In another attempt t bleed the middle class dry, the Biden administration is demanded that online payment systems such as Paypal and Venmo snitch on their customer to the IRS when they earn as little as $600 in payments.
Biden is looking for every way possible to take away as much money from the middle classes as he can and this would be a way to force people to pay more taxes when they sell things on ebay or other second-hand auction services.
It is also a desperate attempt to “pay for” his disastrous $1.9 trillion Build Back Poorer budget plan.
Per Just The News:
The law was included in the Democrats’ $1.9 trillion American Rescue Plan Act, which was passed with only Democratic votes through budget reconciliation to avoid the Senate filibuster. The new rule took effect at the beginning of this month.
The requirement covers payments received for good and services. The rule would apply to payment services like PayPal, Venmo, Zelle, Cash App and others.
Payment companies were required to only send users 1099-K forms “if their gross income exceeded $20,000 or they had 200 separate transactions within a calendar year,” according to Fox Business News.
It’s all just another way Biden is looking to hurt as many Americans as possible.
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