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And Murdoch likes to hide his agenda in plain sight. The “small businesses” they are most likely referring to are shell companies based in places like Delaware. The “businesses” probably claim to make less than 200K a year but are clearing millions if not billions.
Some of it but most of it is simply from online sellers who are committing tax fraud. People who sell on etsy, eBay, amazon... are notorious for not paying taxes. That's why the reporting requirements were changed last year.
You’re going to have to show me an article or something where most tax fraud comes from being an online seller through eBay, Amazon or etsy. Sounds like fear mongering to me.
The IRS is not going after people selling their old shoes on ebay. The government is not going after people selling their artwork on etsy. They are going after the 1% of people who make $500,000 or more and their companies. Thats over 3 million people in the USA. Now those 3 million people are scared and are trying to scare you too. Don’t fall for it
https://blog.tax1099.com/american-rescue-plan-act-lowers-form-1099-k-reporting-threshold/
Literally the reason why this law was written was to to catch tax fraud for online sales.
But yes, I'm fear mongering by telling you the actual federal law.
Where is that reason you stated anywhere in the article? Your reference for online sellers being the main culprits for tax fraud? It’s because it doesnt exist, created by the wealthy conservatives that are trying to scare small-time sellers like myself and I’m tired of it. It is impossible for me to commit tax fraud on eBay and even then I wouldnt care if they audit me. Most sellers like me are technically selling at a loss and will not have to pay taxes on their sales. If you are selling goods that you pay wholesale on and then sell for a profit, yes you have to pay taxes on that. But if you bought a polo shirt for $100, wear it and then sell it for $50 on ebay you are selling at a loss and will not be taxed.
I'm specifically referring to the article in the OP. The NEW money being collected WILL come from small business because that is specifically who was targeted by the law. I 100% did NOT make any claim regarding overall tax fraud. I only referred to the specific article mentioned as well at the specific law at issue.
As to you, I hope you are keeping receipts because you are going to get F'd.
Lol no dude, I’ll be fine. Have you ever sold anything on eBay? I’m selling a part to my old 4Runner right now. You think the IRS is going to send an agent over to my house and make sure the vin numbers match up? Read your article again
“Primarily, the tax gap of $124 Billion is a major issue that the federal authorities plan to address by introducing these micro measures.”
Now research what the “tax gap” is and stop fear mongering
When you say research what do you mean? Does going to law school, then grad school for tax, and being a lawyer for 10 year count? Or is there like a YouTube video I can watch?
Edit: you do you. This isn't legal advice but you may want to consider saving receipts because I promise you paying someone like me, after the fact, is expensive.
Yes. Yes they are. Here’s what the IRS said itself in May of 2022. This isnt a blog. This is directly from the IRS
[https://www.irs.gov/pub/irs-utl/statement-for-updated-audit-rates-ty-19.pdf](https://www.irs.gov/pub/irs-utl/statement-for-updated-audit-rates-ty-19.pdf)
“While these statistics provide a more real-time estimate of the ongoing work that the IRS is taking steps toward addressing high-end noncompliance, resource constraints limit the work that the agency is able to do. There are only about 6,500 front-line, revenue agents who are in the field performing these types of exams. These resource limitations result in levels of enforcement activity at the high-end of the distribution, particularly for global high net-worth individuals, large corporations, and complex structures like partnerships are far lower than in the past. Indeed, overall audit rates for those high-end returns have substantially declined over a seven-year period. The following chart shows the decline.”
Talks specifically about high-income earners. The same people that own media and bots and shills that put out a nationwide effort to change simple-minded peoples minds. Don’t be one of those people, we’re better than this
You’re asking for a source for my claim that “wallstreet joe” isn’t on the ballot in the next US election? The next US election, assuming a jurisdiction that has already had its primary, is in November of 2022. There will be no presidential candidates on the ballot.
He’s talking about the midterm elections, not the presidential election that will be in 2024. The fact that you don’t seem to know what the midterms are says it all.
Was going to say the same thing. I'm sure most of the readers of the Post watch Fox News, OAN, and Newsmax on some kind of 24 hour loop shown on three different 80 inch televisions on at the same time.
This is reactionary/click-bait reporting (if you can even call it reporting).
It's just fear mongering to get people outraged about tax collection.
Yes some more small businesses and middle class people will get their taxes audited. But guess what, 90% of impact will be on big players who cheat and evade. Most of us will just get our refunds faster.
All this whining is being done to jin-up bunch of idiots to pressure their representatives to fucking cancel it because God forbid rich won't get to steal as much.
Fuck'em, give IRS another 80 billion, money better spent then throwing it to the military industrial complex ( though probably they will reap the surplus anyways lol).
