Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

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Ultramane
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 8:50 pm

anyway if you're gonna remember things when voting, don't go after for the people who voted for a bill that happened to include this, but the people who allowed this kind of wealth gap and tax loopholes in the first place. or start building guillotines, which is probably easier.
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 9:02 pm

domu wrote:
Sat Apr 10, 2021 7:28 pm
If you don't have an accountant, your income is most likely too low for this to affect you much anyways.
Sorry but its literally the complete opposite.
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 9:10 pm

Ultramane wrote:
Sat Apr 10, 2021 8:50 pm
anyway if you're gonna remember things when voting, don't go after for the people who voted for a bill that happened to include this, but the people who allowed this kind of wealth gap and tax loopholes in the first place. or start building guillotines, which is probably easier.
They're literally the same people 😆
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 9:18 pm

not entirely true! but yes, at a certain point, they start to skew towards catering to corporate interests over citizens. but, in this particular case? you can easily see that's not really accurate. all my representatives from the last few years across the two states i've lived in voted against it, and they absolutely did not do it because they have their constituents' best interests in mind.

guillotines are still the best option 😉
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 9:56 pm

Threash wrote:
Sat Apr 10, 2021 9:02 pm
domu wrote:
Sat Apr 10, 2021 7:28 pm
If you don't have an accountant, your income is most likely too low for this to affect you much anyways.
Sorry but its literally the complete opposite.
Care to elaborate?
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 10:03 pm

TheSameIdiot wrote:
Wed Apr 07, 2021 2:55 pm
If you're going to make this political, at least try to base it in fact. Biden and Democrats are looking to raise the corporate tax rate and taxes on the wealthy.

Sure, this eBay tax is frustrating, but it won't exactly result in a massive uptick in foreclosures.
Taxation policy and politics is intertwined and inescapable. You can't talk about one without the other. TSI, your 'fact' is in fact still a campaign promise at the moment and not realized.

Every decade, regardless of who is in power, we're told that the repatriation and subsequent taxation of off-shored trillions will happen. The latest attempt from the previous administration actually gave cheater US multinationals a huge incentive to repatriate and declare. 15.5% taxation on cash profits and something like 8% on non-cash assets? Talk about generous. Over the years the move attracted $1 trillion, it is estimated (most of which went to stock buy-backs, lol); whereas the running totals go as high as $4 trillion in stashed loot or higher. Many of the big boys, despite wonderful PR promises made in the news in the last few years, opted out in the end. New wonderful PR promises are currently being made. Some cash will repatriate, true.

The IRS negotiates pleasantly with these supra-national entities, asking them pretty please, whenever you feel like paying the hundreds of billions that are owed by law.... The IRS doesn't negotiate much with real people of normal means.

My beef isn't that taxation is wrong. Nor am I saying normal people should go un-taxed and only cheating multinationals should pay. I actually think the multinationals will declare possibly more under Biden than Trump - at a preferred negotiated rate - to help keep him in office and the schemes going. I'm just saying, all the latest spending is budgeted and raised from current deficit taxation inflows and especially huge additions to the national debt. It's almost all debt.

My beef is that the garage sale threshold - $600 - is wrong. Way too low. Like 1950s low. Should be more like $20,000 (example revenue level of a humble entrepreneur). Taking $3 billion from tax cheaters like Apple or Microsoft, or fining $3 billion for JP Morgan's criminal activity, is completely acceptable for those corporations. Given their record profits often stashed offshore, that's chump change; they would be dodging a bullet. But slurping in $3 billion in total from average people engaging in the tiny commerce of secondary (online garage sale) markets? That's potentially pretty big and reaching. I identify it again as an effort to hurt normal independent activity and people, as opposed to helping them move toward a build-back-better promised land.

I'm sure major corporations are happy with the enforcement of the $600 tax threshold because Ebayers and many similar peasant sellers are scraping against their market share. Don't buy second-hand or resold stuff, consumer. Don't allow uncontrolled free enterprise to give Citizen Joe and Jane a few extra grand. Get our new stuff from the proper venues.

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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 10:07 pm

domu wrote:
Sat Apr 10, 2021 9:56 pm
Threash wrote:
Sat Apr 10, 2021 9:02 pm
domu wrote:
Sat Apr 10, 2021 7:28 pm
If you don't have an accountant, your income is most likely too low for this to affect you much anyways.
Sorry but its literally the complete opposite.
Care to elaborate?
It's the people who can't afford accountants that need this money to get by that are going to be affected by this.
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 10:23 pm

also i just posted a link above explaining why lower income people are affected by this

okay bottom of the last page so I'll just repost it

https://www.google.com/amp/s/www.foxbus ... easier.amp
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 11:21 pm

Threash wrote:
Sat Apr 10, 2021 10:07 pm
It's the people who can't afford accountants that need this money to get by that are going to be affected by this.
If someone makes 10K a year, and they sell 1K in toys, they're still going pay to $0 in taxes.

