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IRS Delays Gig-Tax Filing Rule for Side Hustles of More Than $600

24 points by DocFeind 4y ago

LinuxBender 4y ago
Non-JS readable version [1] [1] - https://archive.ph/6HZH3 https://archive.ph/6HZH3
BugsJustFindMe 4y ago
Delayed is good, but not exactly a win. It would be nice if the IRS ever bothered to go after the upper end of tax dodgers lying their way into millions of dollars instead of nickle-and-dimeing the underclass for selling a few things on ebay. It's painful to contrast a proposed $600 ebay reporting rule against reports that the IRS just didn't bother to do the _mandated_ audits of our former president just accepting the declaration that he owed $0 without question. It's part of a broad pattern of the wealthy controlling class just getting away with everything all the time without consequence. While a pocket of weed will get you years behind bars if you weren't born into influence.
- refurb 4y ago
  Why blame the IRS? It’s your elected representatives that passed a law the IRS had to enact.
  - ksniwmidjd 4y ago
    Exactly. The democrat controlled congress and potus put this into effect along with 80,000 new irs agents to enforce it. Here’s the voting Senate: https://www.senate.gov/legislative/LIS/roll_call_votes/vote1171/vote_117_1_00110.htm https://www.senate.gov/legislative/LIS/roll_call_votes/vote1... And house: https://clerk.house.gov/Votes/202149 https://clerk.house.gov/Votes/202149 Not a single republican vote.
    - oneoff786 4y ago
      That’s because the republicans party doesn’t want the irs to have the teeth to tax the rich
      - ksniwmidjd 4y ago
        But the left is perfectly fine with putting this in place to tax the lower class.
      - cute_boi 4y ago
        What have dems done to tax the rich? They only speak, but I don't see any reforms.
        staticman2 4y ago
        Republicans lowered taxes for the rich under Trump.
        rsj_hn 4y ago
        No, they lowered corporate taxes. They raised taxes for the majority (but not all) of the high income workers by reducing the deduction for state and local taxes (which, along with the mortgage interest deduction, should never exist) something the Democrats, who are trying to lower taxes for the rich, want to roll back. If you are a tech worker living in California, it's almost certainly the case that your taxes went up, often by quite a bit. In terms of the very rich - those who live off of capital income rather than wage income -- taxes were unchanged and remain at the long term capital gains rate of 20%. The long term capital gains rate is perhaps the biggest loophole for the wealthy, and neither party will touch it. Thank Bill Clinton -- another Democrat -- for signing the "Taxpayer relief act" that lowered the top rate to 20%, which is where it sits today. The GOP tax plan was a corporate tax cut (politically justified by the myth that there is "money sitting outside the US that corporations will repatriate to our shores and invest in America") -- combined with a partially offsetting hike on high earners by attempting to close some loopholes that were carved out for the wealthy, such as the deduction for state and local income taxes paid. I opposed that tax plan and was disgusted by it, especially exploiting the economic illiteracy of the public with the canard about money being brought back to our shores -- the money was always in our shores, it was just the name of the holding company that was the owner of record that changed, but the nationality of the owner of a share of stock or bond has no bearing on where the funds are invested. It is the business for which the bond, deposit, or stock is a liability that determines where money is invested, not the business which holds it as an asset. However almost as deceptive as the GOP narrative to "bring overseas money back to the U.S." was the Democrat narrative that this was a "tax cut for the rich". It was a tax hike on high earners but overall ambiguous on "the rich" as the closing of the loopholes was partly (but not fully) offset by the changes in brackets. My total tax liability went up by about 15K as a result of that deal, and I wouldn't mind that if it wasn't used to fund corporate tax breaks, which again end up being tax breaks for long term capital gain holders and those with tax advantaged investment accounts. There was a lot of deception surrounding that tax deal.
- cute_boi 4y ago
  This is why I always prefer cash which is safe for small amounts and anonymous in many aspects.
diebeforei485 4y ago
It should be an order of magnitude higher - $6000.
- ksniwmidjd 4y ago
  It shouldn’t even be there

