I am willing to bet a lot of powersellers already pay taxes, on at last some of their earnings at least. Figure if they are doing that for a job, driving a BMW, and living in a nice house, the government is gonna want to know where the money came from and want their cut.
jlee
Lifer
- Sep 12, 2001
- 48,518
- 223
- 106
$10,000.01 results in a Currency Transaction Report- additional paperwork. They're for currency only (go figure), so no, Paypal wouldn't flag.
And 15 items/day at $20/ea comes to $109.5k a year. Sure, it's (barely) six figures if they get all their stuff for free. Somehow, I doubt that.
SlickSnake
Diamond Member
- May 29, 2007
- 5,235
- 2
- 0
(This thread title is very misleading. This bill is really about the gobblement gobbling up all personal credit card data no matter what you buy or where. And then storing it and forwarding it to other gobblement agencies to use it against you later without any probable cause or justification to have that private data in the first place.)
BTW, how many times do they think they can keep taxing the same dollar you already earned and payed tax on and still expect that same dollar to be worth anything when you try to spend it again? Ultimately, this is what this tax part boils down to. The congress is ONCE AGAIN not serving the best interests of the voters who put them in office on this bill, as usual.
They are not so much interested in the fact you are most likely only reselling personal items you already paid tax on your income to buy initially (like reselling used and unwanted items on Ebay) or you already had to pay tax on at the state or local level to purchase. And most likely a large Ebay powerseller is ALREADY incorporated and paying business and personal taxes! This is merely used as a false justification to try to get this added at the last minute and this sweeping credit card tax bill passed in an unrelated housing bill. How typical of congress lately. But this is the ridiculous crap these congressional tax peddling shysters want you to think is the "real reason" for this hidden rotten pork in this unrelated bill they want to sneak by us.
The credit card reporting part they attempted to hide in this recent rotting pork bill about housing legislation is really about one thing.
What they really want is to track EVERY CREDIT CARD TRANSACTION into a CENTRAL GOVERNMENT DATA BASE without any VALID OR CREDIBLE JUSTIFICATION for doing it. They want to know exactly WHAT EVERYONE is buying and selling so they can feed that purchase data into a massive data base and play go fish for a possible terryist without any reasonable probable cause or justification what so ever for doing so. Do not be hoodwinked at yet another attempt to wrestle your rights to privacy away under the false notion of national security because the gobblement needs yet another way to tax you 1 million ways before you finally go broke from over taxation one day.
One way around this new congressional boondoggle will be a financially drained tax weary public that finally stops using U.S. companies for credit card transactions at all and instead starts using secure European companies who refuse to provide this unnecessary over accounting of all credit transactions to the privacy hating and tax hungry gobblement. And also what's to stop the greedy gobblement from selling this private purchase data to private companies to devise buying habits and trends for big bidnuss? Not one thing, that's what. Talk about a data gold mine for big bidnuss and big gobblement.
BTW, how many times do they think they can keep taxing the same dollar you already earned and payed tax on and still expect that same dollar to be worth anything when you try to spend it again? Ultimately, this is what this tax part boils down to. The congress is ONCE AGAIN not serving the best interests of the voters who put them in office on this bill, as usual.
They are not so much interested in the fact you are most likely only reselling personal items you already paid tax on your income to buy initially (like reselling used and unwanted items on Ebay) or you already had to pay tax on at the state or local level to purchase. And most likely a large Ebay powerseller is ALREADY incorporated and paying business and personal taxes! This is merely used as a false justification to try to get this added at the last minute and this sweeping credit card tax bill passed in an unrelated housing bill. How typical of congress lately. But this is the ridiculous crap these congressional tax peddling shysters want you to think is the "real reason" for this hidden rotten pork in this unrelated bill they want to sneak by us.
The credit card reporting part they attempted to hide in this recent rotting pork bill about housing legislation is really about one thing.
What they really want is to track EVERY CREDIT CARD TRANSACTION into a CENTRAL GOVERNMENT DATA BASE without any VALID OR CREDIBLE JUSTIFICATION for doing it. They want to know exactly WHAT EVERYONE is buying and selling so they can feed that purchase data into a massive data base and play go fish for a possible terryist without any reasonable probable cause or justification what so ever for doing so. Do not be hoodwinked at yet another attempt to wrestle your rights to privacy away under the false notion of national security because the gobblement needs yet another way to tax you 1 million ways before you finally go broke from over taxation one day.