If someone makes 20K a year, and they sell 1K in toys, they'll pay 10% on that 1K. $100.

If they make 50K, they'd pay 12% on that 1K. $120

If they make more than that, they should consider an accountant.

Is saving that amount of money worth keeping receipts and getting an accountant? I don't think so.

If you're spending enough on toys that you make 1K from side sales of your extras or whatever, do you really need that $100 to get by?

And I know what I wrote comes across a little callous, but I don't mean it that way. I think it's just practical thinking. I don't think this is anything to be upset about for the vast majority of us.

I picked 1K in toy sales because it's a nice easy amount to do percentages on, but also because it seems like a reasonable amount of sales as a by-product of our hobby to still enjoy the hobby fully. If you're selling above that amount are you really going to notice, is your hobby really going to suffer that much, if you have to cut back on purchases, at most, 10-12% to pay taxes on those sales? My income has taken a significant hit in the last year due to the pandemic. I cut back probably 75% on my discretionary spending to be sure to be financially secure if things stay bad. My enjoyment of the hobby hasn't diminished at all.

I completely agree that $100 for someone making $20K a year is a much more significant amount than it is to someone making 50K. But you know, I've made less than that at points in my life. I always had to watch what I spent. Spending slightly less on a hobby would not have had a real effect on my life, mostly because there was no way I would be spending enough on a hobby to have enough extra stuff to generate sales of a significant amount to be taxed.

And if you're making all of your 20K a year selling toys, that extra tax for sure sucks. But the guy working at the grocery store making 20K has to pay taxes on his income too. If it was up to me, I would make the tax rates way more progressive. I would raise the taxes on the rich significantly. 75 milliion people voted for the guy whose only significant accomplishment was lowering taxes on rich people. That's something to be upset about.
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 11:36 pm

Dormammu wrote:
Sat Apr 10, 2021 10:03 pm
Taxation policy and politics is intertwined and inescapable. You can't talk about one without the other. TSI, your 'fact' is in fact still a campaign promise at the moment and not realized.
But we know why it will likely remain a campaign promise and never be realized.
2 Democrats in the Senate will probably not support it, and 50 Republicans in the Senate will absolutely never support it.
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 11:40 pm

Ultramane wrote:
Sat Apr 10, 2021 8:50 pm
anyway if you're gonna remember things when voting, don't go after for the people who voted for a bill that happened to include this, but the people who allowed this kind of wealth gap and tax loopholes in the first place. or start building guillotines, which is probably easier.
I 100% agree with what you're saying at the beginning, but 100% disagree with even joking about bringing violence into the equation. This past year has shown there are too many who take that sort of thing way too literally.
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sat Apr 10, 2021 11:59 pm

The United States has had a permanent income tax for just over 100 years. It never existed before that.

The only other times there was a Federal Income Tax was the War of 1812 and the Civil War. Those taxes was repealed after each conflict. The rules have been changed and then reinterpreted by Federal Officials only to the benefit of the government.

Politics and taxes are a horrid subjects to bring up because both are rife with abuse.
It does not matter if it is a D or an R is near the politicians name. The government getting more money is always bad because it is always squandered.

The more complex the rules, the better it is for the government bureaucrat to retain power and the more expensive it is for the population.

This, like everything else, is about power. The government is now getting big business to be its proxy.
Stop being divided and collectively say no. If a person voted for this. Toss them out. If they are a multi decade incumbent. Toss then out and put in term limits.

The D's and R's of the world don't care about you.
You are the best person to take care of yourself. That is what this great nation was founded on.
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sun Apr 11, 2021 1:19 am

The billionaires on this planet could easily make it where everyone lived comfortably, one could actually probably do it. The reason they don’t is because if everyone was comfortable nobody would actually do anything. There would be nobody working at Walmart or McDonald’s or make the cool things you want to buy. Doesn’t have anything to do with the topic I guess but it was on my mind.
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sun Apr 11, 2021 1:21 am

Also never ever vote for new taxes!
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Re: Sellers will be sent a 1099 (taxable income) if they sell $600 + starting 2022

Sun Apr 11, 2021 1:35 am

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