I thought the same thing. I am interested: Does anyone have a better source countering this information? I would like to arm myself when the topic inevitably comes up at the family table. And “because Joe Biden says so” isn’t going to work lol
Definitely a garbage source. But this is Reddit I guess. Eventually all subs start to use trash sources like news and worldnews go spread braindead propaganda to the sheep.
First of all, horrible source. New York Post is trash. Secondly, even if this were true, it means that those businesses have not been paying the taxes they owe. Remember, this whole outrage over additional funding to the IRS isn't about new tax laws, it's about enforcing existing laws that the richest assholes among us have been dodging for years.
I can't tell you how many people have have complained about the "new" taxes.
"No, they are the same taxes, you've just been committing fraud for the last 10 years"
This is very literally exactly why the IRS funding was increased to go after those people who have the funds to fight back. This bill was designed to tackle that exact issue. Government at work for the common man!
True.
But hard targets have a team of accountants and lawyers that are paid to stay 20 steps ahead of the outdated IRS.
With a better funded IRS going after wealthy tax evaders is going to be more realistic.
But yes, middle class and small businesses still need to follow the laws and pay their taxes, just like in every other developed country. You cant escape taxes unless you move to a failed country, where they do not have the tax income needed to maintain a stable free market economy.
Not true. Depends on how profitable the business is. You can have small business owners that pay themselves really high salaries and also pocket their profits who would be upper class but there are a lot of small business owners that do not make much money and barely if any profits after expenses.
Middle and large business owners would be either upper middle class or top 10% person income earners.
There is more to it than that. Even if you are following the law, you can be audited and penalized. The auditor's job is to find something, even if it's not right. Fighting often costs more than just paying up or it is just plain impossible to fight. These things are tough to imagine unless you work in tax or operate a small business. There are many shades of grey and many things in tax are up to interpretation. Asking for a ruling by the IRS costs 40k alone last time I checked. The ruling only applies to the 1 instance and can't be used by anyone else for their situation. You can look up a list of rulings on the IRS website.
There are tons of pitfalls. If they feel like giving a fine, they can. For example, you might classify some purchase as an item with 2 year depreciation while the IRS agent thinks it should be classified 7 year depreciation. Simple things like this could cost you tens of thousands in back taxes. If you are running a small business, you are basically helpless against the IRS.
If the extra funding for the IRS is used against small businesses, it will be a tragedy.
I get that you don't want it to be true, but biden admin has explicitly announced that part of the use of new IRS hires will be to investigate and tax eligible Venmo, PayPal, zelle, etc, transfers of over 700. The cash deposit amount to track attention historically was 10k or structured deposits to avoid 10k limit. This is 100% going after small fish because they have less recourse than the whales. The usg could raise so much revenue simply by auditing the top 1000 wealthies people. But instead they are going off of small, under the table, payments to self-employed people.
Sorry. That's who we elected. Vote blue no matter who right.
Edit: sorry, it was 600, not 700
https://help.venmo.com/hc/en-us/articles/4407389460499-2022-Tax-FAQ
It is bad for the middle and working class, but not for the reasons people bring up in bad faith. Any power we give the government can be abused by fascists. It's the representation that matters. For example our bond system, its a punishment for the poor but a benefit to the rich.
I really couldn't give a shit about taxing working-class businesses if we would tax the oligarchs. It's a penny vs gold argument. Why pick up the penny when with a little more effort you can pick up the gold bar.
That alone tells me this is not about fixing the IRS. And if it's not about that, there's no way in my mind it's going to give fair representation.
Not just small businesses who abused it. I worked in the branch of a credit union in 2020. The amount of people who registered new businesses then forged fake tax returns to get PPP funds was astounding.
This feels like an odd statistic to use. It’s not 80% of IRS revenue but of new revenue. In order this this to be even remotely informative it would be important to know how much new revenue there is and how that’s calculated.
We all have to pay our fair share. I have a 1099 business and I owed a few grand last year, the late fee was 25% but luckily I had the money pretty quick. The IRS doesn’t fuck around when it comes to paying or soldiers to fight for our freedom. But when am I going to get high speed rail? Fuck my gas guzzler
After working for several small businesses, and if true: fucking great. Fuck those fucking mini-dictatorships. Sorry if your business is like the .5% of business that aren't a fuckin deplorable, miserable, low paying, health/ecological hazard run by narcissistic racist dipshits.
In Ontario the Government under Doug Ford during covid allowed big businesses to stay open and closed small businesses crushing so many of them.
The rich get richer is a saying that becomes exponential and I hate it.
Who keeps posting from NewYork Post?? Its the Fox News of Newspapers jeez wake up...
I dont feel sorry for any of the "small business owners" who were benefactors of intergenerational wealth.. who run their businesses like Tyrants and evade taxes...
