Nightmarish new 1099 law hidden in health care bill

Discussion in 'Economics' started by slapshot, May 7, 2010.

  1. Stok

    Stok

    The VAT is coming to USA.....European style. We will have a huge underground as well.

    Point is, 1.) Greece is 2% GDP of the EU...but it has caused a ruckus. Why? Because the PIGS are next and 2.) The USA is next.....albeit 10-20 years down the road.

    USA, nor the EU nor the UK will ever be able to pay off the guberment debts. EVER. Simple math.

    So, I assume one day of reckoning, the world will hit the reset button and wipe out the debt. BUT, who do we owe? WHO DOES THE WORLD OWE?

    China. Japan (who is in a ton of debt themselves), our guberment (USA holds #2 in our debt).

    So, we will say...sorry charlie, "your not getting paid". Then we will say "we have more nukes than you and have a combined army that will wipe u out."

    That is the end game. W.O.P.R. said the same thing. There are no winners. Unless, we can get our House in order NOW.
     
    #21     May 7, 2010
  2. Mercor

    Mercor

    All this reporting will be done electronically. The 1099 will automatically sent with the credit card transaction.

    Once the Government does away with cash every transaction will be tractable. No chance for a black market
     
    #22     May 7, 2010
  3. Stok,

    I have no agenda.
    Filing E-1099's is not massive paperwork.
    Collecting and filing Weekly Sales tax reports by zip code as required today is 52x as much work with substantial penalties.


     
    #23     May 9, 2010