Posted on 09/17/2010 6:09:09 AM PDT by PeterPrinciple
Folks, I have wonder long about why the govt wants to know your credit card information. The excuse is that there are people doing business on EBAY and not reporting the income. That is small potatoes.
In fact the only exemption to not reporting your business transactions on 1099's is if you paid by credit card.
States have worked LONG and HARD to tax your interstate transactions and been repeatedly rebuked in courts. They modified the sales tax into sales/use tax and provided us with the the forms to voluntarily pay our use tax.
IRS already has working agreements to share 1099 information with states so your credit card info will also be shared with them.
So, expect a friendly computer generated letter from your state, listing your out of state purchases and your computed tax bill.
THIS MAY BE ONE OF THE BIGGER TAX INCREASES COMING YOUR WAY!
Financial transaction tax.
1 percent of every check you write to receive.
I’m told it is outlined in HR 4646
Will this reduce interstate commerce and increase local? I consider the shipping cheaper than the local tax and just another way to starve the beast. Will this reduce shipping, sell your stock in fed ex.
The sales tax is already in operation, just needs a bigger base which this does. It is already a done deal, I see no champion to retract the reporting of credit card info to the govt.
FedEx laying off 1700 workers.
“The assessing jurisdiction may make the use tax payable annually, but some states require a monthly payment. For example, where a Vermont resident has not paid at least 6 percent sales tax on property brought in for use in the state, Vermont law requires filing a tax return (Form SU-452, and payment) by the 20th day of the month following non-exempt purchases to avoid a $50 late fee, a 5 percent penalty per month, to a maximum of 25 percent, plus statutory interest on the unpaid tax and penalties.”
More interesting info from wikipedia that states are planning on this increased revenue...........
In 2007, 22 states [1] including New York, California, Ohio and Virginia have included an entry on their state individual income tax return for taxpayers to voluntarily calculate an amount for use tax liability. Taxpayers however have not been so quick to reach into their wallets and forward these taxes to the state. A few of these states have tried another approach by pre-determining the tax liability owed by every taxpayer via a tax table based on the individual’s adjusted gross income
Anyone interested now?
From Wikipedia:
As the amount of e-commerce sales continues to rise (34 billion dollars for just the second quarter of 2008)[3] states recognize that the key to collecting these taxes rests not only in educating the individual taxpayer but with coordinating their efforts
sfl
Sadly, the majority of folks, as products of the public education gristmill, don’t have the critical thinking capacity to reason these things out for themselves. And, most don’t have the attention span necessary to lay out all the pieces and connections.
The left has been most successful at keeping the sheeple ignorant of their marxist plans and pogroms by controlling the terms of the argument; ‘entitlements’ rather than welfare handouts; ‘social security’ rather than congressional robbery; and so forth.
We are getting closer and closer to the ultimate reset button, though. It’s time to take back the country.
Lets make more real, most likely we will be billed a use tax for our contributions to FR...................
Yeah - NY requires it based upon income. They would take all of our kids’ $4 refunds for sales/use tax. We already pay sales tax on what we buy - I’d like to know how they figure the $65 for our income... I know we don’t buy THAT much online!
I am going to bump this. The states have just been handed the keys to $8 billion of tax increases, courtesy of the health care bill. And we have been worried about the federal government.
Anything you buy out of state with your credit card will now be subject to your local sales/use tax.
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