IRS Ignores The Rich, Targets Side Hustles Instead



The IRS is once again ignoring the ultra-rich and wealth tax reform in favor of targeting small, independent vendors and business people. Online business owners will now have to pay taxes if they make more than $600 through their online business, a harsh drop from the previous $20,000 threshold. Ana Kasparian discusses on The Young Turks. Watch LIVE weekdays 6-8 pm ET. http://youtube.com/theyoungturks/live Read more HERE: https://www.yahoo.com/now/irs-issues-tax-documents-side-193857428.html "Beginning this month, online business owners who sell their goods and services through sites like Venmo, Etsy, and Airbnb will be sent tax forms if they have received payments of more than $600. Recently, tech companies have notified users of the impending changes and asked them to submit tax information, reports The Washington Post. “Until this year, the threshold was much higher ($20,000 and 200 transactions), so it didn’t affect nearly as many people,” Venmo said in a message to its users. “This requirement only pertains to payments received for sales of goods and services and does not apply to friends and family payments.” The new modifications to conduct business online triggered a collective outcry on social media. The once low threshold allowed Americans to jump into entrepreneurship; 5.4 million people started their businesses last year, according to the data reported by the U.S. Census Bureau last week, the Washington Post reports." *** The largest online progressive news show in the world. Hosted by Cenk Uygur and Ana Kasparian. LIVE weekdays 6-8 pm ET. Help support our mission and get perks. Membership protects TYT's independence from corporate ownership and allows us to provide free live shows that speak truth to power for people around the world. See Perks: ▶ https://www.youtube.com/TheYoungTurks/join SUBSCRIBE on YOUTUBE: ☞ http://www.youtube.com/subscription_center?add_user=theyoungturks
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