Congress cracks down on ebay powersellers

[SAWYER]

Glad to see they are tackling the tough issues like this and baseball!
http://www.freedomworks.org/ne...late.php?press_id=2571

 

[txrandom]

Didn't bother to read the article. But if the means eBay Powersellers actually paying tax on their sales, it sounds like a good idea to me.

 

[QueBert]

yeah great idea, all it will do is drive prices on Ebay up, the powersellers aren't going to take it in the ass and loose money to taxes. Love our Government.

 

[Dr. Detroit]

Originally posted by: txrandom
Didn't bother to read the article. But if the means eBay Powersellers actually paying tax on their sales, it sounds like a good idea to me.

Agreed, maybe if everyone had to pay there fair share my share would go down?

Wishful thinking I know!

 

[Praxis1452]

Originally posted by: Fmr12B

Originally posted by: txrandom
Didn't bother to read the article. But if the means eBay Powersellers actually paying tax on their sales, it sounds like a good idea to me.

Agreed, maybe if everyone had to pay there fair share my share would go down?

Wishful thinking I know!

You bet! heh

 

[amdskip]

So the gov't is going to tax items that are not new and have already had a tax paid on them, awesome! It's like charging tax at a garage sale.

 

[1prophet]

How about if we read the article and see that it is more than just about taxes on ebay powersellers, much more.

Washington, DC - Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America?s small businesses. The provision, which was added by the bill's managers without debate this week, would require the nation's payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.

FreedomWorks Chairman Dick Armey commented: "This is a provision with astonishing reach, and it was slipped into the bill just this week. Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay's PayPal, Amazon, and Google Checkout that are used by many small online businesses. The privacy implications for America's small businesses are breathtaking."

"Privacy groups like the Center for Democracy and Technology and small business organizations like the NFIB sharply criticized this idea when it first appeared earlier this year. What is the federal government's purpose with this kind of detailed data? How will this database be secured, and who will have access? Many small proprietors use their Social Security number as their tax ID. How will their privacy be protected? What compliance costs will this impose on businesses? Why is Sen. Chris Dodd putting this provision in a housing bailout bill? The bill also includes the creation of a new national fingerprint registry for mortgage brokers.

"At a time when concerns about both identity theft and government spying are paramount, Congress wants to create a new honey pot of private data that includes Social Security numbers. This bill reduces privacy across America's payment processing systems and treats every American small business or eBay power seller like a criminal on parole by requiring an unprecedented level of reporting to the federal government. This outrageous idea is another reason to delay the housing bailout legislation so that Senators and the public at large have time to examine its full implications."

 

[Eli]

Originally posted by: 1prophet
How about if we read the article and see that it is more than just about taxes on ebay powersellers, much more.

Washington, DC - Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America?s small businesses. The provision, which was added by the bill's managers without debate this week, would require the nation's payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.

FreedomWorks Chairman Dick Armey commented: "This is a provision with astonishing reach, and it was slipped into the bill just this week. Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay's PayPal, Amazon, and Google Checkout that are used by many small online businesses. The privacy implications for America's small businesses are breathtaking."

"Privacy groups like the Center for Democracy and Technology and small business organizations like the NFIB sharply criticized this idea when it first appeared earlier this year. What is the federal government's purpose with this kind of detailed data? How will this database be secured, and who will have access? Many small proprietors use their Social Security number as their tax ID. How will their privacy be protected? What compliance costs will this impose on businesses? Why is Sen. Chris Dodd putting this provision in a housing bailout bill? The bill also includes the creation of a new national fingerprint registry for mortgage brokers.

"At a time when concerns about both identity theft and government spying are paramount, Congress wants to create a new honey pot of private data that includes Social Security numbers. This bill reduces privacy across America's payment processing systems and treats every American small business or eBay power seller like a criminal on parole by requiring an unprecedented level of reporting to the federal government. This outrageous idea is another reason to delay the housing bailout legislation so that Senators and the public at large have time to examine its full implications."

:shocked:

 

[jpeyton]

Big Brother, anyone?

Why does the government want to track all electronic transactions?

Our civil liberties are being eroded daily.

 

[olds]

Originally posted by: Sawyer
Glad to see they are tackling the tough issues like this and baseball!

Powersellers are using steroids?

 

[olds]

Originally posted by: Sawyer
Glad to see they are tackling the tough issues like this and baseball!

Powersellers are using steroids?

 

[b2386]

Powersellers are using steroids?

 

[buck]

Powersellers are selling steroids?

 

[CasioTech]

shut up everyone.

this is great news. So many powersellers make six figure a year and WE have to cover the tax burden (those who pay taxes anyway.) Why the fuck shouldn't they pay? They make hundreds in profit each day.

prices will go up? No they won't, people will always find the cheapest route whether it's ebay or otherwise. Don't get me wrong, some people have a Tax ID and pay taxes for this stuff, others buy and sell and convert everything to cash, living under the radar and renting from place to place and don't drive cars in large cities.

