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Thread: Levy on gold could be budget windfall, U.S. lawmakers say

  1. #1

    Default Levy on gold could be budget windfall, U.S. lawmakers say

    http://www.reuters.com/article/2012/...8NC5MT20121212

    Interesting proposition, isn't it.

    The gold bug in me says, "hell yeah, tax em, that only means my PM's will rise in value!"
    but then the libertarian in me says "taxes are bad, mmkay."

    Plus, something tells me this basically only means more FRNs conjured from thin air. Cant put it together, but taxes are not actual wealth creation, so all this would do is make more fake money, which in turn would cause PM's to rise even higher.



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  3. #2
    Member bxm042's Avatar
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    But applying a metals levy of 12.5 percent - the benchmark government share for other resources - could deliver hundreds of millions of dollars a year to taxpayers
    That's not nearly enough to be a "budget windfall." Why don't they just take the gold? Wouldn't be the first time
    The Matrix is a system, Neo. That system is our enemy. But when you're inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it.

  4. #3

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    Quote Originally Posted by bxm042 View Post
    That's not nearly enough to be a "budget windfall." Why don't they just take the gold? Wouldn't be the first time
    I am sure that is in the works, once they realize their toilet paper is worthless without it.

  5. #4

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    Crooks want a balanced approach at stealing more money. Makes me want to puke.

  6. #5

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    Looks like they are speaking about federal lands. If it looks like this thing is going to pass, I will jump out of most of my mining stocks and stick everything into GTU and PHYS. Once they start, they won't stop.

  7. #6

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    Do you think the spike in price will make gold less or more attractive?

    Like all plays, investors would have to count on the government's actions. In this case, the only pitfall would be the government stops the tax*, and the price suddenly plummets.







    *AHHHH HAH HA HA HA HA HA HA HA HA HA HA HA!
    Last edited by UWDude; 12-12-2012 at 08:02 PM.

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    Lone Coyote ClydeCoulter's Avatar
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    The taxpayers should get royalties? The taxpayer won't see a dime.

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    No person , anywhere will get jackshit , from me Fucking parasites. I guess they have not spent time in the Jungle, where it knows to leave the host and find a healthier one with more nutrients ...

  10. #9

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    lol. As if the mining industry wasn't under enough pressure with rising energy costs and lowering ore grades. Raising taxes is just going to raise their costs and ultimately dampen production (which in turn should constrain supply and lead to rising prices).

    Edit: Just read the article more carefully. The proposal is for raising taxes on metals mined from Federal lands. I'm not sure how much impact that would have on mining companies.
    Last edited by Bern; 12-13-2012 at 05:43 AM.
    I compiled a "brief" history of events since October 2008 that are defining the global currency war and the role that gold is playing:

    Tin Foil Hats, Economic Reality and the Total Perspective Vortex

    Also, have you contacted your Congressional Rep and asked them co-sponsor Ron Paul's Rep. Paul Broun Jr.'s HR 1098 77: Free Competition in Currencies Act?

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    Site Staff - Moderator Brian4Liberty's Avatar
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    As if miner's share prices haven't been under enough pressure for the past couple of years.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
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    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
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  12. #11

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    [COMMENT][/COMMENT]
    Quote Originally Posted by Brian4Liberty View Post
    As if miner's share prices haven't been under enough pressure for the past couple of years.
    It is unfortunate, but just add it to the list of problems to owning miners vs the physical metal.

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    Moderatorus Emeritus Cowlesy's Avatar
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    No surprise that Rep. Raul Grijalva is behind this proposal.
    "Your mother's dead, before long I'll be dead, and you...and your brother and your sister and all of her children, all of us dead, all of us..rotting in the ground. It's the family name that lives on. It's all that lives on. Not your personal glory, not your honor, but family." - Tywin Lannister


  14. #13

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    Quote Originally Posted by bxm042 View Post
    That's not nearly enough to be a "budget windfall." Why don't they just take the gold? Wouldn't be the first time
    In time, in time.

  15. #14

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    Quote Originally Posted by UWDude View Post
    I am sure that is in the works, once they realize their toilet paper is worthless without it.
    Less than 20% of the gold was ever turned in and that is a government statistic so probably cut that in half. The 90% told the government to go pound sand on the gold turnover. They would be lucky to get 5% this time around. But that is not going to happen. It is simply too inconsequential.

    They will go after the 401K's and IRA's..... you can bet on that one. The federal politicians and Federal Reserve boys are salivating at the thought of a couple trillion just sitting there and belonging to the naive sheeple.

    Mmmmm... 401K with some fava beans and a nice Chianti....mmmvvvvssss

  16. #15

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    Quote Originally Posted by adams101 View Post

    They will go after the 401K's and IRA's..... you can bet on that one.
    How are they going to do this? Do you really think it is possible to take over everyone's 401k/IRA and liquidate part of all of them and fill them with USTs?

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    It is possible , if it passed the House, it would go through the Senate and White House easy.

  18. #17

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    Quote Originally Posted by cubical View Post
    How are they going to do this? Do you really think it is possible to take over everyone's 401k/IRA and liquidate part of all of them and fill them with USTs?
    They start with raising taxes/penalties for removal to the point they have your money hostage. Actually they don't really need much beyond this to capture the 401K's legally. They simply make it too costly for you to remove your money.

    Then they start forcing the 401K's into Treasury Bond purchases because at some point the FED balance sheet will get too big to hold all the bogus bonds they are buying. NOBODY will step in to buy those bonds. We are stringing out the lender of last resort with the FED. Without someone buying the worthless T bonds the federal government is toast. They certainly are not going to extort another $1.5 trillion a year plus bailouts, plus natural disasters, plus more wars etc etc etc from taxpayers. They are also not going to cut all this crap.

    At some point they will probably do a crash on the stockmarket which will drive the 401K's into a "safer" market..... Treasury Bonds. The government will keep our 401K's safe from financial terrorists etc. The Chinese could also crash the markets by cashing in a trillion or two in Money Market accounts etc they have in the US. They threatened this in 2008 and the FED bought them off.... with what nobody knows.

    This is just a couple of many scenarios. They lock the 401K's in with taxation/penalties then they attack them with some bogus strategy "for the good of all" "to stop the terrorists" "to prop up the Too Big To Fail financial institutions" " to help the government" "to keep the entitlements going" etc. The sheeple would suck up any one of these given a moderately orchestrated "event" which these people are great at.
    Last edited by adams101; 12-13-2012 at 10:15 PM.

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    Only real wealth most high earners, city dwellers who pay Fed taxes have is in home &401 k.





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