IRS To Tax Online Sales If You Make $600, Other Illegal Stuff And More

[karmakid]

It's going to become harder to avoid telling the IRS about income from selling stuff online. Here's what to know

The recently enacted American Rescue Plan Act significantly lowers the threshold for when online sellers will receive a tax form.

www.cnbc.com

It's going to become harder to avoid telling the IRS about income from selling stuff online. Here's what to know

The recently enacted American Rescue Plan Act significantly lowers the threshold for when online sellers will receive a tax form.

www.cnbc.com

 

[GeorgeSoros]

It's going to become harder to avoid telling the IRS about income from selling stuff online. Here's what to know

The recently enacted American Rescue Plan Act significantly lowers the threshold for when online sellers will receive a tax form.

www.cnbc.com

It's going to become harder to avoid telling the IRS about income from selling stuff online. Here's what to know

The recently enacted American Rescue Plan Act significantly lowers the threshold for when online sellers will receive a tax form.

www.cnbc.com

Lol, this is Joe Biden's America. It's funny how people will make excuses and say "He's just going after the rich.", but the threshold wouldn't be so low if that were the case. The excuse they are going to make is that they are bringing the reporting number back down to $600 like it was before they moved it up during the Obama administration.

When they do stuff like this they estimate the political backlash and they are likely estimating that there aren't that many people making money online selling items and so this is a safe political move for them. In other words, they'll hose you if they can get away with it.

 

[Kerosene31]

Honestly that has probably been in the works for a long time now. The IRS has been clamping down on this stuff for a long time. Don't think it is specific to either party. To be fair, a lot of people make full livings off this stuff without paying taxes. Not saying they are all wealthy and deserve it, but it isn't the worst thing in the world.

 

[karmakid]

https://www.newsobserver.com/news/nation-world/national/article256887637.html

 

[karmakid]

Make more than $100,000? Your IRS audit risk just doubled.

The IRS is boosting audits on higher earners, with the audit rate jumping fourfold on filers earning more than $10 million.

www.cbsnews.com

 

[karmakid]

https://www.washingtonpost.com/business/2023/05/15/irs-free-file/

 

[Videodrome]

Is there no better way to raise revenue? Can't we just have sales tax and do away with the income tax?

Or do the VAT tax thing?

 

[Kerosene31]

Is there no better way to raise revenue? Can't we just have sales tax and do away with the income tax?

Or do the VAT tax thing?

The problems in the US vs other countries are:

-Massive tax loopholes that let most of the really big earners avoid paying taxes. The more rich you are, the more you can avoid paying. We've been sold a lie about trickle down economics for decades and we're still paying the price for that.

-Massive spending on military and defense contractors (the US basically pays the tab to keep the rest of the world safe). Recently, the fear mongers were warning us about Russia and China pulling ahead of us, but just look at Russia in Ukraine. This whole thing is a massive scam to make defense contractors rich.

Quite simply, we tax less and spend more. The rich can influence the government to give them breaks that benefit only them.

Taxes in the US are not all that high compared to most other countries. Canadian shoppers still come over the border to buy stuff at lower tax rates (and NY actually has one of the highest sales taxes in the country, but it is still lower than Canada).