These new IRS rules will affect every American:

• Income tax collection could rise as much as $345 billion a year
• Small businesses will be crushed and unemployment will rise
• A cashless economy is further set in motion
• IRS snooping and audits will increase
• Gold can be tracked
• Identity theft is a risk
• Government surveillance will increase

THE TAX GAP

ObamaCare requires that businesses and self-employed individuals submit 1099 forms to the IRS for all business purchases of $600 or more.  The stated purpose for this is to close the ‘tax gap’ which is the difference between the amount of what is “owed” and what is paid, due to lack of reporting and under-reporting, and is estimated at $300 billion dollars a year.  Last week, the Senate failed to repeal the ObamaCare 1099 rule because they could not agree on how to make up the “lost” revenue that would be generated from strict reporting, which they estimated to be $19 billion over 10 years, which is a GROSS underestimate.