United States Senator Bill Hagerty (R-Tennessee), who is a member of the Senate Banking Committee, submitted an amendment to the Democrats’ tax-increase legislation today to strike the provision that was inserted by the Biden Administration in the American Rescue Plan (ARP) that requires third-party payment platforms to report businesses’ gross transaction volumes totalling more than $600 to the Internal Revenue Service.
Hagerty is a Republican from Tennessee and is a member of the Senate Banking Committee (IRS).
According to Senator Hagerty, “in a very Orwellian manner, under this new small-transaction reporting requirement, Big Government will have access to nearly any small business or entrepreneur’s transaction information.”
Since the day it entered office, the administration of Vice President Joe Biden has been unrelenting in its pursuit of invading the privacy of the lives and money of Americans, and now it wants to go even further in this direction.
Even though the agency cannot successfully probe its own illegal disclosures of taxpayer information, Democrats are racing to grant an agency with a scandal-plagued track record more than six times its yearly budget to investigate taxpayers and small businesses in the United States.
This is just another weapon in the administration’s attack on American businesses, and it is long past time that we put an end to its outrageous and unnecessary overreach.
Even though the IRS’s annual budget for Fiscal Year 2022 was only $12.6 billion, the measure proposed by Democrats to raise taxes contains an additional $80 billion in funding for the agency.
The Congressional Budget Office forecasts that the Internal Revenue Service would be able to collect an additional $204 billion in taxes as a result of this.
According to the findings of a study conducted by the non-partisan Joint Committee on Taxation, it is anticipated that between 65 and 78 per cent of this $204 billion will come from those living in the United States who earn less than $100,000 annually.
In the past year, Democrats have used the Internal Revenue Service (IRS) to target conservative political organizations and wealthy Americans to further their political agenda.
Earlier this year, the Washington Examiner reported that, under this new ARP small-transaction reporting requirement, third-party payment processors like Venmo and PayPal will be required to report business transaction volumes to the IRS that total more than $600.
Read more:-
- The Democrats have let loose the “beast” that is the IRS, and now it will go after anyone making less than $200,000 per year.
- The Internal Revenue Service has announced that the deadline for adopting SECURE Act Amendments and CARES Act Waiver of 2020 RMDs Amendment has been extended to 2025.
- The Tax and Energy Bill passed by the Senate includes the following provisions:
In February, Hagerty introduced the Stop the Nosy Obsession with Online Payments Act, often known as the SNOOP Act, to exempt the American Rescue Plan from this intrusive requirement.
This amendment would include the SNOOP Act in the tax-increase legislation being debated by Democrats on the floor of the Senate right now.
The goal of this amendment is to prevent the newly allocated funding for the IRS from being used to increase enforcement of the new small-transaction reporting requirement against taxpayers and small businesses.
