Amid the backlash aimed at PayPal’s $2,500 ‘misinformation’ policy – the Biden Administration is still targeting Americans through Paypal and similar platforms with its $600 reporting requirement.
- In January: Democrats snuck in a $600 reporting provision in their $2 trillion inflationary spending bill, which requires third-party platforms to report to the IRS any transactions that amount to more than $600.
- In August: Their so-called ‘Inflation Reduction Act,’ supercharged the agency to unleash 87,000 new agents on Main Street and working families – who Democrats assume are tax cheats.
KEY TAKEAWAYS:
The Biden Administration’s $600 Reporting Requirement Targets Low-Income Earners.
- The new reporting requirements will ensure anyone who sells a couch or pays a babysitter electronically could trigger further IRS scrutiny.
- This violates President Biden’s promise that greater tax enforcement wouldn’t hit lower or middle-income Americans.
- In their so-called ‘Inflation Reduction Act,’ Democrats supercharged the IRS with 87,000 new agents, which will lead to more audits of families making less than $400,000.
- A Congressional Budget Office (CBO) analysis makes clear that audit rates will “rise for all taxpayers” and the policy “would return audit rates to the levels of about 10 years ago.”
- The Joint Committee on Taxation (JCT), Congress’s official tax scorekeeper, says that from up to 90 percent of the money raised from under-reported income would likely come from those making less than $200,000 a year. Only four percent to nine percent would come from those making more than $500,000.
Democrats Are Covering for the IRS & Haven’t Given Up on Their Surveillance Scheme.
- Not only have Democrats voted against guardrails that would prevent the IRS from abusing middle-income earners with more audits, but Democrats have also promised to revive their invasive bank surveillance scheme.
- Ways and Means Republicans introduced legislation last year to prohibit any future efforts to impose a surveillance scheme.
- Due to the Administration and Democrats’ inaction on the agency’s historic backlog, Americans are waiting longer for their tax filings to get processed.
READ: New Schumer-Manchin Bill Will Supercharge Long History of IRS Abuses
Republicans Will Hold Washington Accountable.
- An important part of Republicans’ Commitment to America is to conduct rigorous oversight to rein in government abuse of power and corruption, and to provide real transparency.
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