The Biden administration is recruiting 87,000 IRS agents, allegedly to keep an eye on billionaires. But all appearances are that it's aiming at the little fish of the gig economy instead. Taking payments for a side hustle via PayPal or Venmo? Not only is the IRS reminding you those payments are taxable income.
The federal government can lose trillions, and nobody goes to jail
- Sam Bankman-Fried can lose billions and be treated as a darling by members of Congress to whom he donated
- Venmo and PayPal may mischaracterize these tax-free gifts as something taxable
- You can't just tell the IRS that Venmo is wrong, right?
- According to the IRS, "Those who receive a 1099-K reflecting income they didn't earn should call the issuer. The IRS cannot correct it."
The threshold used to be $20,000 but was lowered to $600 as part of the Democrats' American Rescue Plan Act
- The legislation tightened the screws on the little guy
- Self-employed people - and even people with a second income from a side hustle - are more independent than people who depend on an employer's paycheck
- You can't get fired for your race or religion - or, nowadays, your politics - if you don't work for anyone to begin with
- Democrats want everyone under their thumb
https://nypost.com/2022/12/05/team-biden-is-using-the-irs-to-attack-the-gig-economy/
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