[mattduke]

Let's say someone foolishly purchased GLD years ago rather than physical, and now wishes to sell GLD and purchase physical with the proceeds. Is such an idiot screwed, taxwise?

[watercut]

MattDuke;
Those are considered two separate and unique investments so you will need to pay the long-term capital gains tax on the GLD and then invest in the physical. No wash sale rule applies. I am sure you will be reporting the capital gains on the physical when sold for $3000/ounce in 2011.

[Tyler_JC]

I think watercut is right, I'm afraid.

You could try to argue it on your tax forms but I think you'd lose.

[AlexdeLarge]

$600 Billion In New Taxes Coming

Posted by Tyler Durden at 4:37 PM
It was fun while it lasted. I am of course referring to the mirage that was the Administration's promise of "very manageable" tax increases. Bloomberg is reporting that as part of the Healthcare overhaul bill, there will be an addition $600 billion in tax increases.

Democrats in the House and Senate are working on legislation that would require all Americans to have health insurance, prohibit insurers from refusing to cover pre-existing conditions and place other restrictions on the industry.

Democrats will work on the bill’s details next week as they struggle through “what kind of heartburn” it will cause to agree on how to pay for revamping the health-care system, Rangel, a New York Democrat, said today. He also said the measure’s cost will reach beyond the $634 billion President Barack Obama proposed in his budget request to Congress as a down payment for the policy changes.

Asked whether the cost of a health-care overhaul would be more than $1 trillion, Rangel said, “the answer is yes.”


Why raise taxes? Can't the Treasury just print a cool quadrillion (in bearer bonds, to be unsuccessfully smuggled by vicious ninjas into Bern so that UBS can pretend to be buying up long-dated maturities for its own account) and that will be that. Timmy has already stocked up on enough paper to run the printers at turbo for a good 4 years (and even accounted for the occassional PC Load Letter error) and Ben has bought every single available Port-A-Potty (Citi, BofA, Regions Financial) in which to flush all the little green pieces of paper that he buys from Timmy.

Additionally as Obama has pretty much staked his political career on only raising the taxes of those who make over $250,000 per year. That's what - 4, maybe 5 million Americans? So, $600 billion divided by 5 million, that makes... oh, about $120,000 in tax increases per person.

Silver lining - a definite stock recommendation: buy the airlines (preferrably in the next five minutes before Goldman runs oil to over $100 and Delta files for Chapter 44 or whatever iterration of the bankruptcy process they are at now) as sales for one way tickets out of the US skyrocket

LOL

[Prince]

Scary times. They are also planning on up to $400 Billion cuts in Medicare and Medicaid. There is going to be so much public outcry when this takes full effect; unfortunately, by then it will be too late.

Healthcare proposal adds $600B in taxes

I also read in another article that they were considering a 2 percent "tax surcharge", whatever the hell that is. I hardly doubt it would apply to only those over $250k... there just isn't enough of those "evil, rich" people to pay for "free" health care for all.

Medical tax surcharge likely

And I haven't heard one politician explain how they are going to increase the number of insured by 35%, yet still expect the same number of doctors and medical professionals to handle all this added capacity. There are going to be some very long lines to see your doctor in a year or two (thankfully I'm married to one, but still). Not only you will you get taxed on your medical benefits which will now count as income, but you won't even be able to use what you pay for. Unfuckingreal.

There is also an interesting article discussing the Congress ties to the healthcare industries.

Key healthcare senators have industry ties

[Plantagenet]

Hopefully Obama will fail at this.

Theres a good chance he will fail.

He's already failed at balancing the budget, hiring ethical people, not hiring lobbyists, being transparent, stopping renditions, stopping domestic wiretapping, closing Gitmo, bringing the troops home from Iraq, not using supplemental budgets, getting the US off foreign oil, creating 3.5 million new jobs, cutting the deficit, ending earmarks, etc. etc.

[Daniel_Plainview]

$this->bbcode_second_pass_quote('Plantagenet', 'H')e's already failed at ...cutting the deficit ...

[ki11ercane]

$this->bbcode_second_pass_quote('DoomWarrior', '')$this->bbcode_second_pass_quote('Plantagenet', 'H')e's already failed at ...cutting the deficit ...

[Daniel_Plainview]

$this->bbcode_second_pass_quote('ki11ercane', 'O')k?. 3.4 Trillion: 3,400,000,000,000
17 Billion:. 17,000,000,000. 17,000,000,000/3,400,000,000,000 = 0.005 or 0.5%
That means for every $100.00 he goes through he hold back two shiny quarters. Wow, you guys are all saved! Shiny quarters for everyone!

[ki11ercane]

We've got Ignatief (Inseminated American Canadian Wannabee) instead to phuck things up for us instead. We're doing just fine thanks.
$this->bbcode_second_pass_quote('DoomWarrior', 'Y')eah, when Obama is done saving the USA, maybe he'll apply some of his skills to help save Canada too!

[Sixstrings]

$this->bbcode_second_pass_quote('Prince', 'S')cary times. They are also planning on up to $400 Billion cuts in Medicare and Medicaid. There is going to be so much public outcry when this takes full effect; unfortunately, by then it will be too late.

Healthcare proposal adds $600B in taxes

I also read in another article that they were considering a 2 percent "tax surcharge", whatever the hell that is. I hardly doubt it would apply to only those over $250k... there just isn't enough of those "evil, rich" people to pay for "free" health care for all.

Medical tax surcharge likely

And I haven't heard one politician explain how they are going to increase the number of insured by 35%, yet still expect the same number of doctors and medical professionals to handle all this added capacity. There are going to be some very long lines to see your doctor in a year or two (thankfully I'm married to one, but still). Not only you will you get taxed on your medical benefits which will now count as income, but you won't even be able to use what you pay for. Unfuckingreal.

There is also an interesting article discussing the Congress ties to the healthcare industries.

Key healthcare senators have industry ties

[Tyler_JC]

The Medicare cuts reduce the payments to doctors/hospitals for services rendered.

That allows them to "cover" the same number of people for less money.

The doctors, of course, get screwed in the process.

[OutOfGas]

600 billion in new taxes are just the start.

Local and state taxes will also have to be increased.

President for life Obama will have to raise taxes on everything to keep the US dollar from imploding.

We are hosed.

[deMolay]

The Empty Suit. http://video.yahoo.com/watch/3874846/10562042

[AlexdeLarge]

$this->bbcode_second_pass_quote('deMolay', 'T')he Empty Suit. http://video.yahoo.com/watch/3874846/10562042

[vision-master]

$this->bbcode_second_pass_quote('Tyler_JC', 'T')he Medicare cuts reduce the payments to doctors/hospitals for services rendered.

That allows them to "cover" the same number of people for less money.

The doctors, of course, get screwed in the process.

[KevO]

Never mind your New World Order snd 911 conspiarcies.
This video presentation will leave you agog.
All the proof you needed in black and white
Though aimed at UK viewers primarily, US viewers will see their own country in it.
http://www.tpuc.org/content/john-harris-its-illusion-2-bcg-conference

[Stonemason]

Some other Freeman-on-the-land/sovereignty vids

In Canada the work is being spearheaded by Robert-Arthur: Menard.

http://video.google.ca/videoplay?docid= ... 5540929835
http://video.google.ca/videoplay?docid= ... 3468031456
http://video.google.ca/videoplay?docid= ... 6947111802

[Jotapay]

$this->bbcode_second_pass_quote('GASMON', 'F')orget peak oil, that's a byline. Peak slavery IMMINENT.

Gasmon