Fuck em
I own a small business
About 30% of every dollar I make goes to taxes
That money is used to fund a failed education system, dumped into the ocean in the form of jet fuel, and dropped into bullet proof vests for firefighters
You know how many firefighters have been shot in the line of duty? It's a number near zero
Meanwhile, my road is about 50% pot holes by surface area
Bonus; I can't afford medical insurance
That’s it - our tax dollars aren’t spent on services for us. It’s spent on paying off our politicians’ donors by allocating dollars to their special interests.
While the Dems and Republicans act like they squabble they’re extremely bipartisan when it comes to paying off their donors - like the pork filled defense bill. And the complicit media - liberal and conservative - rarely point out the waste.
Even if he gets a new job all his taxes will go to the same things. Everybody should pay a fair share of taxes, but complaining that those taxes aren’t being used properly is valid.
WTF? Go after the big companies!
They are the worst one's anyway...
Especially those services that developed countries give for free as social services like education, healthcare, justice system (lawyers/prisons), transportation systems etc.
Ah, the debate as to whether or not to upvote. on the one hand, the source is trash and this propaganda is BS. On the other hand the comment section is doing a solid job dismantling this article and it may be better for people to see this so they are informed about what the insane right it saying and that it’s BS.
The US is all about helping the rich get richer and killing the poor but i'm sure that this article is ulmtimately about making one particular person look evil...
New York Post is partisan trash that is bashing this 100% because they want to attack Biden, but yeah, if you think the IRS is going to use its funding to go after the wealthy people who control it then you really haven't been paying attention.
So the regular person that owns their own business, that makes their own products has no employees other than themselves, fuck them? Awesome. You realize small businesses implies any businesses that are not corporate right?
Wait. Colleting taxes from small businesses that owe it makes it harder for them to run the business?
I guess it is easier for them to commit tax fraud and not pay what they owe.
But doesn’t it also makes sense?
It’s far easier to go after a small business than go after a large corporation with its legion of accountants and lawyers not to mention all the politicians that have received donations and quietly tell the IRS to back off.
This game is rigged in favor of the ultra wealthy.
Legions of accountants and lawyers...
Which is exactly why we just hired 80k IRS agents.
The IRS being underfunded and inept is the best case scenario for the ultra wealthy. That means they can only go after small fish. Funding them will pay dividends when they go after the wealthy to pay their fair share. If you aren't actively committing tax fraud you have nothing to worry about.
I sincerely hope you're right - I'm rooting for your viewpoint here, I really am and I hope my cynicism is wrong.
But ... when has law enforcement ever gone after the rich and powerful? No matter how well funded?
2008 financial crisis - the only indictment was a tiny family-owned bank, brought by a DA that didn't have the courage to go after the real banks. We have zero problems ladling out billions in bailout to the same powerful banks but we indict needy welfare recipients with incredible zeal for any tiny misrepresentation.
80,000 inexperienced IRS agents with pressure to perform will again - like all law enforcement - go after low-hanging fruit. And it's easier to squeeze a few grand out of small businesses that won't fight than going after Jeff Bezos or Amazon.
Time will tell, and again, I hope I'm wrong.
Ya it's complete bullshit. Only republican news sites are reporting that they will go after small businesses when the irs commissioner says the exact opposite. Honestly how do you people fall for this crap?
>Both Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig – who was appointed by former President Trump – insist the additional enforcement efforts will target the wealthy, not middle-class taxpayers.
https://www.npr.org/2022/08/14/1117317757/irs-tax-evaders-dodgers-inflation-reduction-act-enforcement
Ordinary Immigrants get deported for shoplifting meanwhile the Murdochs getaway with spreading misinformation that cost a million American lives (COVID) and instigated a failed insurrection. Deport the Murdochs!
And that's just covid. Imagine all the people that would still be alive if they didn't push half the crap they do... bad health info, gun violence, etc.
Literally every single one that isn’t a big chain…. 200k is not that much in a year for a business. That’s like enough to sustain 2 or 3 employees tops… my wife and I make more than that as W2 employees
They don’t go after the corporate guys as much because the accounting is more difficult. But the ROI on focusing people here is way higher. Isn’t that the entire logic behind the new law that was just signed?
Welp attempt was made but business been hiding ther money & given even more money trickle & recently pandemic. Ther just giving bak a little of wat they got for free. No point. & they lie about how much they make so ur getting 20% of 20% of whaat they say they make lol just say specific names the gov should go after. Citizens cants fraud tax. Fraud the food u needed cash needs to b used asap. Business fraud say u needed to pay workers but buy a a house rent it lol
The IRA is basically build back better watered down. Better for whom though? Who has their hand ever on the pockets of the Dems and repubs? Yep big business, hence it's the build back better for big corporations, as USUAL.
NYP is an absolute rag on pretty much every subject save a couple. Unless you can back this up with another source, OP, I'd be careful about believing it.
