Looks like the IRS are having second thoughts on the PayPal issue

[MitchAlsup]

Theft is theft. Like the entire country subsidizing Kalifornia residents' insane state income taxes.
Taxing the wages of the individual was not the original intent but here we are.

That is correct, the 1913 version of income taxes had income defined as all money that showed up for which you exerted no work.

Then the rich guys figured it out and the 1917 version changed income to all money that shows up by means of work and redefined money showing up based on exerting no work is now capital gains.

Under the 1913 rules normal people would not be paying income taxes.........

Does it seem fair that some rich guy that gets all of his disposable money from long term stock market commerce pays a lower tax rate than my secretary ?? plumber ?? lawn mower ??

But I digress.........

I find it amusing that people complain about individual taxes, but not about the total tax burden !!

You need to add up all of the {income, state, local, excise, licensing fees, franchise fees, fuel, property, sales, ...} taxes and then complain that the total is too much. Complaining that <say> income tax is too high and have *.gov lower it--just causes *.gov to make some other tax(s) greater so as to not lose out on spending power. The only way to constrain *.gov spending is to lower the total taxation burden not just any random tax category.

And taxes are not theft--taxes are what we pay to live in an orderly society.
If you want to live in a place without taxation--can I suggest Somalia.

 

[outrider1]

No,the IRS hasn't figured out an efficient way to collect these extra taxes....yet.

 

[dendweller]

The estate tax limit is 12.9 million dollars. Anything under that is tax free.

The vast majority of Americans never earn 12.9 million dollars in their entire lifetimes, let alone accumulate that much to hand it down to their heirs.

That is news to me, I assumed it was taxed the same way that gifts to children are when over the limit. Thanks

 

[Coos Cues]

Into the hole in John Prine’s daddy’s arm?

pj
chgo

Jesus Christ died for nothing I suppose

 

[Coos Cues]

Of course, rest assured that when these crooks do implement it, it will be spent
on some wasteful government boondoggle

Interest on the debt is soon to surpass SS&medicare as the largest line item on the budget.

But don't forget to claim those tips.....

 

[joninnorfolk]

"And taxes are not theft--taxes are what we pay to live in an orderly society."

What's "orderly" about a system that shakes everyone down under the threat of violence?

If someone forcibly takes 100% of another's output, they have made them their slave. But, should grand profiteer maggots vote to have armed agents take just a percentage it's morally good to go because the voting cattle morons empower the scum to do their bidding? Man, legislative magic is crazy!

 

[Coos Cues]

The estate tax limit is 12.9 million dollars. Anything under that is tax free.

The vast majority of Americans never earn 12.9 million dollars in their entire lifetimes, let alone accumulate that much to hand it down to their heirs.

Unless you have a farm worth more than that which is not liquid yet you need to keep it to continue earning a living and maintaining a way of life. And you don't have the cash on hand to pay the estate tax so you have to sell.

It won't be long before 12.9 million will be scoffed at as a retirement nest egg the way they're printing money and handing it out all over the world and to their war cronies here.

 

[Coos Cues]

And taxes are not theft--taxes are what we pay to live in an orderly society.
If you want to live in a place without taxation--can I suggest Somalia.

Agreed.

Now when does the orderly begin? Because it's getting close to where I would just rather keep my taxes and take my chances with personal self preservation measures.

 

[MitchAlsup]

"And taxes are not theft--taxes are what we pay to live in an orderly society."

What's "orderly" about a system that shakes everyone down under the threat of violence?

What makes you think *.gov having no money that:: YOU would not be SHAKEN down regularly by people with even less good in their hearts than the typical *.gov bureaucrat ??

 

[btal]

No,the IRS hasn't figured out an efficient way to collect these extra taxes....yet.

They're getting better.
October 23rd ............ In a long-awaited development, the largest audit in the history of the IRS has finally taken its next step. On Wednesday, Microsoft announced that the agency had notified the company that it owes $28.9 billion in back taxes, plus penalties and interest. The case is epic not only in dollars but in scope.

 

[Coos Cues]

What makes you think *.gov having no money that:: YOU would not be SHAKEN down regularly by people with even less good in their hearts than the typical *.gov bureaucrat ??

This and a "well regulated militia" of like minded friends.

 

[joninnorfolk]

What makes you think *.gov having no money that:: YOU would not be SHAKEN down regularly by people with even less good in their hearts than the typical *.gov bureaucrat ??

I'll gladly take my chances with individual thieves rather than the collective ones that claim the theft is for my own good.

Get some Lysander Spooner in your life!! "If taxation without consent is not robbery, then any band of robbers have only to declare themselves a government, and all their robberies are legalized."

 

[logical]

Under the 1913 rules normal people would not be paying income taxes.........

Does it seem fair that some rich guy that gets all of his disposable money from long term stock market commerce pays a lower tax rate than my secretary ?? plumber ?? lawn mower ??

