Etsy, eBay, and other small businesses are trying to overturn new legislation that requires anybody who receives more than $600 in “business” payments through Venmo, PayPal, or other third-party payment providers to disclose each transaction to the IRS. Last year, as Democrats (alone), rushed through President Joe Biden’s American Rescue Plan, that threshold was dropped from $20,000 to $10,000.
Some “rescue,” particularly from a party that claims to be anti-wealthy.
This is despite the White House’s continued request for $80 billion per year to hire 87,000 extra “revenuers” to perform more audits.
Last year, when Democrats (alone) rushed through President Joe Biden’s American Rescue Plan, that threshold was dropped from $20,000 to $10,000.
Consider this the next time Elizabeth Warren or Alexandria Ocasio-Cortez complain about the wealthy not contributing. Nonetheless, the legislation they passed targets hobbyists and small-time hustlers. It will simply make the US economy suffer a little more: some will have to raise their prices to make the work profitable; others will quit since more paperwork and taxes will be required.
That implies a small business that could have evolved into a larger one (say, by selling $20,000 worth of goods) would never be able to do so.
This will include not only folks selling crafts or souvenirs, but also odd-job handymen, children mowing lawns, and even nannies. As a result, their clients will be harmed.
One nanny told The New York Post that if she has to “pay a bunch of taxes” on her weekend earnings, she will reconsider working weekends: “I enjoy being self-employed, and one of the reasons I enjoy it so much is that I can earn more money if I choose to work longer hours.”
It’s no longer the case. Uncle Sam (or Uncle Joe) is looking for a piece of the action. Democrats believe they can spend your money more wisely than you can.
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The minor increase in federal revenue is in no way worth the additional cost.
With inflation raging and gas prices now approaching $5 per gallon, the president needs to wake up: Apologies for this blunder, tell the IRS not to waste time enforcing it, and demand that it be repealed.
That barrier was reduced from $20,000 to $10,000 last year when Democrats (alone) hurried through President Joe Biden’s American Rescue Plan.
Some “rescue” is needed, especially from a party that claims to be anti-wealthy.
Despite the White House’s ongoing request for $80 billion per year to pay 87,000 additional “revenuers” to undertake more audits, this is still the case.
Consider this the next time Elizabeth Warren or Alexandria Ocasio-Cortez rail at the wealthy for failing to contribute.
Nonetheless, the legislation they passed is aimed at small-time hustlers and amateurs. It would merely exacerbate the US economy’s problems: some businesses will have to raise their prices to be successful, while others will be forced to leave since more paperwork and taxes will be necessary.