IF “credit-card rewards aren’t income” then how little or how much he accumulated is irrelevant unless IRS is going to come after all of us for these funds as income.
If somehow he was able to turn CC purchases into cash, at no discount, that’s a huge tax policy problem.
California wants to come after me for money from recyclable container returns.
That is after I paid sales tax on top of the container fee, which is not refundable.
He was just doing circular money loops, not purchasing goods and getting a discount.
Clearly he was gaming the system.
Even with paying taxes, he will have made quite a bit of money. The issue is that most likely he has spent it.