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.
Read more:-
- Some of the Worst Ways to Spend a Tax Refund Have Been Revealed by Tax Experts
- Stimulus Updates for Summer 2022: What You Need to Know
- Update on the Stimulus: Nearly Half of the Families Cannot Buy Food Without Child Tax Credit Payments
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needs to wake up: Apologies for this blunder, tell the IRS not to waste time enforcing it, and demand that it be repealed.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.
