Accountable
Well-Known Member
Glenn Beck of FOXPAC made the claim that the new "healthcare" law is going to track gold sales for some sinister reason. I did several searches through the pdf file & couldn't find anything. I went to his web page to try & find an email or something to ask for confirmation. I didn't find that but I found this. Untangling the spin & hysteria left me with about 4 words. Not much help.
So I googled "glenn beck healthcare gold" and found this ABCPAC article. Section 9006 actually amends part of the tax code, linked here, which is odd enough, but I couldn't figure out where the sale of gold comes in ... certainly not where the amendment includes gold where the original did not.
Anybody legally devious enough to find the connection? Can you explain it to me in small words, please?
From the "healthcare" law:
Sec. 6041. Information at source
So I googled "glenn beck healthcare gold" and found this ABCPAC article. Section 9006 actually amends part of the tax code, linked here, which is odd enough, but I couldn't figure out where the sale of gold comes in ... certainly not where the amendment includes gold where the original did not.
Anybody legally devious enough to find the connection? Can you explain it to me in small words, please?
From the "healthcare" law:
SEC. 9006. EXPANSION OF INFORMATION REPORTING REQUIREMENTS.
(a) IN GENERAL.—Section 6041 of the Internal Revenue Code
of 1986 is amended by adding at the end the following new subsections:
‘‘(h) APPLICATION TO CORPORATIONS.—Notwithstanding any
regulation prescribed by the Secretary before the date of the enactment
of this subsection, for purposes of this section the term ‘person’
includes any corporation that is not an organization exempt from
tax under section 501(a).
‘‘(i) REGULATIONS.—The Secretary may prescribe such regulations
and other guidance as may be appropriate or necessary to
carry out the purposes of this section, including rules to prevent
duplicative reporting of transactions.’’.
(b) PAYMENTS FOR PROPERTY AND OTHER GROSS PROCEEDS.—
Subsection (a) of section 6041 of the Internal Revenue Code of
1986 is amended—
(1) by inserting ‘‘amounts in consideration for property,’’
after ‘‘wages,’’,
(2) by inserting ‘‘gross proceeds,’’ after ‘‘emoluments, or
other’’, and
(3) by inserting ‘‘gross proceeds,’’ after ‘‘setting forth the
amount of such’’.
(c) EFFECTIVE DATE.—The amendments made by this section
shall apply to payments made after December 31, 2011.
From Section 6041 of the Internal Revenue Code:(a) IN GENERAL.—Section 6041 of the Internal Revenue Code
of 1986 is amended by adding at the end the following new subsections:
‘‘(h) APPLICATION TO CORPORATIONS.—Notwithstanding any
regulation prescribed by the Secretary before the date of the enactment
of this subsection, for purposes of this section the term ‘person’
includes any corporation that is not an organization exempt from
tax under section 501(a).
‘‘(i) REGULATIONS.—The Secretary may prescribe such regulations
and other guidance as may be appropriate or necessary to
carry out the purposes of this section, including rules to prevent
duplicative reporting of transactions.’’.
(b) PAYMENTS FOR PROPERTY AND OTHER GROSS PROCEEDS.—
Subsection (a) of section 6041 of the Internal Revenue Code of
1986 is amended—
(1) by inserting ‘‘amounts in consideration for property,’’
after ‘‘wages,’’,
(2) by inserting ‘‘gross proceeds,’’ after ‘‘emoluments, or
other’’, and
(3) by inserting ‘‘gross proceeds,’’ after ‘‘setting forth the
amount of such’’.
(c) EFFECTIVE DATE.—The amendments made by this section
shall apply to payments made after December 31, 2011.
Sec. 6041. Information at source
(a) Payments of $600 or more
All persons engaged in a trade or business and making payment in
the course of such trade or business to another person, of rent,
salaries, wages, premiums, annuities, compensations, remunerations,
emoluments, or other fixed or determinable gains, profits, and
income (other than payments to which section 6042(a)(1),
6044(a)(1), 6047(e), 6049(a), or 6050N(a) applies, and other than
payments with respect to which a statement is required under the
authority of section 6042(a)(2), 6044(a)(2), or 6045), or $600 or
more in any taxable year, or, in the case of such payments made by
the United States, the officers or employees of the United States
having information as to such payments and required to make returns
in regard thereto by the regulations hereinafter provided for,
shall render a true and accurate return to the Secretary, under
such regulations and in such form and manner and to such extent as
may be prescribed by the Secretary, setting forth the amount of
such gains, profits, and income, and the name and address of the
recipient of such payment.
(b) Collection of foreign items
In the case of collections of items (not payable in the United
States) of interest upon the bonds of foreign countries and
interest upon the bonds of and dividends from foreign corporations
by any person undertaking as a matter of business or for profit the
collection of foreign payments of such interest or dividends by
means of coupons, checks, or bills of exchange, such person shall
make a return according to the forms or regulations prescribed by
the Secretary, setting forth the amount paid and the name and
address of the recipient of each such payment.
