Nevada man paying in gold: IRS Helpless

Bump for the sunday crowd this is fun to read stuff :p

I love it! Wow this is huge, we already have competing currencies. We need to spread the word on this

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Is life so dear, or peace so sweet, as to be purchased at the price of chains and slavery? Forbid it, Almighty God! I know not what course others may take; but as for me, give me liberty, or give me death. Patrick Henry

If you pay your employees in gold coin as the article describes, they might be able to hose you on the minimum wage.

If you give an employee a $50 gold piece (worth several hundred bucks), is the face value of the coin, or the number of fiat dollars it's worth the basis for determining if you're in compliance with the minimum wage?

-jcr

just came out with a MEMO not a law that if you pay in gold or silver that it should reflect market value on your taxes, Screw them

A much more recent decision, and even better news: http://www.restoretherepu...
This article contains a letter opinion from the IRS that using gold and silver coins at face value is legal! You ARE legally required to report a capital gain when you exchange your gold/silver coins for FRNs, but note that you don't have to pay Social Security or Medicare or any other payroll tax on capital gains, so even if your first move after receiving your gold wages was to sell the coins for FRNs, you would save an enormous amount of taxes. But it gets even better if you DON'T exchange your coins for FRNs, but instead spend them buying goods and services from other people who, like you, would like to minimize their taxable income. Buy a $5000 used car for $250 face-value gold coins that you received from your employer, and you've shielded yourself from ever having to pay tax on what would have been a $4750 capital gain -- and you've given the used car dealer a huge tax loss (supposing that he bought the used car himself for $3000 (FRN), if he sells it for $250 (Eagle coins), he can claim a LOSS of $2750, until such time as he trades his coins for FRNs. Which he will be reluctant to do, so HE has an incentive to keep the ball rolling, perhaps starting to pay his own employees in gold ... see how this could grow?

More interesting thoughts:
Want to donate more than $2300 to Ron Paul? Send him gold coins. I am profoundly sorry that I didn't hear about this until after I'd already maxed out my contributions.
Want to escape the $10,000 per year limitation on tax-free gifts to your children? Give them gold coins.

Think about it!

Let's say your salary is 48,000/year or 4,000/month.

Let's say 20% goes to the federal income tax. That's equal to 800/month.

Split the difference with your employer to provide an incentive:

Now tell you're employer, instead of paying me 4,000/month, please pay me only 3,600/month (so the employer is saving 400/month on you!!), but the catch is I would like to be paid in $50 gold coins! So, the employer gives you 3 gold coins (each at $1000) plus an extra one every other month (roughly speaking).

So, now according to the IRS, you're really making $180/month. Based on this meagre salary, you don't have to file any paperwork with the IRS since you're below their minimum requirements.

Therefore, you don't have to fork out 20% of your salary to them! Which means you're ahead $400/month and your employer is ahead $400/month!

How come more people are not doing this????

One thing that we need to look at in capitalism is "wage oppression" anyone heard of that?

i think it is true..to a degree...but if we had a free market it would adjust better for everyone.

I have been thinking about asking to be paid in gold and silver.

By the way...,

Ron Paul was actually instrumental in making the government start to produce Gold Eagles in the 80s! More kudos to him!

Freedom Rules!

Where or how do you get the $50 gold coins for only $50?
Everyone, including the US mint sells them for the price of gold..so how do you buy the coins for only $50?

I love the idea, but I wonder if he's meeting the minimum wage requirements? Perhaps paying in silver would work better.

If that "super model" can demand to be paid in Euro's, why couldn't we all go to our "employers" and demand to be paid in GOLD? I know, stupid huh? Some employers might agree.....What do you guys think?

I love it! These employees only have to pay income tax on the face value of the $50 coin which (@$1000 per once) is actually worth $50,000. If every employer started doing this, the dollar would be worthless. This is what Ron Paul is talking about with going to the gold and silver monetary standard. Competing currencies allow people to have a choice whether they want "real money" or fiat (fake) money. If the dollar was backed by gold and silver then the prices of gold and silver would stablize and stay consistant. Will the government allow this? NO

I love the inovation of the businessman that is doing it but I'm sure that the IRS will come up with some new rule that says that these employees will be taxed at the value of the gold. When gold and silver are not considered as as "legal" money then we fall into a bartering system which does fall under IRS rules. I hope the payments of gold and silver excelerates by businesses and then it can become a lawsuit that should go all the way to the US Supreme Court. This lawsuit would win because our own Constitution states that "Only gold and silver can be used as legal tender" and as far as I know, no one has changed this portion of the Constitution.

There's always a way to get around government corruption and this employer may have found the way. Kudo's to him!!

Great site - Thanks oh and great idea.

in years. We just don't make enough.

We reorganized. Paid off our debt. Live in a little cabin. Work part-time.

In fact, IRS pays us now. Life is good.

I'm looking into the gold thing..... I'll be back.

I wonder if the guy that works for my husband would be opposed to getting paid in $50 gold coins. It is a brilliant idea !!