24 points by DocFeind 4y ago

Non-JS readable version [1] [1] - https://archive.ph/6HZH3 https://archive.ph/6HZH3

Delayed is good, but not exactly a win. It would be nice if the IRS ever bothered to go after the upper end of tax dodgers lying their way into millions of dollars instead of nickle-and-dimeing the underclass for selling a few things on ebay. It's painful to contrast a proposed $600 ebay reporting rule against reports that the IRS just didn't bother to do the _mandated_ audits of our former president just accepting the declaration that he owed $0 without question. It's part of a broad pattern of the wealthy controlling class just getting away with everything all the time without consequence. While a pocket of weed will get you years behind bars if you weren't born into influence.

refurb 4y ago
Why blame the IRS? It’s your elected representatives that passed a law the IRS had to enact.
- ksniwmidjd 4y ago
  Exactly. The democrat controlled congress and potus put this into effect along with 80,000 new irs agents to enforce it. Here’s the voting Senate: https://www.senate.gov/legislative/LIS/roll_call_votes/vote1171/vote_117_1_00110.htm https://www.senate.gov/legislative/LIS/roll_call_votes/vote1... And house: https://clerk.house.gov/Votes/202149 https://clerk.house.gov/Votes/202149 Not a single republican vote.
  - oneoff786 4y ago
    That’s because the republicans party doesn’t want the irs to have the teeth to tax the rich
    - ksniwmidjd 4y ago
      But the left is perfectly fine with putting this in place to tax the lower class.
    - cute_boi 4y ago
      What have dems done to tax the rich? They only speak, but I don't see any reforms.
      - staticman2 4y ago
        Republicans lowered taxes for the rich under Trump.
        rsj_hn 4y ago
        No, they lowered corporate taxes. They raised taxes for the majority (but not all) of the high income workers by reducing the deduction for state and local taxes (which, along with the mortgage interest deduction, should never exist) something the Democrats, who are trying to lower taxes for the rich, want to roll back. If you are a tech worker living in California, it's almost certainly the case that your taxes went up, often by quite a bit. In terms of the very rich - those who live off of capital income rather than wage income -- taxes were unchanged and remain at the long term capital gains rate of 20%. The long term capital gains rate is perhaps the biggest loophole for the wealthy, and neither party will touch it. Thank Bill Clinton -- another Democrat -- for signing the "Taxpayer relief act" that lowered the top rate to 20%, which is where it sits today. The GOP tax plan was a corporate tax cut (politically justified by the myth that there is "money sitting outside the US that corporations will repatriate to our shores and invest in America") -- combined with a partially offsetting hike on high earners by attempting to close some loopholes that were carved out for the wealthy, such as the deduction for state and local income taxes paid. I opposed that tax plan and was disgusted by it, especially exploiting the economic illiteracy of the public with the canard about money being brought back to our shores -- the money was always in our shores, it was just the name of the holding company that was the owner of record that changed, but the nationality of the owner of a share of stock or bond has no bearing on where the funds are invested. It is the business for which the bond, deposit, or stock is a liability that determines where money is invested, not the business which holds it as an asset. However almost as deceptive as the GOP narrative to "bring overseas money back to the U.S." was the Democrat narrative that this was a "tax cut for the rich". It was a tax hike on high earners but overall ambiguous on "the rich" as the closing of the loopholes was partly (but not fully) offset by the changes in brackets. My total tax liability went up by about 15K as a result of that deal, and I wouldn't mind that if it wasn't used to fund corporate tax breaks, which again end up being tax breaks for long term capital gain holders and those with tax advantaged investment accounts. There was a lot of deception surrounding that tax deal.
cute_boi 4y ago
This is why I always prefer cash which is safe for small amounts and anonymous in many aspects.

diebeforei485 4y ago

It should be an order of magnitude higher - $6000.

ksniwmidjd 4y ago
It shouldn’t even be there