(c) Recipient to furnish name and address
When necessary to make effective the provisions of this section,
the name and address of the recipient of income shall be furnished
upon demand of the person paying the income.
(d) Statements to be furnished to persons with respect to whom
information is required
Every person required to make a return under subsection (a) shall
furnish to each person with respect to whom such a return is
required a written statement showing -
(1) the name, address, and phone number of the information
contact of the person required to make such return, and
(2) the aggregate amount of payments to the person required to
be shown on the return.
The written statement required under the preceding sentence shall
be furnished to the person on or before January 31 of the year
following the calendar year for which the return under subsection
(a) was required to be made. To the extent provided in regulations
prescribed by the Secretary, this subsection shall also apply to
persons required to make returns under subsection (b).
(e) Section does not apply to certain tips
This section shall not apply to tips with respect to which
section 6053(a) (relating to reporting of tips) applies.
(f) Section Does Not Apply to Certain Health Arrangements.--This
section shall not apply to any payment for medical care (as defined in
section 213(d)) made under--
(1) a flexible spending arrangement (as defined in section
106(c)(2)), or
(2) a health reimbursement arrangement which is treated as
employer-provided coverage under an accident or health plan for
purposes of section 106.
(g) Nonqualified Deferred <<NOTE: Applicability.>> Compensation.--
Subsection (a) shall apply to--
(1) any deferrals for the year under a nonqualified
deferred compensation plan (within the meaning of section
409A(d)), whether or not paid, except that this paragraph shall
not apply to deferrals which are required to be reported under
section 6051(a)(13) (without regard to any de minimis
exception), and
(2) any amount includible under section 409A and which is
not treated as wages under section 3401(a).
All persons engaged in a trade or business and making payment in
the course of such trade or business to another person, of rent,
salaries, wages, premiums, annuities, compensations, remunerations,
emoluments, or other fixed or determinable gains, profits, and
income (other than payments to which section 6042(a)(1),
6044(a)(1), 6047(e), 6049(a), or 6050N(a) applies, and other than
payments with respect to which a statement is required under the
authority of section 6042(a)(2), 6044(a)(2), or 6045), or $600 or
more in any taxable year, or, in the case of such payments made by
the United States, the officers or employees of the United States
having information as to such payments and required to make returns
in regard thereto by the regulations hereinafter provided for,
shall render a true and accurate return to the Secretary, under
such regulations and in such form and manner and to such extent as
may be prescribed by the Secretary, setting forth the amount of
such gains, profits, and income, and the name and address of the
recipient of such payment.
(b) Collection of foreign items
In the case of collections of items (not payable in the United
States) of interest upon the bonds of foreign countries and
interest upon the bonds of and dividends from foreign corporations
by any person undertaking as a matter of business or for profit the
collection of foreign payments of such interest or dividends by
means of coupons, checks, or bills of exchange, such person shall
make a return according to the forms or regulations prescribed by
the Secretary, setting forth the amount paid and the name and
address of the recipient of each such payment.
(c) Recipient to furnish name and address
When necessary to make effective the provisions of this section,
the name and address of the recipient of income shall be furnished
upon demand of the person paying the income.
(d) Statements to be furnished to persons with respect to whom
information is required
Every person required to make a return under subsection (a) shall
furnish to each person with respect to whom such a return is
required a written statement showing -
(1) the name, address, and phone number of the information
contact of the person required to make such return, and
(2) the aggregate amount of payments to the person required to
be shown on the return.
The written statement required under the preceding sentence shall
be furnished to the person on or before January 31 of the year
following the calendar year for which the return under subsection
(a) was required to be made. To the extent provided in regulations
prescribed by the Secretary, this subsection shall also apply to
persons required to make returns under subsection (b).
(e) Section does not apply to certain tips
This section shall not apply to tips with respect to which
section 6053(a) (relating to reporting of tips) applies.
(f) Section Does Not Apply to Certain Health Arrangements.--This
section shall not apply to any payment for medical care (as defined in
section 213(d)) made under--
(1) a flexible spending arrangement (as defined in section
106(c)(2)), or
(2) a health reimbursement arrangement which is treated as
employer-provided coverage under an accident or health plan for
purposes of section 106.
(g) Nonqualified Deferred <<NOTE: Applicability.>> Compensation.--
Subsection (a) shall apply to--
(1) any deferrals for the year under a nonqualified
deferred compensation plan (within the meaning of section
409A(d)), whether or not paid, except that this paragraph shall
not apply to deferrals which are required to be reported under
section 6051(a)(13) (without regard to any de minimis
exception), and
(2) any amount includible under section 409A and which is
not treated as wages under section 3401(a).
