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$2300 Individual Candidate Contribution Loophole by Face Value

I'd be interested to hear some DP thoughts on the concept of a sound money contribution line to Ron Paul's 2012 run.

By using face value $50 Gold Eagles and $1 Silver Eagles an individual has the right then to contribute up to 46 Gold Eagles and or up to 2300 Silver Eagles (obviously it could be a mix of both) correct?

This idea could certainly help level playing field versus corporations.

Wealthy individuals could make much more sound contributions via face value g&s eagles over paper FDR notes.

Your thoughts please,



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I doubt it is correct. If

I doubt it is correct.

If you're going to do that, you might as well make material in kind donations, which cannot always be reported in monetary value.

Even if you did manage to give a bunch of coins to a campaign, they'd have to sell and trade it for something they need, which would still be reported anyway, not on your part though.

It depends on if the campaign has to report it as an

"in kind" contribution, or a cash receipt.

If as a cash receipt, then you are correct. However, they would have to use it directly as money and not convert it to FRNs. At the point of conversion, they would then realize an increase in funds that would have to be recorded, and this might trigger an abuse of the "in kind" reporting requirements.

So this will work, but you'd have to have a network of vendors that supply the campaign willing to take silver and gold coin at real dollar value rather than FRN value. (say like a 98% discount for paying in silver or gold)

Unfortunately most of what a campaign spends on - media buys are not likely to take gold or silver at real dollar face value as opposed to FRN face value.

The problem is people think FRNs are dollars when they are not.

So people are confused in pricing. For example, a gallon of gas doesn't cost $2.50. It cost 2.5 FRNs. In dollars the price is more like 10¢ per gallon.

Until people understand this, your plan won't work. And when they do understand it, it won't be needed. (we'll already have abandoned the FRN)

Search...

Robert Kaher + IRS and you shall get a good idea of the ramifications.

Kahre didn't go to jail because he used gold and silver.

He went to jail because he used face value when it benefitted him, but used bullion value when it benefitted him also.

If he wanted to show larger assets to make real-estate deals, he showed his "income" as the bullion value, but to pay taxes, he reported face value.

The jury correctly saw that he was attempting to defraud.

That's why they convicted him.

Had he used ONLY face value, then he might have fared better. But the government correctly showed, he was not being honest.

Yeah That Case is different

Kaher's situation was a direct challenge to income tax as the lower face values allowed his employees to avoid paying income taxes.

The campaign contribution idea is simply to be able to donate face value sound money to the campaign.

There is no campaign or case out there where a politician has challenged this. Why wouldn't such an effort work?

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not sure

not sure it would be lawful...anyone else knows?

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