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Liberty April 6th, 2016 6:18pm

Should cash back earned from credit card reward programs be taxed as profit/income?

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catpillow Florida West Coast
04/06/16 9:50 pm

If "cash back" from credit cards is income, then it would only be fair money paid to credit card companies should be deductible (such as annual fees, late payment charges and interest)

Zod Above Pugetropolis
04/06/16 9:04 pm

It isn't income. Hence the term "cash *back*”. It is like a rebate, a little of the purchaser's money returned to them. If you were to get back more than you spent, it would be income and should be taxes as such. I want that card!

htcbump Florida
04/06/16 8:56 pm

Are factory incentives on cars taxable? No. Next they will want to tax sale prices as income because they are below list price. This is such crap.

htcbump Florida
04/06/16 8:54 pm

It is an interest rebate. I thought I heard it all when MD taxed the rain. All taxes are theft.

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DonWichita Kansas
04/06/16 4:16 pm

Double taxation. I have already paid the tax on it when I bought the product.

Liberty 4,032,064
04/06/16 4:57 pm

You don't pay income tax when you buy something. You pay it on money you take in as profit.

Bobnpt The Ocean State
04/06/16 2:20 pm

Tax when you earn it. Tax again when you spend it. Tax it when you die. Tax it when you give it to a family member. Sure, let's make another tax. They already tax water....might as well tax the air, too.

CMD1973 Oxford iowa
04/06/16 1:14 pm

It's income. Why not. Now it might be a little hard for the IRS to prove it unless you were getting large amounts at a time. Is there a paper trail?