Video Player is loading.
Current Time 0:02
Stream Type LIVE
Remaining Time 0:00
15,857 views • December 31, 2021
Live Q&A: IRS Begins Taxing Profits From Crime; Ghislaine Maxwell Guilty for Child Sex Trafficking
It used to be said that crime doesn’t pay. But now, according to the IRS, not only does crime pay, but that pay is a taxable asset — and they want a cut. The Internal Revenue Service is now saying that criminals need to report income from crime when they file their taxes. The IRS website now states, “Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity.” This is under a section on taxes for “Illegal activities.” It notes in a separate area that “Illegal bribes and kickbacks” are nondeductible expenses, but notes that “If you receive a bribe, include it in your income.” While clarifying the taxes it wants from kickbacks, the IRS clarifies “You must include kickbacks, side commissions, push money, or similar payments you receive in your income…” And also, if you’ve stolen someone else’s property, the IRS is also now saying it needs to be taxed. Under a “Stolen Property” section, it states, “If you steal property, you must report its fair market value in your income in the year you steal it unless you return it to its rightful owner in the same year.” Meanwhile, the jury has determined that Ghislaine Maxwell, the associate of Jeffrey Epstein, is guilty on all charges tied to sex trafficking. She’s facing decades in prison, and sentencing will begin in 2022. Meanwhile, I mentioned previously that the CCP put a city of 13 million people on lockdown, and that reports said the people weren’t able to get food. There’s some new information on this. The lockdowns are in the city of Xi’an, which is now on its eighth day of people being unable to even leave their homes to buy food. Reports are showing starving residents making posts online trying to buy food, and videos have shown police arresting people who attempt to leave and find food. One netizen posted on China’s Weibo, “We want food, seriously, there’s none available online; we can’t go out, the building has been sealed for 10 days; even instant noodles are gone. Hungry.” Another wrote, “I have not had food for two days.” During a live streaming of a press conference on December 29, residents asked for access to places to buy food but their requests weren’t given any responses. Shortly after, the comments got turned off.