The Government Accountability Office (GAO) report explains that Americans will receive 1099-K tax forms for earnings paid through Venmo and PayPal for the first time. We knew it was coming, and here it is, along with tens of thousands of new IRS agents.
The “IRS expects to receive about 44 million Form 1099-Ks in 2024 — an increase of about 30 million.” The number will increase. This is a hit of middle-class Americans who make a little extra money from small and very small businesses. The gig economy will suffer a big hit.
Even modest earnings now need to be reported:
The American Rescue Plan Act of 2021 lowered the reporting threshold for Form 1099-K. Previously, reporting was required if a taxpayer had annual payments of $20,000 and 200 transactions. Beginning in 2023, reporting is required if a taxpayer has total annual payments exceeding $600.
Washington Democrats use the IRS to target working families. According to the Joint Committee on Taxation, over 90 percent of this new tax burden will fall on middle-class families and gig workers who will be caught in the crosshairs of the Democrats’ tax scheme.
Surprise!
It will serve mostly as a surveillance system.
Democrats have no regard for the middle class. They don’t want one. Socialism doesn’t allow for one. They are cutting off all avenues to make a few extra dollars.
They tax taxed money and go after every other possible dollar they can to fund their socialist endeavors.
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