djatc
djatc
Joined: Jan 15, 2013
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March 6th, 2015 at 12:39:23 AM permalink
When was the $1200 W2G limit instated, and why hasn't it gone up to account for inflation? I'm sure when the $1200 rule was made it would buy you a decent amount of things as opposed to today where it barely covers rent for some locations.
"Man Babes" #AxelFabulous
DRich
DRich
Joined: Jul 6, 2012
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March 6th, 2015 at 7:56:30 AM permalink
Quote: djatc

When was the $1200 W2G limit instated, and why hasn't it gone up to account for inflation? I'm sure when the $1200 rule was made it would buy you a decent amount of things as opposed to today where it barely covers rent for some locations.



I really don't think we will see this limit go up in my lifetime. I actually think it is more likely that they will lower it so less people are cheating on their taxes.
Order from chaos
DRich
DRich
Joined: Jul 6, 2012
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March 6th, 2015 at 10:36:48 AM permalink
Quote: djatc

When was the $1200 W2G limit instated



I believe it was 1977.
Order from chaos
djatc
djatc
Joined: Jan 15, 2013
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March 6th, 2015 at 11:09:09 AM permalink
Quote: DRich

I believe it was 1977.


According to the inflation calculator $1200 can buy you $4627.86. With that in mind the w2g should be somewhere around $4000, or one dollar royal.
"Man Babes" #AxelFabulous
Dalex64
Dalex64
Joined: Feb 10, 2013
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March 6th, 2015 at 7:31:04 PM permalink
I think that since they want to change it from 1200 to 600 instead of 4000, it indicates that they would rather capture more income than adjust for inflation.
AcesAndEights
AcesAndEights
Joined: Jan 5, 2012
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March 16th, 2015 at 12:57:57 PM permalink
Glad this was posted here; I had meant to come buy and get y'alls comments on it. I haven't fully digested the issue, but I will likely be leaving a comment for the IRS. I wonder if anyone will read them...
"So drink gamble eat f***, because one day you will be dust." -ontariodealer
HopHoofer
HopHoofer
Joined: Oct 13, 2021
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October 13th, 2021 at 3:54:03 PM permalink
Is this proposal still alive?

Google: "Time for IRS to Increase W2G Slot Reporting Limit"

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