You're out of your mind if you think the government is not going to nickle and dime you to cover the kabillions of dollars in handouts. You're also out of your mind if you think they are going to kill the goose that lays the golden egg (corporations).
Here's a little surprise for you all that will sink in come 2022 tax season. All of the people who have set up online Etsy shops and the like to make ends meet are about to get hammered on taxes. Anybody who receives payment via electronic means (credit cards, PayPal, etc.) will get taxed on any and all income over $600. Right now the current threshold is $20,000 AND 200 transactions. The threshold for 2022 has been lowered to $600 and the transaction limit has been removed.
The $600 threshold is also the trigger for issuing a 1099-NEC or 1099 MISC. Cash payments are easier to hide than electronic payments, so enforcement of issuing 1099-NEC is a lot tougher. Electronic banking transactions are a lot easier to track and collect taxes on - plus their exploding popularity with the younger crowd makes this low-hanging fruit ripe for taxation.
Bottom Line: If you receive payment electronically, you will now be taxed.
Hey, nothing is free. How did you think all the money the government disbursed was going to get repaid?
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