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 Replies: 17 / Views: 7,831 |
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Pillar of the Community
United States
2335 Posts |
Quote:
What has changed? Well.. except now it is harder to lie about your taxes. To everyone playing by the rules nothing has changed.  |
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Moderator
 United States
188770 Posts |
Another example of inefficient government regulation. I can already think of several ways to get around this; you know that the tax cheaters have thought about it as well. Those that do not play by the rules will continue to find ways to avoid paying.
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Forum Dad
United States
24163 Posts |
Yes, but the more trouble they make it, the easier it is to prosecute. It's a whole lot harder to claim ignorance when you jumped through 9 hoops to avoid, than when you jumped through only one or two.  |
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Moderator
United States
188770 Posts |
Logically, I have to agree.  But there is (in my opinion) a better (i.e. more efficient) solution that best left argued discussed on a political forum.  |
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Valued Member
United States
314 Posts |
When did you receive this message? I have paypal but haven't seen this message yet?
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Pillar of the Community
United States
1571 Posts |
I ask the same question: when did this come out? How accurate is the info given? Is it worth p[utting a link to CCF, this thread from other forums> If "legit", it would interest a whole lot more folks, than the few here.
Dick
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Pillar of the Community
United States
1840 Posts |
This legislation, if true, seems like a logical step considering the current economic climate. Effectively taxing Internet transactions has been in the offing for some time. I'm sure both State and Federal governments lose a lot of revenue through these sales.
Frankly, I think it is a good idea. I have to pay taxes on my income and certainly don't meet the minimal requirements for reporting.
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Pillar of the Community
United States
5615 Posts |
If we all think about it I am sure most of us know people who have well over 1000 transactions, if you think harder I believe we also know people who have over 10,000 transactions, that said, don't you think it is fair these people report the thousands of transactions equating to 10's of thousands of dollars, if not more.
I like others do not enjoy paying tax on everything we do from special use taxes to a traffic ticket has for a while now a surcharge on top of the fine, why, because we as a group have not stopped this out of control bad habit, even a tax on home remodeling, I do believe that somewhere in the middle there is a solution that is fair for all. I for one believe we need another Boston Tea Party,I have been wondering for years why this has not already occurred, dress up as Native Americans (no disrespect just following tradition) and revolt, taxation without representation, only this time lets do it in New York Harbor and I hope some of the ears in Washington will listen and put an end to a tax on everything from clothes to toilet paper.........
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Pillar of the Community
United States
2602 Posts |
Wow, this is just unbelievable. And by 2011, the paypal and ebay fees will probably have climbed again. This will probably wipe out small potatoes operations that have slim margins already. So much for stimulating small businesses! |
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Pillar of the Community
United States
2602 Posts |
Oh, and what if you have lost money on the ebay transaction already from not having a high enough final bid and you lost money from fees and shipping, all that PayPal will show is the total amount sent to you. It will be a mess having to break down every single transaction- some you make money some you lose money. Will they tax you for the money sent to you on transactions you've lost money on? |
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Pillar of the Community
Canada
1082 Posts |
It's going to force people to keep meticulous records of all transactions, declaring their profits and also their losses. Fees and shipping will become legitimate deductions.
If you're not officially a dealer now, you will be.
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Rest in Peace
United States
2668 Posts |
Yes, WE MUST enforce all tax collection! [/sarcasm] The IRS is destroying American wealth faster than any other period in history. It is also destroying Americans*. Taxes go down a rat hole now, Personal wealth generates income and gets put back in circulation. I prefer stimulating the economy over stimulating the financial markets. Taxes make sense. So do tea parties. *This is going to become more prevalent in the next year or so: Quote:Two Suicides Shake the World of Wealth
By Robert Frank
http://blogs.wsj.com/wealth/2009/09...d-of-wealth/They were both Harvard men. They were both well-liked fixtures in the old-money worlds of New York and New England. And they both took their own lives the same way in the same week-with a single gun shot.  Finn M.W. CaspersenFinn M.W. Caspersen, the heir and former chief of the Beneficial Corp., the consumer-finance company, committed suicide on Labor Day on the grounds of the Shelter Harbor Golf Club in Westerly, R.I., the beach community where he had a summer home.  Jim McDonaldJim McDonald, the CEO of Rockefeller & Co., which manages investments for the Rockefellers and other families, committed suicide on Sunday in his car behind an auto dealership in Dartmouth, Mass. Mr. Caspersen was battling kidney cancer. But an article in The New York Times today says he also was battling an IRS tax investigation. According to the article, authorities asserted he might have owed as much as $100 million in back taxes and fines or, possibly, even have faced prison as a result of an investigation into offshore bank accounts.The IRS learned that Mr. Caspersen held an account at LGT, the private bank controlled with Liechtenstein's royal family, according to the Times. The Caspersen family declined to comment on the Times piece, which said trusts held by Mr. Caspersen's sons have also been frozen. Mr. McDonald's death, according to friends and associates, had little or nothing to do with business. They say he suffered from chronic depression, even though he performed well as his job. It may well have had nothing to do with money or the crisis. Yet the two high-profile suicides-coming after so many others during the global financial crisis--show that even the most stable and high-status of lives can be more fragile than they appear. Let me add, my sister shot herself, years ago, due to extreme harassment from the IRS. Although she fit the classic description of a battered spouse the IRS refused to accept her claim of coersion and assault. It can happen to the rich guys and it can happen to YOU. Oh, you obey the law? Until it's changed. After the fact. We're not in Kansas anymore. |
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Pillar of the Community
United States
1409 Posts |
I don't do enough paypalling to be affected by this, but am a firm supporter of a "Fair Tax" where we are only taxed on consumption. If that were the case, then the paypal deal would be fine by me.
But alas - we will go the other direction and continue to move towards a VAT, because afterall, its so successful in Europe. Not.
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Valued Member
United States
257 Posts |
For those who are not currently affected by this new reporting law, just wait. Anything the the government introduces grows evermore far-reaching and remains permanent. This is true with the income tax itself as well as social security. No one was harshly affected, which allowed initial passage. It's just like the old Arabic saying: Never let the camels nose under the tent; if you do the whole camel will be in the tent. The camel's nose has found a new tent. FYI I am a former Federal IRS Agent (now working for the good guys.)
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Pillar of the Community
United States
2600 Posts |
Give me a break. The IRS is getting involved because of the number of internet business that are functioning thru ebay, PayPal and the like that are not reporting earnings. If you are cleaning out the attic, that is one thing and exempted from the process. If you are a for profit business, buying goods at yard sales, auctions and flea markets with the intent to sell on the net "FOR PROFIT" there are tax obligations. I own two businesses and pay a mountain of related taxes, my obligation. Step up and accept the responsibility. Jim (a VERY conservative capitalist) |
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Posted 09/01/2009 08:48 am
