HiBC said:Can the Ballot Initiative process allow the citizens to just say NO?
There is no federal process for citizens to propose referendums.
HiBC said:Can the Ballot Initiative process allow the citizens to just say NO?
I can see the scenario where you trade or sell that nice Python to a dealer for $1,500 and the dealer files the 1099. The IRS then turns to you the seller and says, "You've got $1,500 undeclared income." Now, you may or may not have records documenting the acquisition price in order to cut down on tax liability. But, assuming you still have that receipt where you paid $200 for it 40-50 years ago, you now owe taxes on income of $1,300. That's how health care is going to be paid for.
That was the point of my post. And with the Bush "tax cuts" set to expire, the long term capital gains tax is increasing to 20% for most people.In this case you should be paying capital gain taxes on the profit from the sale. That is current law, making a lot more 1099s be filled out makes it easier to find potential audit subjects.
The same bill provides for 16,000 new IRS agents to "help" us.
If that's the case, it's not quite as bad but still a very major hassle for businesses.Your private sale of a gun to the dealer will NOT generate a 1099, unless you're selling it as "business owner KyJim".
Which part? the 16,000 agents or that they will help us?? (sorry - couldn't resist)