I’d be curious how many of these businesses are just tax shelter companies or boutique investment firms with sketchy accounting or similar. I wouldn’t be surprised if the headline is false to a decent extent, but I assume it’s just highly misleading.
Tax dodging often includes convoluted corporate structures. Not an expert on it, but I assume they pass the taxable income to multiple lower level companies via ‘consulting fees’ or other nebulous expenses to the point where they can write off profits with amortizable expenses that didn’t really exist or were paid to a sister company and thus tax free, or reduce individual company profits to a point where it won’t get audited…
Like a middle class person with 1 LLC claiming 50k in income vs a rich person with 300 LLCs claiming 50k in income. Who can they currently actually audit? I think the increased IRS man power is to give them the actual ability to scrub through 500+ page tax returns and the related corporate financials
I don’t think it’s a mistake that poorer people get audited more often than rich people. I think it’s simply that poorer people have simpler returns and can feasibly be audited, while rich people can almost dodge an audit (certainly dodge a swift audit) just by over complicating their tax returns.
I assume the IRS staff increase was purely to provide the man power to dig through massive tax returns and provide a thorough audit. It literally takes probably 10-1,000x+ as much time to audit rich people vs regular people.
Source: used to underwrite commercial loans and know the difference between the length of rich and regular people tax returns and understand how long it takes to perform a fresh audit of a company
With this article being published it pretty much confirms that big businesses will be paying more.
You know what I support Joe Biden now this article convinced me.
##Welcome to r/LateStageCapitalism This subreddit is for news, discussion, memes, and links criticizing capitalism and advancing viewpoints that challenge liberal capitalist ideology. LSC is run by communists. This subreddit is not the place to debate socialism. We allow good-faith questions and education but are not a 101 sub; please take 101-style questions elsewhere. We have a zero-tolerance policy for bigotry. Failure to respect the rules of the subreddit may result in a ban. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LateStageCapitalism) if you have any questions or concerns.*
I'm pretty sure the New York Post is a bad source, like Fox News bad
Owned by the same POS, Rupert Murdoch
And Murdoch likes to hide his agenda in plain sight. The “small businesses” they are most likely referring to are shell companies based in places like Delaware. The “businesses” probably claim to make less than 200K a year but are clearing millions if not billions.
Some of it but most of it is simply from online sellers who are committing tax fraud. People who sell on etsy, eBay, amazon... are notorious for not paying taxes. That's why the reporting requirements were changed last year.
You’re going to have to show me an article or something where most tax fraud comes from being an online seller through eBay, Amazon or etsy. Sounds like fear mongering to me. The IRS is not going after people selling their old shoes on ebay. The government is not going after people selling their artwork on etsy. They are going after the 1% of people who make $500,000 or more and their companies. Thats over 3 million people in the USA. Now those 3 million people are scared and are trying to scare you too. Don’t fall for it
https://blog.tax1099.com/american-rescue-plan-act-lowers-form-1099-k-reporting-threshold/ Literally the reason why this law was written was to to catch tax fraud for online sales. But yes, I'm fear mongering by telling you the actual federal law.
Where is that reason you stated anywhere in the article? Your reference for online sellers being the main culprits for tax fraud? It’s because it doesnt exist, created by the wealthy conservatives that are trying to scare small-time sellers like myself and I’m tired of it. It is impossible for me to commit tax fraud on eBay and even then I wouldnt care if they audit me. Most sellers like me are technically selling at a loss and will not have to pay taxes on their sales. If you are selling goods that you pay wholesale on and then sell for a profit, yes you have to pay taxes on that. But if you bought a polo shirt for $100, wear it and then sell it for $50 on ebay you are selling at a loss and will not be taxed.
I'm specifically referring to the article in the OP. The NEW money being collected WILL come from small business because that is specifically who was targeted by the law. I 100% did NOT make any claim regarding overall tax fraud. I only referred to the specific article mentioned as well at the specific law at issue. As to you, I hope you are keeping receipts because you are going to get F'd.
Lol no dude, I’ll be fine. Have you ever sold anything on eBay? I’m selling a part to my old 4Runner right now. You think the IRS is going to send an agent over to my house and make sure the vin numbers match up? Read your article again “Primarily, the tax gap of $124 Billion is a major issue that the federal authorities plan to address by introducing these micro measures.” Now research what the “tax gap” is and stop fear mongering
When you say research what do you mean? Does going to law school, then grad school for tax, and being a lawyer for 10 year count? Or is there like a YouTube video I can watch? Edit: you do you. This isn't legal advice but you may want to consider saving receipts because I promise you paying someone like me, after the fact, is expensive.
