Posted on 11/21/2023 10:42:09 AM PST by Diana in Wisconsin
They could try to "simplify" but after congress got through with it, would it be better or worse?
A person should never be taxed on their income. Period.
Worth it for $20,000 in sales, not worth it for your birthday cash.
It is sort of like CAF where they just take your money and you have to prove the money innocent.
In this case they just tax your money and you have to prove the money is not taxable.
This is the wrong way around.
But they bet most people will not want the hassle of proving things and so they will just let the government keep the thirty bucks that they would have gotten on their tax refund. And they are right.
Vinmo has over 52 million accounts. Assuming that half are personal and thirty bucks a pop that is 7.8 billion.
Income taxes penalize productivity.
And you can do that...if they are going to treat the $600 as a business transaction, then they have to allow the rules for businesses.
Thats what part time ebayers do in keeping up with their sales as any business would. Deductions etc. The difference is that the level of reporting required for that $600 costs as much or more than the $600...special business tax software, record keeping etc.
But if it keeps them from paying the feds one thin dime, its well worth it.
Very true, but we do have them EVERYONE should be equally subject to them, share the pain, maybe share in reducing them.
I’m with the US Federal Government’s IRS and I’m here to help.
:ROLLeyes:
“In explaining why it is postponing implementation again, the IRS cited concern over the fact that young people are more likely to have a side hustle and burdening them with new taxes and regulations in the months before the 2024 elections might have a negative effect on potential Democrat voters.”
Exactly. It will be BOHICA-time when President in Exile Trump is re-elected. In. A. Landslide. :)
Taxation is THEFT! Inflation is THEFT!
Absolutely.
All GIBS ME DATS transactionns paid for by whatever gubmint agency provided the “paid” service— should be MEANS tested and taxed on the VALUATION/Amount of the service.
Medical, medicaid, all SUPPORT programs including food (SNAP= charge the individual the tax on the food, prepared food tax or processed food, veggies). That would be low out of pocket dollars but they STILL would try to skip on it.
Sooo tired of all the give aways. At least Child Credit is for raising a future taxpayer.... maybe.
One important feature of the FAIRtax is that by taxing ALL retail transactions, underground economy “participants” will participate in the revenue raising activities of tuhe Federal Government.
FRom Investopedia (https://www.investopedia.com/articles/markets/032916/how-big-underground-economy-america.asp):
“How Big Is the Underground Economy?
“Estimates vary widely, but some put the underground economy between 6.4% and 12% of U.S. gross domestic product (GDP). In the second quarter of 2023, U.S. GDP was estimated at $27.06 trillion, which puts the underground economy somewhere between $1.7 trillion and $3.2 trillion.”
As you can readily see, levying the FAIRtax on the underground economy would yield substantial bux to the Treasury!
We need a fairtax AND an across the board import tariff.
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