The “inflation reduction act” changed the personal item threshold from $20k to $600 requiring online sales entities and businesses to report all transactions exceeding $600 annually as personal income. In addition to the record keeping cost on business and loss of business resources, everyday people are no w being penalized for online “garage sales” on places such as EBay, Facebook Marketplace, etc. This effectively conveys an inference of partial government ownership (by entitlement) of any used item one would sell, which was already purchased with post tax income and sales tax paid (or as a gift from someone). While the law allows for record keeping to show a loss, most folks do not have a receipt for Christmas decorations or similar trinkets purchased decades before. The implementation is so onerous and unpopular, it has been delayed for the past two tax years. Citizens are not all businesses and should not be treated as such. For bureaucratic reasons, overreach, and on principle, repeal this law.
Agree, this is ridiculous!
Things like those at garage sales can’t even really be quantified as to value. Some stuff might be junk, and marked down, and sold at a loss, and other stuff might be considered valuable only because of the appearance, design, or who had it. In the first case, the $600 could be a huge LOSS to the person, In the SECOND case, it is valuable because of what THEY provide.
BTW In most states having tax on purchases, it is apparently ILLEGAL to collect tax without a permit to do so. I have only been in two states with such a potential need, but BOTH require such a permit! CURRENCY USED TO BE MONEY! TODAY, BOTH are considered the same, even if they AREN’T. MONEY, AND CURRNCY, SHOULD BE TREATED AS MONEY!!! So if you sell an item for $60, you should get $60, and the US and state should get NOTHING! MONEY IS SUPPOSED TO BE A VALUE EXCHANGED FOR SOMETHING CONSIDERED OF EQUAL VALUE!
OH, and currency today is basically COUNTERFEIT, ESPECIALLY AFTER BIDEN’S GARBAGE, so it isn’t REALLY money. THIS is why they can inflate it, have the G7, and do this stuff,
I agree. Especially since this isn’t even a law. This is an executive order. Another example of a president creating unconstitutional laws without congress.