To Review Part 8 (#857720)
Scoring rubric is as follows:
5 - This law promoted 360 degrees of freedom. Bitcoiners around the world would champion this
4
3
2
1 - This bill is something straight out the communist/socialist playbook very anti freedom. Leads to forever wars endless spending and bad wellbeing for the american people
Now a look at the eighth bill that became law. Public Law No: 112-9 (04/14/2011)
H.R.4 - Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011
The Bill in Summary:
Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 - Amends the Internal Revenue Code to: (1) repeal requirements for the reporting to the Internal Revenue Service (IRS) of payments of $600 or more to corporations that are not tax-exempt and of gross proceeds paid in consideration for any type of property; (2) repeal requirements for reporting payments made with respect to rental property which is not part of a trade or business; and (3) increase the limitation on recapture of excess advance payments of the tax credit for health insurance premiums.
The Score (5/5)
Great job here by Sen. Lummis! It is crazy to me that our government is trying to shake the pennies and dimes out of common every day american citizens. The fact she had to sponsor this law to protect Americans from burdensome tax regulations such as this is ridiculous. Anyone having to report to the IRS about anything that has to do with $600 is truly disgusting. While this law came in 2011 little does Sen. Lummis know at this time that this same issue would come up with transfers to Cash App and Venmo. I gave her a 5 on this law because she is increasing freedom and finanical privacy from the IRS for everyday Americans. Laws like this I can see why she can be a strong advocate for bitcoin on the Hill.
Total Score (25/45)
After nine bills Sen. Lummis has 25 points out of a total 45. That is good for 55% freedom score. Barely over half due to all the Neo-con war mongering coin bills she was pushing but it is getting better.