I Guess We Now Tax Based on the Value of Money’s Material

Found on Say Uncle the Feds are trying to tax a man’s independent contractors via the value of what the money was made from not the government’s set value of the money…


This may sound odd but alas the employer paid his employees in $50.00 gold coins…

Kahre contends his workers had agreed to be independent contractors, so he did not have to withhold taxes for them. His six businesses are in the trades of painting, drywall, tiling, plumbing, heating-cooling and electrical work.

Further, the $50 gold coins and the silver dollars Kahre used for payroll are designated by Congress as legal tender, so people are entitled to value them at their stamped denominations, he also contends. Taken at face value, each defendant’s annual coin income placed him below the threshold for filing a federal tax return.

So the coins are legal tender according the Congress whom I hear has some say in the value of money. But alas being the greedy people they are the IRS wants to tax based on the value of the precious metals the coins are made from not the legal value Congress set for them.

“It’s not whether what Mr. Kahre did was legal under the law,” defense attorney Michael Kennedy told the jury in his opening statement. “It’s whether he believed what he did was legal,”

So now the law is based off of what you believe is right or wrong? In that case I don’t believe anything I do is wrong and therefore should be innocent of any crimes committed. Fuck the taxation system in this country is off the wall. If Congress sets the value of those coins at $50.00 they should be valued for tax purposes as $50.00

It’s not like the employees can legally melt down the coins for the material. Destruction of money is a federal crime.

Source: http://www.saysuncle.com/2009/06/19/capital-idea-2/

2 thoughts on “I Guess We Now Tax Based on the Value of Money’s Material”

  1. They should be able to make a very strong argument at the least that the value is not a value until sold.

    For instance, I have stocks, those can be $50/share one day and $20 the next. What is the value? It’s not determined until I sell them.

    So the contractors should not have to pay taxes until they sale the coins.


  2. I hope they do start taxing based on the value of the materials put into money. Most of my money is in a bank so there is no physical material.

    I get paid via paper checks which are cheap to produce. And the cash I keep around is printed on paper. So all in all for tax purposes the money I have is valued at next to nothing. I’m willing to pay next to no taxes any day.

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