By Mark Olanoff
The House and Senate are back in session after spending time in their home districts last week. As reported earlier both the House and Senate have taken action to repeal the 1099 requirement, however, neither body has agreed on how to pay for the repeal.
The repeal has been scored by the Congressional Budget Office as a $19 billion dollar revenue raiser so Congress must find a way to pay for the repeal.
The House passed a straight up repeal bill (HR 4) on Mar 3rd. The Senate passed an amendment to the Federal Aviation Agency bill to repeal the 1099 requirement. Further action is still needed by the House and Senate to come up with one bill to send to President Obama for the repeal to become reality.
On Mar 15th, Representative Ron Paul of Texas introduced HR 1098, Free Competition in Currency Act of 2011. This bill would exempt all taxes for any bullion coins. This bill has been referred to the House Ways and Means, Financial Services and Judiciary Committees for further action. Representative Paul is a subcommittee chair (Domestic Monetary Policy and Technology) on the Financial Services Committee.
The House Ways and Means Committee has held a hearing on Fundamental Tax Reform with other hearings scheduled. Unfortunately most legislative action has been held up due to the budget crisis for Fiscal Year 2011 which was not completed by the last Congress.
The current continuing resolution to keep the government open will expire at midnight on Apr 8th.
We look forward to seeing you Thursday evening, March 31st, in Baltimore and give you the opportunity to discuss our issues with the Chairman of the House Judiciary Committee, Representative Lamar Smith of Texas.
Gold and Silver Political Action Committee Cordially invites you to a reception honoring Congressman Lamar Smith Republican, 21st Congressional District of Texas: Chairman, House Judiciary Committee, Member of the House Homeland Security Committee and Member of the House Science Committee
The reception will be held Thursday, March 31, 2011 from 6:30 p.m.–7:30 p.m at the Baltimore Convention Center, 1 West Pratt Street, Baltimore, MD 21202 in Room 303.
The Gold and Silver Political Action Committee urges you to support Congressman Lamar Smith (R-TX), the current Chairman of the House Judiciary Committee. The Judiciary Committee oversees many issues, including Patents, Trademarks and Copyrights. The House Judiciary Committee is key in enforcing regulations to stop the counterfeit coins and holders coming out of China.
There are a number of other issues the Judiciary Committee oversees that can have a direct or indirect impact on the precious metals and rare coins community. To learn more, you can visit the Judiciary Committee webpage.
The reception for Congressman Smith will be held during the Whitman Coin Expo in Baltimore. It will be a 45-minute cocktail and hors d’oeuvres reception beginning promptly at 6:30 p.m. in the convention center, Room 303, right outside the show bourse floor.
I expect Congressman Smith will provide a short speech providing his insight on our issues. It is important to have a good turnout to show legislators like Congressman Smith that we are a viable industry, and we will be playing a serious role in endorsing and financially supporting legislators in the 2012 elections.
Congressman Lamar Smith is extremely important to our industry, concerning not only counterfeiting, but many other issues affecting our community. Bring your personal checks payable to Texans for Lamar Smith 104 Hume Avenue, Alexandria, VA 22301.
If you are unable to attend the Baltimore Fund Raiser
Financial support for Congressman Lamar Smith from all precious metal and rare coin dealers, collectors and investors is very important. This being our G&S PAC 1st fund raiser, it will be monitored by other key legislators and their staffs.
Please make your personal contribution to Congressman Lamar Smith on behalf of the Gold and Silver community using a personal check or credit card by clicking here.
Another way you can support Congressman Lamar Smith if you are unable to attend the Gold and Silver PAC fundraiser is to click here, print out the attachment and mail it immediately with your personal checks payable to Texans for Lamar Smith and mail to 104 Hume Avenue, Alexandria, VA 22301