Posted May 15, 2013 by Martin Armstrong
I retired from the gold business because I was one of the biggest market makers – one of the top 3 for the 1980 event. The IRS walked in and said that their interpretation was that I was a bank and had to report every person who bought or sold $10,000 or more and that the fine was $50,000 per transaction up to the full amount. They said they realized I did not know I was a “bank” since I did not take deposits, give loans, nor applied for such a license. They would “overlook” the fines if I granted them access to my records. My lawyers said I would never be able to stop them. They came in and setup shop in our office. When I walked by and saw they were taking names of people for just $3,000, they told me to keep my mouth shut if I did not want any problems. The next day they pulled up with trucks and removed all my records for years. I decided to retire. I did not like being a quasi-bank without having a banking license.
What they have done with the conservative groups is the same thing. It is not the group being audited, they wanted everyone who donated to them. This is what they did to me. It was not me being audited. Personally I did not owe a dime. It was my clients. Who knows what will be done to the donors today. I can say I was told they audited over 3,000 of my clients by their own admission.
We simply MUST eliminate the income tax. We will NEVER be free unless we do so.