Buried deep in the “COVID relief” law that Democrats rammed through last March is a provision forcing Venmo, PayPal and other third-party payment services to send the IRS details on anyone who receives more than $600 a year in “business” payments. What a way to screw the little guy!
How this qualified to be part of the $1.9 trillion “American Rescue Plan” is beyond us. What was wrong with the old rule, which required reporting only if the recipient got more than 200 payments, topping $20,000, in a given year?
Now countless mom-and-pop shops, people who moonlight selling items or services on the side and other small-timers can expect to get 1099-K forms, listing potentially taxable income. Many payments — small gifts, a reimbursement from someone for dinner, etc. — might not be taxable, yet may be listed on the forms anyway, possibly triggering new IRS audits with all the new “revenuers” that President Joe Biden is looking to hire.
Biden and his party mates claim they want to make top earners pay their “fair share,” but here they are targeting low- and middle-income people who collect payments of as little as $600. And calling it a “rescue”!
Now Dems are seeking $80 billion in new IRS spending to fund more audits — and 87,000 new IRS agents. They truly believe that having Uncle Sam squeeze every possible nickel and dime out of everyone (and spying on your every move to do it) is the path to social justice.
Anyone who voted for this petty, punitive garbage deserves to lose his or her next election. For the record, that’s zero Republicans, but every Democrat in Congress except Maine’s Jared Golden.