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<p>[QUOTE=&quot;John Burgess, post: 8175276, member: 105098&quot;]this &quot;change&quot; affects cash moving apps and websites like ebay and amazon and others, where people sell things and don&#039;t report income, or provide services and get venmo&#039;d or squared or whatever the payment and don&#039;t report their side business income. </p><p><br /></p><p>Plain and simple. this is exactly what it&#039;s for, catching the people that aren&#039;t paying their income tax and leaving a digital trail of it to follow.</p><p><br /></p><p>estate tax and inheritance tax, I don&#039;t know about every local jurisdiction, but federally, it&#039;s assets topping $11.4 million ($22.8 million for a couple) and it&#039;s probably higher for this year. the top rate is 40%, the average rate people pay is 17% and it only matters if the inheritance or estate tops the cut off which is above $10 million for an individual. </p><p><br /></p><p>Now if you get money, it&#039;s income, even if it&#039;s a gift, a lottery or gambling win, you benefited financially from the money, it&#039;s &quot;unearned income&quot; and it&#039;s supposed to be reported. the casino has to report wins over $1199 federally, so you must put that in your taxes, but you are SUPPOSED to report even smaller gains, and cancel those against losses, like you would with a reported gambling win of unearned income, you can claim losses against wins. </p><p>&nbsp;the annual exclusion for gift tax is $15,000 for 2021 and $16,000 for 2022, you are still supposed to report this income, even if tax isn&#039;t owed on it and it&#039;s under the threshhold, if you are doing your taxes correctly. </p><p><br /></p><p>I don&#039;t understand it all, I&#039;m not an accountant, but I have a good grasp on what is or isn&#039;t happening, and yes, if you want a country and the country to not own enterprises in order to generate revenue and kick crumbs down to the people, then there has to be an income tax to fund the government and all services, buses, trains, planes, roads, bridges, parks, water, electricity, dams, phones, mail, parks, police, fire, hospitals, schools, military, ect ect. ect.&nbsp; it&#039;s got to be paid for some way or none of it exists, so either it&#039;s paid through taxes, or the government owns everything and breaks everyone off a piece for their labor.[/QUOTE]</p><p><br /></p>

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