Will this be the death blow to strip clubs?
ilbbaicnl
Keep it in my pants when I do OTC. If I were a stripper it would stand for I like big bucks and I can not lie.
https://www.npr.org/2021/10/02/104266736…
Besides reaming the stripper, will also ream many of the customers, slingers, guys you hear about from friends, who do odd jobs and simple repair work for bargain prices in cash?
Besides reaming the stripper, will also ream many of the customers, slingers, guys you hear about from friends, who do odd jobs and simple repair work for bargain prices in cash?
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It could also cause an issue for some married PLs that hide their hobby money from their wives in a separate bank account. It could be rough explaining to your wife why you have a secret bank account with thousands of dollars flowing through it during a tax review/audit.
The only way the IRS would be able to find all of the cash strippers make would be to find a way to monitor cash flow within Crown Royal bags and garter belts.
The cost alone related to hiring enough people to go through activity in every account worth a measly $600, in order to determine if Bob the janitor is cheating on his taxes by not claiming winnings from his weekly poker game, is patently fucking absurd. It's beyond patently fucking absurd. Roughly 125 million HOUSEHOLDS have accounts. Some of you are wealthy...right? Millionaires? How many accounts do you have? Four or five personal checking and savings accounts? A half-dozen brokerage accounts? How many LLCs, trusts, and partnerships do you have? How many accounts do each of those have? The people they're trying to go after for not paying their 'fair share' have hundreds and hundreds of accounts for themselves, their trusts, and their business entities, and each of those probably has several accounts spread out across all the major banks.
If the average number of accounts within a household is 10 (probably too low), and there are 125 million households w/accounts, that's 1.25 billion accounts. Let's say a person can review an average of five of these per hour, because some will be super quick and easy, and others will fuck up the day. 5 per hour x 8 hours per day x 5 days per week x 50 weeks per year = 10,000 accounts reviewed by one person in a year. 1.25 billion divided by 10,000 = 125,000. It would take 125,000 people to go through them all. Now figure the cost of those employees' salary, benefits, payroll taxes, etc., maybe all that averages $160k annually? $160k x 125,000 = $20 billion. Sure -- a lot of it will be automated, and they'll be able to do more than five per hour. So hell, cut those figures to 10%. That's still $2 billion.
ElDuderino_AZ individual transactions aren't being reported or audited, just total annual inflow (minus payroll based wages) and outflow from the account.
That said, I don't see why they need this info because without transaction level detail it is useless to determine how much income is in the account. For example, I have a separate bank account that I use for all of my various hobbies into which I have $400 direct deposited from my payroll every 2 weeks for my fun money to go to strip clubs, concerts, buying woodworking materials and so on. When I go to a strip club I usually withdraw about $1000 to make sure I have more than I will need to have a good time. Most trips I spend $200-500 depending on what happens that night and I end up depositing the other $500-800 back into that same account. If I do this an average of twice a month it is going to show well over $10k of inflow from non-payroll deposits and subject to IRS reporting. However, none of the money in the account came from any source other than my payroll. A top line inflow and outflow report without transaction level details for this account would look basically the same as someone that makes over $10k/year in cash so how does that help the IRS track down unreported income?
One of my ATFs got a visit from child welfare, after she got arrested on a bench warrant. They asked her how she supported her kid, she told them she had a sugar daddy, and they were satisfied with that. That brings up another issue, if you've got a fav you're dropping major coin on OTC. She could legit call that a gift if the IRS got on her case. I don't know if they can leverage her into giving your name, so they can come after you for not declaring the gift.
Unfortunately, I think it's likely the case that most guys who get married end up divorced or wishing they'd stayed single. If the wife doesn't have similar earnings or assests as the husband, she ends up with a sizeable chuck of his, tax free. Aside from very stupid PLs, strippers can only make the cost of one song if they don't increase rather than decrease your happiness. So, in some moral sense, it seems unfair they have to pay taxes on the money they get from us. Which we have all already paid mucho horking taxes on.
I think it's safe to say that most people who don't declare a lot of cash income make under $100K. If they were about making the income tax more fair, they'd tax capital gains the same as income from working, just index the basis for inflation.
But even if it was, I doubt that this would impact most strippers. IME many strippers already deposit little and pay a lot of their bills with cash. Landlords willing to rent to strippers often accept cash and utility and cell phone bills can be paid in cash at Walmart and other retailers. Also obviously groceries and other retail items can be purchased with cash. Even auto loans and credit cards can be paid in cash if you obtain them from a bank with a local branch. And anything that can't be paid in cash, like auto insurance, can be paid by money order.
The current proposal exempts accounts paid solely through W-2 earnings. So if a guy is simply having a modest % of his salary direct deposited into a secondary account (an option many employers provide), then he should be fine.
What really does threaten strip clubs is CA AB-5, it destroys the gig economy.
https://hacklerflynnlaw.com/how-assembly…
There will be more lawsuits from retired strippers, and then Deja Vu plans to buy up all the destabilized clubs.
In the area of Labor Law, CA has always been a belwether state.
SJG
Honeyybunn
https://tuscl.net/photo.php?id=8133