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Old 10-22-2021, 12:46 PM   #51
KW5413
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Keep in mind that wealth and income are two different beasts. Investments, property, etc. all contribute to wealth but, aren't taxable until they are sold off and become income and / or capital gains.

Estate Taxes are the ones that get me. That one tax has ruined many a family business and destroyed many family farms and ranches.

This...taken straight from the IRS pages...There is just something fundamentally wrong with this.

"The Estate Tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death (Refer to Form 706 PDF (PDF)). The fair market value of these items is used, not necessarily what you paid for them or what their values were when you acquired them. The total of all of these items is your "Gross Estate." The includible property may consist of cash and securities, real estate, insurance, trusts, annuities, business interests and other assets."
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Old 10-25-2021, 01:41 PM   #52
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

The other side of this is everyone wants businesses to pay more in taxes, particularly the really successful ones. The issue here is that businesses don't really pay taxes, they just pass the tax revenue through to the government. Those that pay the taxes are the customers of those businesses. Increase the tax rate on a business and it will only absorb so much of it. The rest they will pass along as price increases their customers pay or, even worse, they will internalize and reduce workforce.

Just like when the affordable car act went into place and politicians that supported it were shocked when companies moved many folks from full time to part time or even laid people off permanently. If they understood economics in the slightest they would have seen it coming a mile away.

Plus, if a business like Tesla is turning a ton of their profits into innovation the best way to kill that is to take that money and have it go down the black hole that is the government. I know a ton of small business owners and every year or two they will buy stuff for their company (new trucks, equipment, etc.) or pay it in taxes. They aren't going to get to keep that money so it's their choice to reinvest it into their own company or let the government have it.

This is simply overreach by the government to see how much money is flowing out there so they can figure out how better to control it. There are many in our government that think all the money generated every year in the United States belongs to the government and they just let us have what we get to keep.

By the way, I think taxing something considered as a right is an abhorred thing to do.
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Old 10-25-2021, 07:05 PM   #53
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Quote:
Originally Posted by 67C10Step View Post
The other side of this is everyone wants businesses to pay more in taxes, particularly the really successful ones. The issue here is that businesses don't really pay taxes, they just pass the tax revenue through to the government. Those that pay the taxes are the customers of those businesses. Increase the tax rate on a business and it will only absorb so much of it. The rest they will pass along as price increases their customers pay or, even worse, they will internalize and reduce workforce.

Just like when the affordable car act went into place and politicians that supported it were shocked when companies moved many folks from full time to part time or even laid people off permanently. If they understood economics in the slightest they would have seen it coming a mile away.

Plus, if a business like Tesla is turning a ton of their profits into innovation the best way to kill that is to take that money and have it go down the black hole that is the government. I know a ton of small business owners and every year or two they will buy stuff for their company (new trucks, equipment, etc.) or pay it in taxes. They aren't going to get to keep that money so it's their choice to reinvest it into their own company or let the government have it.

This is simply overreach by the government to see how much money is flowing out there so they can figure out how better to control it. There are many in our government that think all the money generated every year in the United States belongs to the government and they just let us have what we get to keep.

By the way, I think taxing something considered as a right is an abhorred thing to do.
Couldn’t have said that any better and couldn’t agree more! Truth.
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Old 10-25-2021, 08:42 PM   #54
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Some diverse industry bodies are united against such intrusion: https://www.dailymail.co.uk/news/art...-IRS-plan.html
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Old 10-25-2021, 10:30 PM   #55
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

I'm going to Mexico, ditch my ID, and swim back across for the free stuff.

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Old 10-25-2021, 11:09 PM   #56
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

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Originally Posted by davischevy View Post
I'm going to Mexico, ditch my ID, and swim back across for the free stuff.

Build back better,

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you will have to wait for the spending bill to pass, then you will get even more free stuff.
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Old 10-25-2021, 11:24 PM   #57
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

At the end of the day
If you make money
You pay taxes
.
Larry, let me know when you start your breast stroke from the beach in Tijuana
And I will come grab you
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Old 10-26-2021, 12:08 AM   #58
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

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Originally Posted by Chevyland View Post
At the end of the day
If you make money
You pay taxes
.
Larry, let me know when you start your breast stroke from the beach in Tijuana
And I will come grab you
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Lol somehow I see Larry doing this instead of swimming
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Old 10-26-2021, 08:11 AM   #59
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

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It's all just a "reverse Robinhood" Take from the "poor" and further enrich the coffers of the politicians . Have you ever seen a poor politician? They keep approving all these different programs and they haven't even spent the money from previously approved programs or it gets redirected to another "cause" I think what everyone should be asking is where did all that money go ? there's never an accounting of whats been spent and who has it now . We're all just the rats on the wheel .

Next cash will be totally replaced by cards and then it will be a barcode on you .
They spend money worse than an 18 year old with a credit card and a minimum wage job.I remember there used to be an ex senator who would go on the news and expose some of the spending.Some one who was related to a person in congress was making 250 thousand a year to teach people how to use toilet paper in India! Unfortunately the lower middle and upper working class people are the one's paying the price for it now.And you don't see to much of this kind of spending exposed on the news any more.
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Old 10-26-2021, 08:53 PM   #60
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

They are called representatives.

