Saturday, March 22, 2008

IRS delivers stunning reversal on the American Gold Eagle / Income Tax Question

As we have been sharing for quite some time now, America is still on the Gold Standard, however most AMERICANS are on the paper Standard. The Treasury coins Gold and Silver and Platinum coins in various lawful denominations and those coins are lawful money. ( they keep using the term legal tender, but they are actually Constitutional Money. They need no government edict to have value, they are value in and of themselves. This being said however, they are minted with Dollar Amounts on them ( Not federal Reserve Amounts). The Gold Coins come in 50$ 25$ 10$ and 5$. The Silver comes in a 1$ Coin and Platinum comes in 100$ Coin. Anyway these coins have legal tender value, at least according to the mint and the treasury department.

OK so what is the big deal? If they are legal tender and you are payed with a 50$ Gold coin, how much do you have you earned?

Well 50$ that's how much, never mind it is GOLD or PLATINUM or SILVER. it is legal tender based upon what is printed on the coin.

OK so then why not use them as legal tender. OK

You buy a car for 1000 legal tender Units represented by 10, 100 Unit federal Reserve notes, you pay how much in sales tax? OK what would be the sales tax if you bought it for 50 legal tender Units in the form of a American Eagle one ounce Gold Coin? ( your state may vary, just fill in your your sales tax percentage)

What about reporting liabilities on Taxes if you are a tax payer?
Please follow the following LINK to read an article that seems to confirm what we have been sharing with folks all along in regard o this split tender standard. It seems that the IRS Admits that if your corporate gain was in 50 Dollar America Eagles your reporting requirement would be 50. not the market value of the coin, but rather the Legal tender value of it. Please read this article and let me know what you think.

Please also read this article American Gold Eagle preys on the IRS.

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