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Old 07-06-2008, 08:44 AM
 
18,766 posts, read 56,573,093 times
Reputation: 33187

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Caveat - don't try this at home. The scenario given in the link would, I suppose, work only in cases where minimum wage laws don't apply, such as independent contractors, or where people earn enough per hour to meet the minimum wage requirements in "old" money. If nothing else, it is good for a chuckle to show the disparity between what the government CLAIMS old money is worth (face value) and the real value on the market. I wonder if postage stamps would be treated similarly.


Robert Kahre owns a family business and instead of using paper money he paid his workers with gold and silver coins minted by the United States government. He paid them based on the “face value” of the coins. If he paid a worker a dollar an hour he paid with a silver dollar, which states on the coin that it is “one dollar” regardless of today’s value. His wages were so low that he didn’t have to file W-2 income tax forms or withhold taxes or pay workman’s comp. This upset the IRS, which charged him and his family with 161 federal tax crimes.


Link follows: Derry Brownfield -- Silver, Gold and the IRS

On September 17, the jury returned its verdict refusing to convict all nine defendants of any of the 161 federal tax crimes they had been charged with.
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Old 07-06-2008, 11:20 AM
 
Location: Apple Valley Calif
7,474 posts, read 20,683,969 times
Reputation: 5629
I read this story in another link, and don't believe a word of it. It's another one of those guys selling a way to beat the IRS. There have been many these scam artists over the years, and most are now in jail.
YOu know the old saying, nothng is for sure but death and taxes. It's my belief you stand a better chance of living forever,than to get away with anything involving the IRS.
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Old 07-06-2008, 12:09 PM
 
48,509 posts, read 86,173,019 times
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I think in many cases you lose by beating the IRS as they have attorneys and you pay out.Then you are like someone audited and found to own ;you are audited for years afterward.
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Old 07-06-2008, 01:43 PM
 
3,460 posts, read 5,072,134 times
Reputation: 6677
Wouldn't the employee would owe capital gains taxes if they cashed in the coins?

As long as you're paying a tax that way, it seems like a great way to avoid SS and Medicare witholdings.
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