.

I am not clear why being successful and building a bit of personal wealth makes you no longer normal and instead someone who must give more of that money to other people. We already have graduated income tax rates.

And while we are at it, of course earned wages and investment gains are two different things...but why exactly do you think one should be taxed higher than the other. What if a rich guy makes a really high hourly wage and some regular guy scratches out living buying and selling pool cues. Now who do you want to tax more heavily? Gotta punish those damn rich guys right?

 

[cigarmikl]

Politicians will never make laws to tax the rich without loopholes, because they would have to pay higher taxes on their wealth.

 

[Mensabum]

When the 1099-K forms came out in, subject to check, 2014, I was totally confused. All of my jobs from clients are paid to me via credit card through my merchant account. At the end of the year, my merchant account sends me and the IRS a 1099-K which has the totals of all charges made to me by credit cards.

The IRS did the same thing in 2014 and said we did not have to worry about mentioning the form 1099-K on our taxes that year, but that it would be required the next year.

The huge problem at that time was I was receiving a 1099-MISC from a client and the same income was mentioned ono the 1099-K to the IRS. Talk about double taxation! I did not claim the 1099-MISC on my taxes that year and just claimed the 1099-K, thinking I was okay. Wrong! I received a letter from the IRS thereafter saying I needed to explain where the 1099-MISC income was on my tax papers that was missing.

I called the IRS and explained the dilemma, and fortunate for me, I got a very nice lady on the phone and told me how to handle it. So I mentioned each 1099-MISC amounts and the one 1099-K amount, and then under something called "OTHER EXPENSES" where I claim deductions like merchant account fees, I put only the amounts of the 1099-MISC that are the same totals in the 1099-K there in OTHER EXPENSES as an expense so I am not taxed twice. Problem solved! Yay!

It is important to point out this: "Exclusions from gross income that are not subject to income tax, including amounts from selling personal items at a loss, amounts sent as reimbursements and amounts sent as gifts."

Interestingly, today the Federal Government quit sending out 1099-NECs, which replaced the 1099-MISC form, to people if they paid people like me by credit card. In fact, last year, I don't think I received any 1099-NECs from my private clients or the Federal Government. I like the 1099-K form. You just have to know how it works on tax forms. Like everything else associated with the IRS Tax Code, it's confusing as hell and doesn't seem to be getting any better. I just try to stay honest and fly under the IRS radar, but if I'm ever audited, I'll pass with flying colors. It's not nice to fool Mother Nature or the IRS.

Excellent description of a tough to understand process for many folks!!
Thank you for that.
Unless you've gone thru something like this, there's no way of knowing about it until... EEK. Keep posting the Deets folks!!!

 

[RT Ford]

Thinking 'X' out for implementation is sorta easy for a one man shop, near impossible for the numbers in Congress.
Sounds rather backwards but quite possible ALL those heads are not thinking on one subject, like they should. So when time comes someone seems to pop up and ask, did anyone think of step 6? Silence... then more time is added.

.

Are those your quotes?

 

[9andout]

1 year delay on implementation huh.
Gives us time to work on Loop-Holes. If not, I see some just UP & QUIT SELLING.
Gov keeps dreaming up all these new taxes yet
NO ONE barks back to start charging Politician's multiple
taxes. I have a rather long list of taxes that can be implemented.

.

Tax churches. Hope they are on your list.

 

[MitchAlsup]

I am not clear why being successful and building a bit of personal wealth makes you no longer normal and instead someone who must give more of that money to other people. We already have graduated income tax rates.

And while we are at it, of course earned wages and investment gains are two different things...but why exactly do you think one should be taxed higher than the other. What if a rich guy makes a really high hourly wage and some regular guy scratches out living buying and selling pool cues. Now who do you want to tax more heavily? Gotta punish those damn rich guys right?

In reverse order:: I actually happen to be one of those rich guys.

What I see is that the "reduce the tax burden" mantra since 1980 has made me exceedingly rich while allowing ¼ of the middle class (1980) to fall back towards poverty (2020). If you look back to the period of time when the maximal population was doing as good or better than they ever had, you will find the steepest tax rate above 66% (1964-ish).

My point is:: why do we tax the person who ears his money by the sweat off his brow higher than we tax a rich person who simply has to call up his broker to refill his checking account. Who is actually doing society more good ??

 

[tomatoshooter]

Like the entire country subsidizing Kalifornia residents' insane state income taxes.

What are you on about? Why would the rest of the country have to pay California because we have high state income tax? Incidentally, California pretty much breaks even with federal taxes paid vs federal funding received.

 

[logical]

My point is:: why do we tax the person who ears his money by the sweat off his brow higher than we tax a rich person who simply has to call up his broker to refill his checking account. Who is actually doing society more good ??

OK, but that is a not a point, it's just repeating a rhetorical question that you posed before. And you didn't really address what I said.