PAYPAL IRS Requires Taxpayer ID for Sales over $600

[Grumpy old man]

Originally Posted by truckin 79

Maybe it is a way to get the rich to pay their fair share of taxes in stead of hiding their assets like the Pandora paper revealed.

https://www.nytimes.com/2021/10/04/w...ra-papers.html

What do you consider rich ? I'm talking cash money in the bank ?

[KW5413]

Ha, ha...cash $$$$ in the bank to determine "rich" is a relative thing. I remember the days if I had a $ 100.00 bill in the bank I was rich.

[truckin 79]

Billionaires like the ones that are building ships to fly to the inner space of Earth. Mind you they did not build a joint rocket program they each built there own ships.
https://www.seattletimes.com/busines...-income-taxes/

The information published Tuesday shows how billionaires are able to legally reduce their tax burden, highlighting how the American tax system can hit ordinary wage-earners harder than the richest people in the country. That’s often because the richest Americans tend to have their wealth tied up in stocks and real estate, allowing them to avoid taxes on unrealized profits.

[KW5413]

Originally Posted by truckin 79

Billionaires like the ones that are building ships to fly to the inner space of Earth. Mind you they did not build a joint rocket program they each built there own ships.
https://www.seattletimes.com/busines...-income-taxes/

I'll bet they have more that a $ 100.00 bill in the bank. Probably not a dime in their wallet.

"What's in your wallet?" LOL!

[68bowtie]

Voting with your emotions instead of your brain is how we get here.

[KW5413]

IRS employs just south of 82,000 people. This includes contract and seasonal staff. Yet, they don't have enough people to press collections / audits. They want more.

Like most government agencies they likely trip over dollars to pick up dimes. Don't be surprised if they put "Collections" kiosks inside Walmart. Would probably use PayPal to process payments.

[Bigdav160]

You think the people making the rules are doing it for our benefit?????

[68bowtie]

Originally Posted by Bigdav160

You think the people making the rules are doing it for our benefit?????

They have a LOT of people fooled into thinking that.

[Chevyland]

Originally Posted by Grumpy old man

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 .

I’m sure glad I will not be around

[tim71]

All of this transaction talk is a smokescreen. The real control will come when the government eventually does away with cash and converts to a Federal digital money. Then the government will know exactly how and when you spend money. They will definitely get what they think is their fair share then, no more hidden transactions.

[Chevyland]

What year will that be ?

All kidding aside, I agree
We will see this , sooner than we think
Taxes were created for a reason
And, the powers that be will eventually close
‘Every’ loophole

[Grumpy old man]

Originally Posted by Chevyland

What year will that be ?

All kidding aside, I agree
We will see this , sooner than we think
Taxes were created for a reason
And, the powers that be will eventually close
‘Every’ loophole

Except for barter ,

[Chevyland]

Sounds good to me
I’ll keep paying my taxes
And keep hoarding my Chevy truck stuff
.
Take a road trip though Tennessee
Every spring

[57taskforce]

Originally Posted by truckin 79

Billionaires like the ones that are building ships to fly to the inner space of Earth. Mind you they did not build a joint rocket program they each built there own ships.
https://www.seattletimes.com/busines...-income-taxes/

All this has nothing to do with billionaires, I hate to be the one to tell you that.

[KW5413]

So much to say about taxes but, no available bandwidth here...which is a good thing.

As for Billionaire space programs...I am happy to see it. More innovation that may take years to develop at NASA. The day may come that we are these platforms will be needed. At the very least, move us away from using Russian Space Vehicles.

My Kids / Grandkids will be able to use PayPal to buy tickets for a quick ride.

[truckin 79]

Originally Posted by 57taskforce

All this has nothing to do with billionaires, I hate to be the one to tell you that.

Then what is about, please feel me in? A news article with your hypothesis would be nice to read as well.

I’m sure glad I will not be around

I think it is funny how people think the government is going to start injecting people with trackers all the while carrying a cell phone everywhere they go. That cell phone tells anyone who is looking including the government where you are, where you spend your money and what your interests are and much much more.

[DeadheadNM]

I’m curious what the consensus is re what is a “fair” amount. Never see that detailed. Seems fair that everyone pays something. To my knowledge no US billionaire is implicated in Pandora papers dump.

[tim71]

My opinion on fair would be everyone pays the same percentage of their income for Federal income tax. Let's use 10% as an example. If you make $40,000...you pay $4000. If you make $40,000,000...you pay $4,000,000. Get rid of all the deductions and loopholes, same rules for everyone.

I don't think it's right for wealthy people to scam the system and pay very little or nothing, nor do I think it's right or good that half the country pays no federal income tax. Every one needs to have skin in the game. If you make, say $30,000, you still should have to pay some tax. If everyone paid, maybe there would be more people wanting to hold the government and elected officials more accountable.

I could even live with the percentage increasing at a certain threshold, maybe if you earn more than $10,000,00 your tax % increases to 15%. Just get rid of all the methods available to pay little or no tax at both ends of the income scale.

