Just because a platform may or may not have been reporting it previously, doesn’t mean an individual should not have been reporting the income on their tax returns. That $600 threshold for reporting should have zero impact on an individuals actual earnings and tax owed.
Thanks to a lot of hard work and the blessings of a merciful God I own two office buildings, one residence, a 300 acre farm, three rental homes, and 20 acres of timberland in Spout Spring Hollow.
I’ve paid every penny of taxes my accountant has said to pay since 1983.
Four people call me landlord and two or three call me boss.
If I want to deduct any money from my taxes if I pay an individual more than $600 a year I have to give them a 10-99, except for rental payments, which I still report, and wages, which are on a W-2.
Humansville is economically destroyed. Buildings are literally falling down on Main Street, and the city ropes them off for safety.
The last dairy farmer of my father’s generation has a huge dormitory full of legal immigrants on HB-1 visas doing the milking of 750 cows, and that’s really not that large of a herd.
When my father died in 1971 he milked about the same number as my father, twenty five milkers.
If I want to sell over $600 a year worth of pipes on eBay I’ll turn that 10-99 over to my accountant, too.
If those poor immigrants can walk or hitch a ride to Humansville, they can’t buy many groceries because our grocery store closed down.
But for a dollar, they can buy a package of good rolling tobacco.
And if they have any children, they eat free breakfasts, lunches and take food home in their back packs, at the Humansville public schools.
Fifty years ago poor children traded two quarter lunch tokens their parents had bought for 40 cent packages of Marlboros and Winston’s, and Nellie gave them a dime change.
When these were taken the top tax rate on the rich was 90%, and they didn’t hardly ever pay that, either, thanks to good lawyers and accountants.
It won’t hurt the rich to be subjected to more audits.
And instead of eBay and Amazon maybe people could patronize little businesses again, you know?