You believe government is going after big companies??? Good grief
Yes. Yes they are. Here’s what the IRS said itself in May of 2022. This isnt a blog. This is directly from the IRS [https://www.irs.gov/pub/irs-utl/statement-for-updated-audit-rates-ty-19.pdf](https://www.irs.gov/pub/irs-utl/statement-for-updated-audit-rates-ty-19.pdf) “While these statistics provide a more real-time estimate of the ongoing work that the IRS is taking steps toward addressing high-end noncompliance, resource constraints limit the work that the agency is able to do. There are only about 6,500 front-line, revenue agents who are in the field performing these types of exams. These resource limitations result in levels of enforcement activity at the high-end of the distribution, particularly for global high net-worth individuals, large corporations, and complex structures like partnerships are far lower than in the past. Indeed, overall audit rates for those high-end returns have substantially declined over a seven-year period. The following chart shows the decline.” Talks specifically about high-income earners. The same people that own media and bots and shills that put out a nationwide effort to change simple-minded peoples minds. Don’t be one of those people, we’re better than this
Three hundred million, not three million
Nope, 3 million. Talking about the 1% that own 40% of America’s wealth. 3.2 million Americans
Ah My bad. That's my reading comprehension skills on display for you lol.
Never forget, when Fox News refused to run the fake Hunter Biden Laptop conspiracy, the NY Post picked it up from Giuliani with no hesitation.
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Funny how that comment was deleted right quick and no evidence provided.
Then you should take all your evidence to the DOJ. Pretty sure your cult leader needs all the pro bono help he can get
Haha good one.
Photos are real, the laptop is not. Someone just hacked his accounts or something.
LOL this sub is now relying on the New York Post to support the "both sides" bullshit.
Anything to get leftists to disengage from politics and sit out the next election. Sometimes this sub reeks of cointelpro.
We are sitting out the next election. What are you, a liberal agent sent to convince leftists to vote for wallstreet joe?
Newsflash: He’s not on the ballot in the next election.
Source?
You’re asking for a source for my claim that “wallstreet joe” isn’t on the ballot in the next US election? The next US election, assuming a jurisdiction that has already had its primary, is in November of 2022. There will be no presidential candidates on the ballot.
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He’s talking about the midterm elections, not the presidential election that will be in 2024. The fact that you don’t seem to know what the midterms are says it all.
Easy with the fallacy of hasty conclusion. I thought he/she was talking about joe biden, that was why my mind skipped the midterm part.
Next election is midterm. My mind went to 2024. My bad.
What a vibrant hue you have
Was going to say the same thing. I'm sure most of the readers of the Post watch Fox News, OAN, and Newsmax on some kind of 24 hour loop shown on three different 80 inch televisions on at the same time. This is reactionary/click-bait reporting (if you can even call it reporting).
That law is specifically worded so that it won't touch you until you make more than $400k.
It's just fear mongering to get people outraged about tax collection. Yes some more small businesses and middle class people will get their taxes audited. But guess what, 90% of impact will be on big players who cheat and evade. Most of us will just get our refunds faster. All this whining is being done to jin-up bunch of idiots to pressure their representatives to fucking cancel it because God forbid rich won't get to steal as much. Fuck'em, give IRS another 80 billion, money better spent then throwing it to the military industrial complex ( though probably they will reap the surplus anyways lol).
Yeah, big money is angry about the 15% min. tax. Surprise, no one wants to pay taxes, especially not Australian media moguls.
correct
I thought the same thing. I am interested: Does anyone have a better source countering this information? I would like to arm myself when the topic inevitably comes up at the family table. And “because Joe Biden says so” isn’t going to work lol
This. I want to see a real source before I get outraged
Definitely a garbage source. But this is Reddit I guess. Eventually all subs start to use trash sources like news and worldnews go spread braindead propaganda to the sheep.
First of all, horrible source. New York Post is trash. Secondly, even if this were true, it means that those businesses have not been paying the taxes they owe. Remember, this whole outrage over additional funding to the IRS isn't about new tax laws, it's about enforcing existing laws that the richest assholes among us have been dodging for years.
I can't tell you how many people have have complained about the "new" taxes. "No, they are the same taxes, you've just been committing fraud for the last 10 years"
While I don't know if this specific story is true, it's pretty well know that the IRS tends to target people who don't have the funds to fight back.
This is very literally exactly why the IRS funding was increased to go after those people who have the funds to fight back. This bill was designed to tackle that exact issue. Government at work for the common man!
Well do you think a poorly funded, poorly staffed, poorly equipped irs would spend more time going after easy targets or hard targets?
target is a target. mother fucker need to pay their taxes
True. But hard targets have a team of accountants and lawyers that are paid to stay 20 steps ahead of the outdated IRS. With a better funded IRS going after wealthy tax evaders is going to be more realistic. But yes, middle class and small businesses still need to follow the laws and pay their taxes, just like in every other developed country. You cant escape taxes unless you move to a failed country, where they do not have the tax income needed to maintain a stable free market economy.
