The IRS New $600 Rule

The Economic Ninja talks about how The IRS Just Trapped You (Used Paypal Zelle CashApp Venmo & More).

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[vickyoftexas]

I’m retired on Social Security and used to sell a few personal odds & ends just to get rid of them. No more!! I stopped doing it when I first heard of this stupid double taxation rule last year. Some of my personal things I was selling I’ve had in my possession for decades. There’s no way I could prove what I paid for them, & if there was a loss or gain. I do not have a business. I refuse to be taxed again on personal items I have already paid tax on. This world is out of control. I just have been donating all my things to the women’s shelter thrift shop. At least they need the money. Not our corrupt IRS.

[mikhailkalashnikov]

It's a shakedown, pure and simple.

[gavnonadoroge]

the first income tax in usa started with a premise that only rich people will have to pay it. yet here we are, again

[ecigaccessory]

Meanwhile they can’t account for all the money they sent to Ukraine and the pentagon can’t find 2.1 trillion in assets

[ASH-oucg]

This is happening in Canada now, as of July 2022. If you buy, or sell on Ebay, Reverb etc, the buyer must pay taxes, even on a used item and the seller must claim this sale as income. Unbelievable how the government causes high inflation, forcing us to have to work more on the side/sell things, to make extra money to survive and then they come after you for more tax money, to help out with their high deficits and debts, again, self caused. Absolutely disgusting. They just keep fleecing us, over and over.

[Dodger]

I have to turn my volume to 100% to hear you loud enough. Thanks for the info.

[xrawgoldx]

Abolish the IRS and the Federal Reserve ✊️

[watchingyoutalk]

This is why I stopped using them. Everything is 100% cash now.

[alexanderharrison]

Banking institutions didn't like that when customers were leaving the banking system and just wire transferring money through cash app and venmo ect takes aways from them retaining fees on wire transfers and ultimately forcing everyone to use a bank

[salme]

I never would have thought this before, But I live in Massachusetts and they have been Requiring 1099’s for eBay sales over $600 for the last few years. I’ve been selling on eBay for 20 years and was actually helpful because it got me to get organized and keep track of all my receipts. You have to account for what you spent on items to sell them even if they’re your personal ones the IRS doesn’t care. It’s another reason they wanna get rid of cash.

[jvin]

There's a book I really like the title "Taxes Have Consequences" -- they think this kind of activity will generate 'a lot of revenue!' but what it will do is cause people to not do the side hustles, another reason not to start that new business that could have been the next FAANG company, loss of potential new jobs for others (and massive tax income). There is a straw that breaks the laborer's back and they are done... "Tax what you don't want more of" is another statement that fits.

[bluevsrt]

Honestly the last few videos I can't make my audio go loud enough to hear everything. I can't be the only one with this issue.

[hixbilly]

It really is tragic because it could even come to a point where they could hold it over your head. If you are a type of business that they do not like then you are absolutely more likely to be harassed then given some forgiveness time

[alexbearden]

The payment witholding thing with Paypal has actually been a thing for a while now. Had them do it to me several times over the years but it has always been random on when they enforce it. They tend to do it when "liquidity crises" news starts popping up. I think it's more of a "we don't actually have your money" issue than a tax thing. I would strongly advise not keeping ANY money in Paypal.

[fudogwhisperer]

The crazy thing is, there has always been a requirement to file on any income over $600. You've always been liable for tax's on that income. Whats going to happen now is that IF the tax payer doesn't claim the income AND there is an audit and past years are looked into that they also didn't file on that income, now there are penalties and fines PLUS the tax owed. This is going to crush a LOT of people, right about the time when the economy is falling and layoffs abound.

[hyperxx]

The people need to come together and say "No". People are doing the best they can to survive and these criminals want to make sure they nickel and dime you on everything you do, everytime you make money. They want you poor, forever.

[FeatherladyStudio]

Thank you, Ninja, I really appreciate your information! I posted it to my Facebook, everyone in the US needs to hear this.

[awesomemermaid]

This info came out like a year or two ago. THATS WHY I wanted to get outta the ONLINE RESELLING. I was doing very well and selling everyday. Then the info about a digital dollar came out and CBDC- and thought….hmmmm- this doesn’t seem like a sage environment anymore. I stopped. Every reseller channel I mentioned this to/ I never got a response. The online reselling environment has changed. This is why I say local/flea markets, etc….cash only…. Is what’s better than the online reselling.

[ambilaevus]

In the case of garage sale or eBay (selling used stuff) it's like getting taxed twice since we paid tax when it was new.
Easier to do cash for everything.

[renee]

Because we are all working for the federal government by proxy. Pay to play. We are all independent contractors of the government and regular employees in our own jobs. This is how we are paying to hang ourselves. Sustainable development through quadruple tax. The great recycle. So if you lend money to a family member they want to tax it twice. Likely that family members unable to get a loan somewhere. Or if you sell something that you've already paid for and then they want to tax it a second time. This is just absolutely robbery.