This is cronyism.
They are twisting and perverting capitalism to close the free market.
This is cronyism.
They are twisting and perverting capitalism to close the free market.
As I think more about this, I am really interested if this changes the entire dynamics for the online industry (Ebay, FB, Instagram, Mercari, etc…).
Just put aside all emotion on the topic, folks that sell anything online (comics, clothing, pick any category) will have to be under $600 per year in order to not live in audit fear. There will be electronic records in banks accounts (Ebay managed payments), Paypal (FB & Insta for instance).
Just based on not wanting to deal with this new scenario (like myself), I have to believe many will move elsewhere instead of having to report $601 and above and the maintenance of those associated records. There are millions and millions of folks that use online platforms as weekend warriors… junk in basement, clothes, trinkets, everything. $600 is … like… nothing on a yearly basis
How will this impact the entire online industry of anything that is bought and sold for profit? How many will continue regardless? Where else can one go? How many will choose to actually create an LLC? This opens up so many avenues of discussion and in my opinion is a major topic going forward if what has been stated is a coming reality.
Oddly enough I cannot find much of a source for any of this information. It’s actually on a few sites you might consider to be unbiased but I really cannot find this being reported anywhere with a source that shows the actual legislation or provision in the bill. The only sources I can see being provided are other websites that have reported it as well. I am actually considering this to be fake news until I am shown otherwise with a source that links me to the actual legislation and provision in the bill and not just a website saying this is what’s happening with nothing to back it up but the same mostly cut and pasted article on other websites…
Here’s another article which is a few days old:
here is what is in the bill, pic taken from congress own website. this is the final wording in the signed bill
Can we accept crypto on eBay yet?
Sweet. Those last two posts with links to articles with actual sources and a picture of the bill and its provisions were exactly what I was looking for. I just wish these news sites would all provide such sources instead of just posting a story I am supposed to believe because they said so.
The taxes are never ending. My income is already taxed a bunch of ways. I’d say 95% of my collection I was charged a sales tax on. Now sales taxes and income taxes when you sell it. Maybe we cut all the loopholes and make everyone pay their fair share? I shouldn’t be paying more in taxes than billion dollars companies. Guess that’s what happens when big business writes the laws via lobbyists.
We’re born. We pay taxes. We die.
The only sure three things in life.
Since this seems to be real; and no one really knows how much it will be enforced (because of no history), one can only assume it will be enforced.
This truly may be the end of Ebay/Mercari for many of us up to $599 as a seller. We all complain about Ebay, but most continue using anyway. This year 2021 will literally be the end for me personally. I am not taking a 20 something percent hit on books as a weekend warrior seller, nor am I opening an LLC, nor am I balancing my ledger for 25,000 comics with dozens and dozens changing hands every week. Not happening. I have a full time already.
This is potentially huge… and it effects not just us comic collectors, but a substantial portion of regular folk basement/garage sellers in the U.S.
hits all gig workers, people who rent on Airbnb occasionally, facebook market place, uber drivers.
It’s worse than that.
Theoretically, you can run for office and be 100% funded by (as example only) pharmaceutical companies. Once “elected” you can then author, sponsor, and vote on laws that directly benefit pharmaceutical companies.
This applies to ANY industry. Oil, health care, banking, etc. This is also not just limited to taxes. They do the same thing with land, power that an office holds, etc. It’s is just a matter of time before Walmart, Amazon, United Healthcare, and the like are declared “company states” and have their own elected officials.
This is Machevellian. I urge you to read “The Prince” if and when you have time.
It destroys independent contractors as well. Side jobs will be seriously impacted. Especially once the nation goes cashless. Yeah, you had better believe that is coming.
Technically, if you were selling books as supplemental income, you should have claimed it in the first place. I’m not saying I agree or disagree with limits, but if you’re making money or aka supplementing your income, this isn’t a new thing.
Edited to include “first” to original comment.
News organizations are in the pockets of the same politicians who are taking bribes from major companies and other wealthy individuals.
They misreport and underreport intentionally, because they want to make X party look good and Y party look bad. They also sensationalize to stoke the fires of hatred and division.
Divide and conquer is underway in this country.
Demoralization, destabilization, crisis, and normalization. In that order.
Perhaps we can agree that we are taxed enough already. Rather than creating new ones or moving goalposts we can take a hyper focused magnifying glass to our current tax dollars and watch where they go and how the are spent. Adjust accordingly.
Edit: My point is that goods and services are getting increasingly more expensive while wages and benefits are stagnant. Getting raises and better benefits from our employers is akin to getting blood from a stone. So when we try to do something creative on our end to bridge that gap we are penalized for it. Almost as if we ate under a thumb of sorts. Prosperity is discouraged.
If the law states you should pay taxes on your income, this $600 limit is already moot. It’s not in the news cause it’s pretty much non news since you should already be including your “sales” from any side hustles in your income already…
Let’s not start any conspiracy QAnon baloney type of talk or chatter and stick to actual topic. Sell stuff, make money, report it is all I can advise if you don’t want the tax man a cometh knocking.
Cheers!
You have always been required to report your income from your side business. Whether or not it was on eBay, flea market, etc. This $600 item is nothing new nor has been the threshold to report your income.
So looking a little further into it this has already been happening in Massachusetts and Vermont since 2018. This won’t go in effect nationwide until any sale after December 31st 2021. I will have to see what happens in 2022 and go from there. I will either rage quit comic flipping or get a LLC and a Diamond account lol