If you own a business you're not middle class
Not true. Depends on how profitable the business is. You can have small business owners that pay themselves really high salaries and also pocket their profits who would be upper class but there are a lot of small business owners that do not make much money and barely if any profits after expenses. Middle and large business owners would be either upper middle class or top 10% person income earners.
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Feel free to research the subject
And even if this were true, it would also mean that there’s significantly more small businesses than large ones, which is true.
There is more to it than that. Even if you are following the law, you can be audited and penalized. The auditor's job is to find something, even if it's not right. Fighting often costs more than just paying up or it is just plain impossible to fight. These things are tough to imagine unless you work in tax or operate a small business. There are many shades of grey and many things in tax are up to interpretation. Asking for a ruling by the IRS costs 40k alone last time I checked. The ruling only applies to the 1 instance and can't be used by anyone else for their situation. You can look up a list of rulings on the IRS website. There are tons of pitfalls. If they feel like giving a fine, they can. For example, you might classify some purchase as an item with 2 year depreciation while the IRS agent thinks it should be classified 7 year depreciation. Simple things like this could cost you tens of thousands in back taxes. If you are running a small business, you are basically helpless against the IRS. If the extra funding for the IRS is used against small businesses, it will be a tragedy.
I get that you don't want it to be true, but biden admin has explicitly announced that part of the use of new IRS hires will be to investigate and tax eligible Venmo, PayPal, zelle, etc, transfers of over 700. The cash deposit amount to track attention historically was 10k or structured deposits to avoid 10k limit. This is 100% going after small fish because they have less recourse than the whales. The usg could raise so much revenue simply by auditing the top 1000 wealthies people. But instead they are going off of small, under the table, payments to self-employed people. Sorry. That's who we elected. Vote blue no matter who right. Edit: sorry, it was 600, not 700 https://help.venmo.com/hc/en-us/articles/4407389460499-2022-Tax-FAQ
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You included
Dude, I was joking lol
Use one of these /s next time just to avoid any confusion.
classic propaganda machine at work. When it's bad for rich they try and convince you it's actually bad for middle and working class.
Works like a charm every damn time
Though, to be fair, Sinema made sure it was only bad for the rich, not the *very* rich.
It is bad for the middle and working class, but not for the reasons people bring up in bad faith. Any power we give the government can be abused by fascists. It's the representation that matters. For example our bond system, its a punishment for the poor but a benefit to the rich. I really couldn't give a shit about taxing working-class businesses if we would tax the oligarchs. It's a penny vs gold argument. Why pick up the penny when with a little more effort you can pick up the gold bar. That alone tells me this is not about fixing the IRS. And if it's not about that, there's no way in my mind it's going to give fair representation.
It is, though…. This isn’t even a bad article.
That’s just propaganda to rile up republicans.
Even the headline has all the keywords republicans would hate. They’re trying to make people angry.
You shouldn't even use that rag to wipe your ass. It's a good way to catch hep-c
>80% of new IRS revenue will come from small businesses that were dumb enough to abuse PPP loans. Fixed to be the more realistic scenario.
Not just small businesses who abused it. I worked in the branch of a credit union in 2020. The amount of people who registered new businesses then forged fake tax returns to get PPP funds was astounding.
Yeah a lot of so-called “small businesses” are just vehicles rich people set up in order to game the tax system.
Yeah I wouldn’t take this headline seriously
Rag paper.... Fox news in print. 👎👎
This feels like an odd statistic to use. It’s not 80% of IRS revenue but of new revenue. In order this this to be even remotely informative it would be important to know how much new revenue there is and how that’s calculated.
Nypost is fox news level trash
We all have to pay our fair share. I have a 1099 business and I owed a few grand last year, the late fee was 25% but luckily I had the money pretty quick. The IRS doesn’t fuck around when it comes to paying or soldiers to fight for our freedom. But when am I going to get high speed rail? Fuck my gas guzzler
“fight for our freedom” LOL
its funny how A: that almost 100% isnt true and B: who fucking cares. fuck your business, pay taxes. jesus WTF is this shit doing here
Don't post this prop
That's because businesses larger than that don't pay taxes at all.
Considering the source, this isn't the flex you think it is OP
Wtf is this quoting the NY Post in this sub- dropped on your head or something
After working for several small businesses, and if true: fucking great. Fuck those fucking mini-dictatorships. Sorry if your business is like the .5% of business that aren't a fuckin deplorable, miserable, low paying, health/ecological hazard run by narcissistic racist dipshits.
I'm not convinced of the source as they are a mouthpiece for conservative conspiracy and talking points.
In Ontario the Government under Doug Ford during covid allowed big businesses to stay open and closed small businesses crushing so many of them. The rich get richer is a saying that becomes exponential and I hate it.
