Certainly not many of you follow the ongoings of cases where people try to take advantage of tax laws to benefit themselves because the law itself is murky. However, there is a case that is drawing much attention unto itself, because of the nature of the "supposed" crime.
A fellow citizen who thought himself smart saw a loophole in the way he could pay his employees. If he payed them with gold or silver, which has to still be recognized by our society as a legal form of payment, he could give them more for less. This worked in the way that the legal system binds the value of these metals, to the current standings on the market. However when tax time comes around you are only taxed on the "face" value of the metals, not the current value of the market.
Citation is here
http://www.lvrj.com/news/48145032.html
and here http://www.lvrj.com/news/46074037.html.
Now to do this is wrong...absolutely not, seeing as the law is clear on how it wll tax its citizens and what is legal in payment. However, the point they are trying to make, is that this is fraud ...tax fraud because the person doing the action is doing this on purpose to avoid paying taxes.
OF COURSE HE IS, ESPECIALLY WHEN YOU GAVE AWAY OUR MONEY TO BIGGER CRIMINALS (GM, CHRYSLER) AND WE HAD NO SAY IN THIS!
So he is trying to save a few people from paying more money then they have to. If I get a slip saying I can not deduct a full amount of gas receipts on my business because technically the gas is also used for personal use, then send me a letter saying I can only report 80% or something likewise...dont bring me to jail because I did not quite know you could only declare a percentage.
They are trying to say he meant to avoid paying taxes, but then so was I when I declared 100% and not 80% of my gas receipts! This is a government that stone walls other investigations which could impact this one, on purpose because they do not want to give a chance to the defendant to have the upper hand. I am talking about an unlawful seizure by the FBI and IRS and the defendants home without proper warrants prepared, yet that case which was started before this one, has yet to see the light of day, and should that case rule that the seizure was unwarranted, then it would be thrown out of court, yet you can not discuss another case that has yet to be tried, therefor, it was a tactic to stone wall that is now leaving the defendant without any options.
He payed his employees with gold, the employees could have refused and he would have paid them cash, or cheque, but they accepted....so who is really at fault...the employer, employee or the goverment for not seeing that one law presided over another?
The government sees this action as a possible sore point where people will end up paying less taxes and the value of gold keep climbing, which BTW we have no real mines left in the US, all te gold mines are off this continent, we would end up being again stuck with foreign policies dictating our current economy!
I am signing out, however I think about Obama going off to jail because he gave as a gift to someone, a friend or family member, some gold coins and was found guilty of fraud. Can a gift be taxed, I don't know ....luckily I live in Canada!!!
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