We may all live in a great big global community, but in my Blog, it's my world.

Back during the heyday of Xbox 360 eBay sales I wrote an article cautioning that the "flippers" of those systems -- people that sold them on eBay at huge profits -- might want to be careful and save up money to pay the tax man when he/she comes calling on them.

Well, I'm gonna speak up early here and encourage the IRS folks to be ready to start combing the auctions of Playstation 3 systems as those systems are "flipped" for huge profits on eBay.  Not that the flippers aren't entitled to make a profit on the boxes if they want to sell them and if someone wants to overpay to get them, but if the sellers do make profits they will owe taxes on the profits and should be made to pay up.

Consider that the profit on selling a $600 system, or perhaps an $800 bundle, for $2000 - $2500 total means that the seller is walking away with somewhere around $1400 in profit on the bundle.

Following up on the article I just wrote about "numbers", take some numbers like say 75,000 systems flipped in that manner (considering that the entire U.S. allotment during the initial month or so is only going to be 400,000 systems, I'd say 75k systems being flipped is probably a low number.  Then again, perhaps more of the initial purchasers really want to keep the system, so who really knows) and multiply that out by even $1,000 per and then figure out how much of that could go into the tax revenue stream?

So, again, I hope that the IRS is ready to go after the flippers and have them pay their fair share back into the tax system.


Comments
on Nov 14, 2006
Lets balance the budget on the backs of system flippers.  Yeah, that's the ticket.
on Nov 15, 2006
I blame this whole flipping thing on the Illuminati. It's a conspiracy!

Seriously.. Are you just mad cause you didn't do it? C'mon.. Be honest.. I know I am pissed off that I couldn't get one to sell on Ebay.
on Nov 15, 2006
Wow, it's a very differant story here in Australia. nothing like that happens at all.
No offence intended to anyone, but im glad i dont live in the states, because come tax time i'd be broke.

If you sell something on eBay the ATO (Australian version of IRS) doesnt give a rats ar5e. Unless of course it's property.

And yes i'll be looking to cash in on the PS3 as its not on sale here till march.
on Nov 15, 2006

Seriously.. Are you just mad cause you didn't do it? C'mon.. Be honest.. I know I am pissed off that I couldn't get one to sell on Ebay.

Uh, no.  I'd be more than happy to part a fool and their money via eBay sales, but I'd also full well expect to have to pay my share of that income back to the government.

Found money is found money, and any thing I could get over the cost of the item would be nice, but if I made $1200 - $1500 (if not more) on selling an item, I'd expect to have to pay a portion to the government.  I may not like having to give up any of the money, but then I don't like having to see roughly 30 - 40% of my regular income stolen by the government either.  It is the price we pay for having needs in our society though, needs that continue to be there day after day.

I'd love to see those needs be slimmed down to BASICS and only the things we really need, but too many people hold their hands out and expect the government to give them money for things without thinking about the fact that the government gets the money by taking it away from the citizenry via taxes on their incomes and profits.

on Nov 15, 2006
eBay will soon enough pay for its corruption of the American trade system in my opinion. And what could the Illuminati want with eBay anyways... no i personally blame the Masons(
Meta
Views
» 2178
Comments
» 5
Category
Sponsored Links