Biden's IRS is coming after your Venmo, PayPal payments of over $600 if you work in the gig economy
On Tuesday, the IRS posted an "explainer" warning American Business owners that if they make more than $600 a year and those payments are received through apps like Pay Pal or Venmo, they better make sure they pay their taxes. And while not specified on the website, I'm guessing it's "or else."
IRS has stated that Americans must report payments on Venmo, PayPal over $600, per MarketWatch.
— unusual_whales (@unusual_whales) November 26, 2022
The government agency is targeting transactions that involve "part-time work, side gigs, and selling goods." Basically, the gig economy. If you work on your own without the government taking taxes right out of your check, or without a union taking donations to the Democrat Party right out of your wages, the IRS is very interested in your earnings.
By now you're saying to yourself, "But Brodigan, I'm not a millionaire or a billionaire. I was told that Biden looking to increase taxes on the middle class was misinformation. What the deuce?"
Two things. One, LOL... you said "butt Brodigan." B, I'm not a journalist or an expert. I'm not qualified to tell you what is or isn't misinformation. However, there are some things I find interesting you might find of interest yourself.
- Democrats snuck lowering the threshold to $600 in the American Rescue Plan Act of 2021. Critics called the bill "bribing us with our own money." If you opposed this part of the Biden agenda, you were told you didn't want to help taxpayers by sending them stimulus checks.
- Funding for 87,000 new IRS employees was snuck into the Inflation Reduction Act. If you opposed this part of the Democrat agenda you were told you didn't want to reduce inflation.
- PayPal, which is willing to work with the Administration, tried sneaking in a penalty that they will take up to $2500 out of your account over what they call "misinformation." Whether what they call "misinformation" is the same as what the Administration defines as "misinformation" is unclear. But I know that you know that I know that you know.
- The IRS posted this "explainer" two weeks after election day.
But again, I am not a journalist or an expert. I'm just a guy who can't help but notice things.
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