[anew4961]

someones president on the build back better deal 3.5 trillion dollars include hiring 83 thousand new IRS agents just what do you think they are looking for everyone's bank account and any thing they can find i dont have art work i can sell for $75 thousand dollars or make deals with the Chinese

[KW5413]

Both ends of the tax chain don't want a flat tax. Cost them toooo much $$$$. And # of kids won't impact taxable income.

Personally, a flat 10% would lower my taxes...if they didn't make it up somewhere else....and they always do.

[67C10Step]

If it really had to do with billionaires then they would not be interested in anything over a paltry $600. It's been a red herring for a very long time to say the rich don't pay their fair share. As Deadhead pointed out, the problem is determining what is 'fair.' I could not read the NYT Pandora's paper article because I do not have a paid subscription and I never will to the NYT.

Now, the 2021 update from the Tax Foundation states the top 1% in wage earners paid 40.1% of all federal taxes in 2018, while the bottom 90% paid only 28.6% in all federal tax. The respective tax rates for the top 1% versus the bottom 50% were 25.4% and 3.4%. It would appear the rich are already carrying more of tax burden than the 'average' person. Fostering envy is a tool used to manipulate.

I certainly don't fall into the top 1% category but I can certainly tell you I pay a tax rate a heck of a lot closer to the 25.4% than the 3.4%. If doctors only take home the same pay as ditch diggers why would anyone want to be doctor?

A flat tax of 10% would lower my tax rate significantly. I think the flat rate should kick in after some basic income like $20,000. No deductions for kids, etc. I would bet the extra income from folks not paying a dime now (and some getting back more than they pain in - don't get me started there) would more than cover for those of us that would see a lower bill. BUT, it would put way more watching what their representatives are doing with the money that is paid in.

[LONGHAIR]

Originally Posted by 67C10Step

If doctors only take home the same pay as ditch diggers why would anyone want to be doctor?

A flat tax of 10% would lower my tax rate significantly. I think the flat rate should kick in after some basic income like $20,000. No deductions for kids, etc. I would bet the extra income from folks not paying a dime now (and some getting back more than they pain in - don't get me started there) would more than cover for those of us that would see a lower bill. BUT, it would put way more watching what their representatives are doing with the money that is paid in.

I have been saying all of this for years.
The first is about incentive and innovation. Nothing new will be invented if there is no benefit to the one's who put in the time and effort.

The bit about those who get back more than they paid in.....yeah, no. That is just plain wrong.

Somehow the ever-growing system has decided that they are not accountable to us for anything, especially how they waste our money.

[57taskforce]

Originally Posted by truckin 79

Then what is about, please feel me in? A news article with your hypothesis would be nice to read as well.

Lol why waste time posting a “news” article up. Those frauds all make up 95% of the “facts” from their stories to begin with.

[tim71]

Went on Yahoo News to check today’s story lines and the second lead story was about the Fed investigating whether USA should have a virtual or digital currency. Do I think we will have a digital currency in the next 2-3 years...no. But I will say that I’m seeing changes in our country that I thought would never happen in my lifetime. Seems like changes or the way things evolve that used to take a decade happen in a single year now. These changes our not in our or our countries best interests.

[truckin 79]

Originally Posted by 67C10Step

Now, the 2021 update from the Tax Foundation states the top 1% in wage earners paid 40.1% of all federal taxes in 2018, while the bottom 90% paid only 28.6% in all federal tax. The respective tax rates for the top 1% versus the bottom 50% were 25.4% and 3.4%. It would appear the rich are already carrying more of tax burden than the 'average' person. Fostering envy is a tool used to manipulate.

This is completely true but this does not account for business income just individual income.
https://www.forbes.com/sites/sarahha...h=4d7632777fe1

According to ProPublica’s analysis, billionaire investor Warren Buffett, an advocate of higher taxes on the rich, saw his wealth grow by more than $24 billion from 2014 to 2018 and paid a true tax rate of 0.10%—a reflection of the fact that he reported just $125 million in income during that period, makes large charitable contributions and (since he pays himself a minimal salary), most of his income comes in the form of lower-taxed capital gains.

Amazon founder and CEO Jeff Bezos paid a true tax rate of 0.98% as his wealth grew by a staggering $99 billion between 2014 and 2018; he reported just $4.22 billion in reported income during the same period.

As Elon Musk, the billionaire CEO of Tesla, saw his wealth balloon by $13.9 billion between 2014 and 2018, he reported $1.52 billion in income and paid a true tax rate of 3.27%.

Dont get me wrong I do not think the top billionaires should pay 90% of there income like it was in the 50's-60's. Most of these guys are driven individuals and are problem solvers. I do not think most of the rich are trying to get out of paying more taxes. The tax codes are set up for the rich to pay less and that is not their fault. Is the Government the best at saving money no but taxes have to be paid. The wealth they have acquired over the last few years does not equate to the taxes some have paid over the years as the Forbes article points out.