Reply to So people will be taxed on venmo and zelle transactions?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think it became effective Jan 2022. So you can expect a 1099 from Venmo, PayPal, etc. in the next couple of months if you made over $600 on them this year.[/quote]

I didn't, no small business here, but [b]other people who have little side hustles will suffer. [/b] Although I see the point.[/quote]

Doing by the book is not suffering. You pay tax because you are supposed to pay tax. [/quote]
But the principal of the thing is that billionaires pay almost none of their fair share, yet people who are just trying to pay the rent are going to have a harder time doing so. You see how this sucks, right? People making 6 figures aren't getting paid through venmo and cheating uncle sam. It's people barely making ends meet.[/quote]

[b]Except that is less a tax enforcement phenomenon than it is a tax policy phenomenon.[/b] The IRS didn't invent carried interest, trusts, preferential capital gains rates, tax-free municipal bonds and the other tools billionaires use to reduce their taxable income. Congress did.[/quote]

https://www.cnbc.com/2022/05/17/super-wealthy-irs-tax-audits-plunge-over-decade-government-report-says.html Why not both? Some of the tools used are probably a step too far, but the IRS doesn't have the resources to actually fight if there is a white shoe law firm sitting on the other side of an audit [/quote]

That was tax policy, too. The policy of Republicans when they controlled governments.

It's no secret the IRS has been deprived of resources.

But it's also important to remember that many of the "loopholes" that the super wealthy use are not only perfectly legal but were deliberately created.

The IRS does catch a lot of flack for going after fraud associated with the Earned Income Tax Credit, but that's actually a pretty rationale thing to do given the billions at stake and the outright fraud that it attracts.

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