People sell used things in bulk so what? They make an income reselling and should pay fucking taxes. ESPECIALLY if they have thousands of feedback each month.

I was under the impression that congress cracked down and reported ebayers years ago. haha kinda shitty if they haven't yet.

 

[CasioTech]

also I was wondering, when an ebayer transfers his money from paypal to the bank account, doesn't it automatically go to the IRS or someone?

I mean if you get thousands a day from paypal into your accounts, doesn't anyone notice?

 

[Jeff7]

Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America?s small businesses.

630 pages? Good god, who the hell comes up with this stuff, and how do they not kill themselves from sheer boredom or self-loathing?

eBay Powersellers paying taxes like a small business would: Good.
All the other crap about even more monitoring of many transactions: Not so good.

If I want anyone monitoring me, I'll start a Twitter account. Anything else, eyes off.

 

[mugs]

Originally posted by: amdskip
So the gov't is going to tax items that are not new and have already had a tax paid on them, awesome! It's like charging tax at a garage sale.

It's tax on income from a business, not sales tax. Buy low, sell high, pay tax.

People who cheat on their taxes are stealing from the rest of us.

 

[torpid]

So we are going to give up a substantial amount of privacy and hand over transactional data to the US government in order to crack down on an incredibly minor segment of the population that use a tax loophole to cover up income that isn't really that significant? If we are really concerned about people dodging taxes, we should focus on the truly wealthy. And either way, a law requiring disclosure of transactions like this is seriously scary.

 

[JS80]

this is a great win for large corporations and a loss for small business

 

[CasioTech]

Originally posted by: torpid
So we are going to give up a substantial amount of privacy and hand over transactional data to the US government in order to crack down on an incredibly minor segment of the population that use a tax loophole to cover up income that isn't really that significant? If we are really concerned about people dodging taxes, we should focus on the truly wealthy. And either way, a law requiring disclosure of transactions like this is seriously scary.

no not really, our country has the highest tax bracket for these large businesses. This is why they move offshore.

If the corporations had to pay astronomical taxes, it would make it harder for them to compete with other countries like china and india to stay in business, plus they would cut the pay even more and fire more people to make ends meet and raise prices for products.

not that i'm saying it's the right thing to do. 50 years ago corporations backed something like 43% of the tax burden, now it's something like 13%.

but if they are driven out of business by foreign competition, the gov't wouldn't see ANY tax dollars.

 

[GooeyGUI]

What of the merchandise that was paid for in order to sell it?

If I buy a 100 items and sell them at a higher price then why should I pay taxes on the entire amount of the sale. It requires the tracking of every item's origination cost in order to deduct the basis. This sounds a bit crazy.

Who's to say that I even made money on the deal to start with?

 

[torpid]

Originally posted by: CasioTech

Originally posted by: torpid
So we are going to give up a substantial amount of privacy and hand over transactional data to the US government in order to crack down on an incredibly minor segment of the population that use a tax loophole to cover up income that isn't really that significant? If we are really concerned about people dodging taxes, we should focus on the truly wealthy. And either way, a law requiring disclosure of transactions like this is seriously scary.

no not really, our country has the highest tax bracket for these large businesses. This is why they move offshore.

If the corporations had to pay astronomical taxes, it would make it harder for them to compete with other countries like china and india to stay in business, plus they would cut the pay even more and fire more people to make ends meet and raise prices for products.

not that i'm saying it's the right thing to do. 50 years ago corporations backed something like 43% of the tax burden, now it's something like 13%.

but if they are driven out of business by foreign competition, the gov't wouldn't see ANY tax dollars.

I was talking about individuals, not corporations. So were you, until just now, when you inexplicably changed to corporate taxes as your subject.

 

[mugs]

Originally posted by: GooeyGUI
What of the merchandise that was paid for in order to sell it?

If I buy a 100 items and sell them at a higher price then why should I pay taxes on the entire amount of the sale. It requires the tracking of every item's origination cost in order to deduct the basis. This sounds a bit crazy.

Who's to say that I even made money on the deal to start with?

Yes, it's crazy to expect people who operate businesses to maintain records. It's called accounting. Businesses are supposed to do it.

 

[CasioTech]

because i'm assuming that the rich people do everything through a corporation.

 

[CasioTech]

Originally posted by: GooeyGUI
What of the merchandise that was paid for in order to sell it?

If I buy a 100 items and sell them at a higher price then why should I pay taxes on the entire amount of the sale. It requires the tracking of every item's origination cost in order to deduct the basis. This sounds a bit crazy.

Who's to say that I even made money on the deal to start with?

this is why you have to keep all your receipts for your expenses and profits and provide them to the IRS when they audit you.