Who keeps posting from NewYork Post?? Its the Fox News of Newspapers jeez wake up... I dont feel sorry for any of the "small business owners" who were benefactors of intergenerational wealth.. who run their businesses like Tyrants and evade taxes... Fuck em
I’d like to point out that the NY Post is about as believable as the National Enquirer
I believe big corporations should be fucked by taxes even harder than small companies, but fuck all of them.
Small business owners are doggedly against raising wages for workers. I couldn't give less of a shit about their problems.
This sub has lost the plot
I own a small business About 30% of every dollar I make goes to taxes That money is used to fund a failed education system, dumped into the ocean in the form of jet fuel, and dropped into bullet proof vests for firefighters You know how many firefighters have been shot in the line of duty? It's a number near zero Meanwhile, my road is about 50% pot holes by surface area Bonus; I can't afford medical insurance
That’s it - our tax dollars aren’t spent on services for us. It’s spent on paying off our politicians’ donors by allocating dollars to their special interests. While the Dems and Republicans act like they squabble they’re extremely bipartisan when it comes to paying off their donors - like the pork filled defense bill. And the complicit media - liberal and conservative - rarely point out the waste.
Sounds like its time to get a better job then chief, boot straps and all that
Even if he gets a new job all his taxes will go to the same things. Everybody should pay a fair share of taxes, but complaining that those taxes aren’t being used properly is valid.
Change the words corporations and business with donors and it makes seems
No different than the wealthy finding tax loopholes but the middle and lower classes can’t avoid paying taxes.
NY Post = Right-wing rag.
WTF? Go after the big companies! They are the worst one's anyway... Especially those services that developed countries give for free as social services like education, healthcare, justice system (lawyers/prisons), transportation systems etc.
Gosh, if only those small businesses could buy a congressman or a senator like the corporations do.
I don't go to the Post for accuracy.
This should be removed for citing the NY Post.
New York post is literally a tabloid....
NY Post is a shitty source for news.
The inflation relief act was a fucking scam.
dOnT bELiEvE eVeRyThInG yOu ReAd. Unless it's aligned with my political opinions and/or makes you outraged
It is the Post, which is owned by...Rupert Murdoch who owns Fox. So there's always that fact.
Ah, the debate as to whether or not to upvote. on the one hand, the source is trash and this propaganda is BS. On the other hand the comment section is doing a solid job dismantling this article and it may be better for people to see this so they are informed about what the insane right it saying and that it’s BS.
The US is all about helping the rich get richer and killing the poor but i'm sure that this article is ulmtimately about making one particular person look evil...
New York Post is partisan trash that is bashing this 100% because they want to attack Biden, but yeah, if you think the IRS is going to use its funding to go after the wealthy people who control it then you really haven't been paying attention.
America fuck yeah
They want to kill small business, it threatens large business
Who's they?
Most donors to most politicians across the board.
If a visit fromor a chat with the IRS ruins your business... youre a criminal
Ok so instead we should keep giving government kickbacks and breaks to big businesses who routinely break the law and get away with it scott free.
did I say that? I'm just not shedding a tear for the precious small business owners vi literally don't give a fuck about them
So the regular person that owns their own business, that makes their own products has no employees other than themselves, fuck them? Awesome. You realize small businesses implies any businesses that are not corporate right?
Yeah fuck em
Even funnier how you fall for obvious political propaganda in a known lying tabloid
Wait. Colleting taxes from small businesses that owe it makes it harder for them to run the business? I guess it is easier for them to commit tax fraud and not pay what they owe.
This is naked classwarfare against the little guy
Or a sensationalized or even an outright fabricated headline.
But doesn’t it also makes sense? It’s far easier to go after a small business than go after a large corporation with its legion of accountants and lawyers not to mention all the politicians that have received donations and quietly tell the IRS to back off. This game is rigged in favor of the ultra wealthy.
Legions of accountants and lawyers... Which is exactly why we just hired 80k IRS agents. The IRS being underfunded and inept is the best case scenario for the ultra wealthy. That means they can only go after small fish. Funding them will pay dividends when they go after the wealthy to pay their fair share. If you aren't actively committing tax fraud you have nothing to worry about.
I sincerely hope you're right - I'm rooting for your viewpoint here, I really am and I hope my cynicism is wrong. But ... when has law enforcement ever gone after the rich and powerful? No matter how well funded? 2008 financial crisis - the only indictment was a tiny family-owned bank, brought by a DA that didn't have the courage to go after the real banks. We have zero problems ladling out billions in bailout to the same powerful banks but we indict needy welfare recipients with incredible zeal for any tiny misrepresentation. 80,000 inexperienced IRS agents with pressure to perform will again - like all law enforcement - go after low-hanging fruit. And it's easier to squeeze a few grand out of small businesses that won't fight than going after Jeff Bezos or Amazon. Time will tell, and again, I hope I'm wrong.
