Left to right (bottom scale) represents number of taxable transactions between individuals in the 22% tax bracket.
$600 for Mom sending $ to a college kid. Paying the babysitter. Paying the lawn boy.
All tax consequences now - for those with a 'low social credit score.'
As I read this, it appears you could pay someone $599.00
monthly and still remain under the $600.00 limit.
Is this accumulative over the period of a year?
It doesn’t seem to indicate that.
I have someone I pay $3,000.00 per year. I only pay $250.00
a month, but I don’t want to trigger higher taxes for them.
Anyone disagree with my first three paragraphs?
ping
And there an army of 86,000 new auditors to make everyone’s life hell.
So are they going to spy on everybody’s garage sales to squeeze every penny they can get?
The key is to not fill out your IRS forms, the tax is voluntary. Work for yourself, pay workers cash, take cash as pay for services ONLY. Piece of Cake.
People L O V E to work for cash, or you could just sell drugs in a major city to the homeless in their new fangled “Cabrini Greens”.
Both sides of the transaction need to file. So everyone with a babysitter or lawn guy will have to collect tax ID numbers or SSN’s.
They will need more than 87,000 new IRS goons to enforce this.
You will be filing form SE with your tax return.
Left to right (bottom scale) represents number of taxable transactions between individuals in the 22% tax bracket.
Why do you think they needed to hire 87,000 more agents? Not for the billionaires...
Cash is king
...
*guffaw!* Sorry, I couldn't keep a straight face.
This will finally close the loophole that the mega rich have been using for all these years. I imagine that Jeff Bezos is quivering in his boots. /s
How would the issuer know how much you bought the old couch for?
No way to know.
Nobody keeps receipts for everything they bought forever.
Warning... the Camel’s nose in in the “tent.”
And they wonder why people cheat on their taxes.
F the IRS!
Oh man don’t tell me this. I just got a $1000 bonus from my work and I asked the bank teller if I deposited all of this would they report it to the IRS and she told me no. So now I DO? F that, even if I do I’m not letting them take 1/3rd of my bonus. Yet another reason to knock out a Biden voter.
Government math:
The measure is expected to bring in $8.40 billion over 10 years ($840 million/yr. on average). They’ll hire 87,000 new agents to audit and enforce this new rule, and others. At $100,000 per year per new-hire (a very low estimate of salary & benefits), that’s $8.7 billion per YEAR in incremental expenses to collect $840 million.
And this makes sense because?
So who is going to issue the 1099 K form? 1099’s are done by accountants not the government. If cash transactions take place between 2 people how is anyone else going to know about it? I mean come on now!