New Cash Law

[wetwrks]

This is illegal and will most likely be thrown out in the court but shouldn't have been passed to begin with:

http://www.klfy.com/story/15717759/s...and-dealer-law

[Boltaction]

" the bill is targeted at criminals who steal anything from copper to televisions, and sell them for a quick buck. Having a paper trail will make it easier for law enforcement."

So instead of stopping the criminals from stealing copper and televisions, the cops are going to hope that the criminals are going to write a check or use a MO? I'm sure thatll catch em'.

moronic politicians...

-SW

[Frizzle Fry]

I used to deal with cash transactions like this EVERY DAY. The rule was, you had to have a valid in-state license or US passport and the entirety of your information was recorded on a ticket with your transaction, as well as any serial #s on items sold. Simple, easy, stupid.

[hill160881]

This law is for tax reasons. You are required to pay taxes on all goods even second hand ones. Just like a used car you are required to pay sales tax even at a garage sale. Bet no one knew that, or cares enough to pay taxes on all purchases not food related.

Add all the extra taxes you pay up, then add that number to the taxes held out of your check and you will see the true amount you pay to the governments. The average is close to 50%. But most dont know it because they think of Income tax as the only one they pay.

So say it out loud. I make X dollars a year. Now say it like this. I make 1/2 of X dollars a year.

Pissed off yet?

[SockMonkey]

what ever business you work for is also required to pay about 30% tax on your income as well.

[wetwrks]

This law is for tax reasons. You are required to pay taxes on all goods even second hand ones. Just like a used car you are required to pay sales tax even at a garage sale. Bet no one knew that, or cares enough to pay taxes on all purchases not food related.

Add all the extra taxes you pay up, then add that number to the taxes held out of your check and you will see the true amount you pay to the governments. The average is close to 50%. But most dont know it because they think of Income tax as the only one they pay.

So say it out loud. I make X dollars a year. Now say it like this. I make 1/2 of X dollars a year.

Pissed off yet?

And Obama wants to pass a tax law that hits everything that changes hands. Taxed for selling raw ore to the smelter, taxed for the smelted material going to the company that makes it to bars, taxed for the bars going to the car manufacturer, taxed for going from the car manufacturer to the car lot...

Wheel barrows of cash for a loaf of bread anyone? Oh yah...they only take credit or checks.

[Porschesales]

illegal. read the front of your money.

More proof that our country is completely over regulated and that idiots thing passing legislation stops problems.

Instead of dealing with underlying issues we regulate everyone else.

[cockerpunk]

And Obama wants to pass a tax law that hits everything that changes hands. Taxed for selling raw ore to the smelter, taxed for the smelted material going to the company that makes it to bars, taxed for the bars going to the car manufacturer, taxed for going from the car manufacturer to the car lot...

Wheel barrows of cash for a loaf of bread anyone? Oh yah...they only take credit or checks.

wait, your currently not paying tax on the sale of goods to other companies?

how is that legal?

don't get me wrong, this law brought up in this thread is absurd. how someone wants to pay for a selected good or service is none of the governments business. fun fact, stamps issued by the USPS are also legal tender.

but how are justifying selling goods to other companies without paying tax on it?

[wetwrks]

wait, your currently not paying tax on the sale of goods to other companies?

how is that legal?

don't get me wrong, this law brought up in this thread is absurd. how someone wants to pay for a selected good or service is none of the governments business. fun fact, stamps issued by the USPS are also legal tender.

but how are justifying selling goods to other companies without paying tax on it?

It has always been that way here in the US. A grocery store doesn't pay taxes to buy a loaf of bread from the manufacturer. It has to do with the licensing.

[sjrtk]

The taxes here are basically on the end product. So the end user pays the sales tax. When I was running my fencing company I didn't pay sales tax on my supply but I had to pay the taxes after I charged the customer. So I was the end user but not the consumer, They were charges the tax and I was the one who paid it. Tax law was set up this way to keep the highest possible margin of taxable value while not requiring the consumer to directly pay the taxes. This helps because it keeps money coming in and the final seller doesn't lose revenue in the process while the consumer doesn't have the option to not pay the taxes.

I really think every one should have to run a business to really figure out how taxes really work.

[Frizzle Fry]

I really think every one should have to run a business to really figure out how taxes really work.

Agreed.

Some notable exceptions to what you're describing are tobacco, alcohol, and dairy products. In my wonderful state, you're being taxed 3-4 times (stacking) at checkout before getting your final bill for a pack of butts... If I'm buying them at $4 per pack (including all the taxes my handlers/shippers/producers/farmers are paying) and selling for a final ring of $8.75 after the 6.25% sales tax, I'm making about $0.25 per if not less - and with a store on any corner, who's going to price gouge?

[sjrtk]

Agreed.

Some notable exceptions to what you're describing are tobacco, alcohol, and dairy products. In my wonderful state, you're being taxed 3-4 times (stacking) at checkout before getting your final bill for a pack of butts... If I'm buying them at $4 per pack (including all the taxes my handlers/shippers/producers/farmers are paying) and selling for a final ring of $8.75 after the 6.25% sales tax, I'm making about $0.25 per if not less - and with a store on any corner, who's going to price gouge?

Yes with those excptions but you have 2 perishable items and 2 federally regulated items actually I thik all dairy may also be regulated. I can't be sure because I have no experience with them. But yes with smokes no one reallymakes bg money off them except the govt. Due to the stacking taxes. Alcohol on the other hand has a decent profit margin well distilled spirits do but fermnted alcohol as a repetable margin but very few liquer store owners are going to retire rich.

[cockerpunk]

It has always been that way here in the US. A grocery store doesn't pay taxes to buy a loaf of bread from the manufacturer. It has to do with the licensing.

well thats a grocery store, most of that food isn't taxed period.

every business i have worked for (admittly only engineering/manufacturing firms) has to pay taxes on all raw materials, equipment and supplies. seems rediculous to not have to pay sales tax on the sale of materials.

[OPBN]

well thats a grocery store, most of that food isn't taxed period.

every business i have worked for (admittly only engineering/manufacturing firms) has to pay taxes on all raw materials, equipment and supplies. seems rediculous to not have to pay sales tax on the sale of materials.

Typically products purchased for use in the manufacturing process or for resale are tax exempt. At least from sales tax.

[cockerpunk]

Typically products purchased for use in the manufacturing process or for resale are tax exempt. At least from sales tax.

and what logic is used to justify this? one could easily claim no need to to have sales tax on a couple million dollars worth of CNC equipment, or a couple million dollars worth of nickel for plating ... and yet they are taxed. maybe im just a lowly process engineer, but EVERYTHING is used in the manfuacuting process. thats just a giant loophole right there.