?
Come up with your own crazy conspiracy theory to explain that one…
…Government cannot abolish stupidity. If the government can’t abolish the kind of stupidity that leads to fireworks injuries — and they can’t — they certainly can’t abolish the kind of stupidity that leads to people paying too much for collectible coins.
But government never ceases in its tireless effort to “protect” you, and guess what our friends in Washington slipped into the ObamaCare bill?
Starting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year. Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change.
This provision, intended to mine what the IRS deems a vast reservoir of uncollected income tax, was included in the health care legislation ostensibly as a way to pay for it. The tax code tweak is expected to raise $17 billion over the next 10 years, according to the Joint Committee on Taxation.
Whoa! A tax on everything you buy, including gold? You want to talk about a rip-off . . .
Read the complete article at The Other McCain
H/T Instapundit