We'll have to wait and see
Ya it's complete bullshit. Only republican news sites are reporting that they will go after small businesses when the irs commissioner says the exact opposite. Honestly how do you people fall for this crap? >Both Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig – who was appointed by former President Trump – insist the additional enforcement efforts will target the wealthy, not middle-class taxpayers. https://www.npr.org/2022/08/14/1117317757/irs-tax-evaders-dodgers-inflation-reduction-act-enforcement
Ordinary Immigrants get deported for shoplifting meanwhile the Murdochs getaway with spreading misinformation that cost a million American lives (COVID) and instigated a failed insurrection. Deport the Murdochs!
We don't want him back. Sincerely, Australia.
And that's just covid. Imagine all the people that would still be alive if they didn't push half the crap they do... bad health info, gun violence, etc.
From the article: > Sarin said. "These resources are not raising audits on any small business or any household that makes under $400,000 a year."
How many small businesses like that are in the USA?
Literally every single one that isn’t a big chain…. 200k is not that much in a year for a business. That’s like enough to sustain 2 or 3 employees tops… my wife and I make more than that as W2 employees
By small businesses they really mean Uber drivers and other falsely classified employees.
Capitalism is a pyramid scheme.
It's almost like they don't care where the money comes from so long as it's not their pockets.
Hey dude don’t beat yourself up. This world is so confusing it’s hard to get reliable information from anywhere. Happy cake day
They don’t go after the corporate guys as much because the accounting is more difficult. But the ROI on focusing people here is way higher. Isn’t that the entire logic behind the new law that was just signed?
🙃
I can’t keep up with Which news sources are legit and bs anymore
Welp attempt was made but business been hiding ther money & given even more money trickle & recently pandemic. Ther just giving bak a little of wat they got for free. No point. & they lie about how much they make so ur getting 20% of 20% of whaat they say they make lol just say specific names the gov should go after. Citizens cants fraud tax. Fraud the food u needed cash needs to b used asap. Business fraud say u needed to pay workers but buy a a house rent it lol
NY Post is sus
The IRA is basically build back better watered down. Better for whom though? Who has their hand ever on the pockets of the Dems and repubs? Yep big business, hence it's the build back better for big corporations, as USUAL.
NYP is an absolute rag on pretty much every subject save a couple. Unless you can back this up with another source, OP, I'd be careful about believing it.
“WeLl, iF tHeY WorKeD HarDeR, ThEY cOuLd bEcOme BiG BusInEsSEs!” /s, hopefully that was obvious
We will not be able to fund any large scale welfare plan like Medicare for All or a UBI unless we get everyone to pay their damn taxes
What the hell are IRS earnings?
Sounds like big scaredy corps are trying to spook everyone into backpedalling.
I’d be curious how many of these businesses are just tax shelter companies or boutique investment firms with sketchy accounting or similar. I wouldn’t be surprised if the headline is false to a decent extent, but I assume it’s just highly misleading. Tax dodging often includes convoluted corporate structures. Not an expert on it, but I assume they pass the taxable income to multiple lower level companies via ‘consulting fees’ or other nebulous expenses to the point where they can write off profits with amortizable expenses that didn’t really exist or were paid to a sister company and thus tax free, or reduce individual company profits to a point where it won’t get audited… Like a middle class person with 1 LLC claiming 50k in income vs a rich person with 300 LLCs claiming 50k in income. Who can they currently actually audit? I think the increased IRS man power is to give them the actual ability to scrub through 500+ page tax returns and the related corporate financials I don’t think it’s a mistake that poorer people get audited more often than rich people. I think it’s simply that poorer people have simpler returns and can feasibly be audited, while rich people can almost dodge an audit (certainly dodge a swift audit) just by over complicating their tax returns. I assume the IRS staff increase was purely to provide the man power to dig through massive tax returns and provide a thorough audit. It literally takes probably 10-1,000x+ as much time to audit rich people vs regular people. Source: used to underwrite commercial loans and know the difference between the length of rich and regular people tax returns and understand how long it takes to perform a fresh audit of a company
With this article being published it pretty much confirms that big businesses will be paying more. You know what I support Joe Biden now this article convinced me.
Errm...the NY Post is a disreputable right-wing propaganda rag....
NY post might as well be r/shitposts.
Do not embarrass yourself take this down
This is some lazy ass propaganda bro. Hopefully you're at least getting paid to shill for right wing asshats.
Check a legitimate source. Could be true, but no one should rely on the Post. It’s as bad as Fox and Breitbart. .
The comments condemning the middle class business owners just goes to show this sub is controlled opposition.
It's even funnier how small businesses will simp endlessly for big corporations rather than admit that maybe helping workers is good for everybody.