The are subject to different rules than the rest of us.
They have their own healthcare plan.
They have their own retirement plan.

Who are these people representative of? Obviously not us.
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Old 10-28-2021, 01:26 PM   #61
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

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Keep in mind that wealth and income are two different beasts. Investments, property, etc. all contribute to wealth but, aren't taxable until they are sold off and become income and / or capital gains.
This is the truth. If there is a "wealth tax" on billionaire's it's only a matter of time that there will be one on all accumulated wealth of everyone. It is essentially double taxation. It also may be unconstitutional.

When there is no incentive to work hard your society is doomed.
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Old 10-28-2021, 01:56 PM   #62
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

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This is the truth. If there is a "wealth tax" on billionaire's it's only a matter of time that there will be one on all accumulated wealth of everyone. It is essentially double taxation. It also may be unconstitutional.

When there is no incentive to work hard your society is doomed.
IMPO The Estate Tax is already double taxation. The Wealth Tax will hit it again, and again, and again. It will be be virtual. Every year, as long as you hold the item of "Wealth". If it grows, the tax grows with it. Very similar to property taxes. Except Wealth Taxes are typically measured against net worth...after liabilities. Property taxes do not consider the property's "Net" value.

At least income tax is a one and done tax.

Back to sending transaction info to the Feds...I'm not sure where that stands now with all the fighting (I mean Negotiations) going on in DC. Probably won't know until the dust settles and everybody gets dirty.
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Old 01-05-2022, 08:45 PM   #63
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Saw this related article today:

https://www.dailymail.co.uk/news/art...g-600-IRS.html
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Old 11-25-2022, 01:48 PM   #64
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Just an update/reminder: https://www.cnbc.com/2022/11/23/here...s-in-2022.html

"Before 2022, the federal Form 1099-K reporting threshold was for taxpayers with more than 200 transactions worth an aggregate above $20,000. However, Congress slashed the limit as part of the American Rescue Plan Act of 2021, and a single transaction over $600 may now trigger the form."
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Old 11-25-2022, 10:40 PM   #65
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

So…

I buy $1,000 worth of trinkets as a hobby over 10 years.

No business involved, no profits in mind.

One year I decide to sell my collection.

I sell everything for $601.

I may get a W2.

I may be asked to prove that it’s not a business profit.

But I have zero proof, because I was just buying trinkets for my hobby.

What am I missing?
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Old 11-26-2022, 11:27 AM   #66
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

It just seems backwards. If I sell a vehicle on Ebay and their cut is over $600 I should be sending Ebay a 1099. That is the law I am to abide by with deducting payroll. Under $600 annual is the cap for writing off casual labor. Everything over that I can't deduct without showing a 1099 to go against my income
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Old 11-26-2022, 02:31 PM   #67
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

I get that they are trying to capture missing tax revenue from people that work under the table (I’m sure hiring 80,000+ IRS employees has something to do with it). But it’s going to hurt honest people. The best solution really is to do away with the unnecessarily complex income tax code, and make everything a flat sales tax.
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Old 11-27-2022, 12:15 PM   #68
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

One of my daughters has 3 kids ranging from 6 to 17 years old. THE 17 year old is a senior and involved with both school and select soccer teams. As a senior there is THAT obligatory expense, plus funding the select team and travel that can send them states away. Not to mention the out of state trips to the College "Look See" events.

The 14 year old girl (Need I say more about THAT day to day expence?) Is in School athletics soccer, basketball and volleyball PLUS select soccer. Which also brings aout of state travel expense.

And the 6 year old son is doing the baseball and soccer thing.

My daughter is a teacher, and her husband has his own business in Paintless Dent Repair. Even though his work is highly regarded in the DFW area (Patrick Mahone sent his $200K+ Defender to him from Lubbock to fix hail damage) their income is not conducive to funding all their kid's expenses. So we are happy to help.

With all of that said, we send our financial aid packages to them via Venmo. From time to time, they send $$$ back to us.

I wonder if the tax collectors will be sending us questionaries to prove these were gifts and not sales transactions...and why the hell should I have to?

BTW: This is not meant as a political statement at all, just my many decades of observation...The really bad news is once a tax rule is advanced as a rule of law, it is rarely rescinded.
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Old 11-28-2022, 08:43 PM   #69
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

This just in from Glenn Beck:


https://www.youtube.com/watch?v=gjb9XEJZ0KI
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Old 11-28-2022, 09:13 PM   #70
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Quote:
Originally Posted by kwmech View Post
This just in from Glenn Beck:


https://www.youtube.com/watch?v=gjb9XEJZ0KI
I have so much to say but I had to delete it all.
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Old 11-28-2022, 09:31 PM   #71
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

What is pay pal , been using cash since 1954
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Old 11-28-2022, 10:23 PM   #72
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

More and more I find myself wishing I was a whole lot older
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Old 11-28-2022, 10:58 PM   #73
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Quote:
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What is pay pal , been using cash since 1954
Get ready to be dragged along.
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Old 01-04-2023, 02:30 PM   #74
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

This tax law has been postponed for one year
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Old 01-04-2023, 02:36 PM   #75
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

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This tax law has been postponed for one year
Statement here: https://www.irs.gov/newsroom/irs-ann...s-forms-1099-k
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