One way around this new congressional boondoggle will be a financially drained tax weary public that finally stops using U.S. companies for credit card transactions at all and instead starts using secure European companies who refuse to provide this unnecessary over accounting of all credit transactions to the privacy hating and tax hungry gobblement. And also what's to stop the greedy gobblement from selling this private purchase data to private companies to devise buying habits and trends for big bidnuss? Not one thing, that's what. Talk about a data gold mine for big bidnuss and big gobblement.
BurnItDwn
Lifer
- Oct 10, 1999
- 26,352
- 1,861
- 126
People who buy stuff to resell at a profit on Ebay should be taxed the same as any other earned income. That said, I don't like the "power sellers" I hate how Ebay has changed over the last 11 or 12 years. I liked it better when it was pretty much "used computer junk for cheap" and none, or very little of the other stuff.
PingSpike
Lifer
- Feb 25, 2004
- 21,758
- 603
- 126
Agreed. By dumping massive amounts of financial burdens and complicated rules on small business, they will become unable to compete as larger companies will easily absorb the extra costs in comparison. Not to mention, this is probably one of those systems that is so complicated it will cost the government more money to setup, run and enforce it then the paltry amount of tax revenue it chases down.
I don't know why anyone would think this would result in lower prices. I mean, everything on ebay is such a bargain still even with those high fees. Oh wait! Half the used shit costs more then street retail new! But the the powersellers will just absorb the extra cost and time, even if that means they make virtually no money. I'm sure they sell things on ebay for personal enjoyment anyway and aren't interested in making any money.
GooeyGUI
Senior member
- Aug 1, 2005
- 688
- 0
- 76
If it passes then I'm screwed. I haven't kept records for the stuff I bought from ebay so far. Now that I want to get some of my money back (never mind a profit), I'm going to be penalized for actions I took before the law is passed.
It seems like the old bait and switch routine to me. If I ever buy again then I'll have a reason to track the basis. But as far as $20K worth of "stuff" that I've already spent, the government will eat my lunch.
Oh, that's right. Old coins are just used merchandise so no real basis there. I've gotten my use out of them. <deep sarcasm>.
It seems like the old bait and switch routine to me. If I ever buy again then I'll have a reason to track the basis. But as far as $20K worth of "stuff" that I've already spent, the government will eat my lunch.
Oh, that's right. Old coins are just used merchandise so no real basis there. I've gotten my use out of them. <deep sarcasm>.
They still have personal income and have to buy non-company things using it. Using corporate $ to pay for personal expenses is illegal.
cheezy321
Diamond Member
- Dec 31, 2003
- 6,218
- 2
- 0
Dude, give me a break. A majority of eBay users do not make six figures a year after you factor out all of their costs of running their business + inventory costs.
Dont forget ebay takes around 10% of your earnings, and there is also a paypal ding.
So if you sell 100K in stuff a year, and 50% of that goes to the cost of materials, then you are making 50K. If ebay takes 10%, then you are making 40K, if paypal takes 2% (or whatever they take), there goes another 2K.
So in the best situation possible, the person is making 38K after everything. Not as much as you make it out to be. And dont forget, this is one of the BEST SITUATIONS.
I run a powerseller store, and we pull in around 150K in sales a year. SALES, not PROFIT. We probably get around 30 - 40K in profit after everything is said and done.
evident
Lifer
- Apr 5, 2005
- 12,130
- 749
- 126
i seriously don't know how people make money selling shit off ebay. I sell my old stuff for no more than when i bought new (unless it was some type of collectible) that i paid tax on already, then i have to pay to ship it out, pay paypal, and ebay fees. now you have to pay more taxes?
lol as sam donaldson once said, there are only two things that are certain in life: paying taxes and dying
lol as sam donaldson once said, there are only two things that are certain in life: paying taxes and dying
alkemyst
No Lifer
- Feb 13, 2001
- 83,769
- 19
- 81
You probably don't understand how many things work, doesn't change the fact they do.
I know many powersellers on ebay making 6 figures profit per year. They are selling high end items, many times to areas that cannot get them. Some of this is overseas.
Many don't understand how local B&M's operate either insisting they must be failures since everytime they are in them there isn't many people.
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