Stop imposing the IRS on nannies and other small business owners
Etsy, eBay and smaller retailers are fighting to repeal the new law that requires anyone who receives more than $600 a year in “business” payments through Venmo, PayPal or other third-party payment services to report every transaction to the IRS. As we noted, that threshold was lowered from a $20,000 threshold when Democrats (only) pushed through President Joe Biden’s US bailout last year.
Some “rescue”, particularly from a party that claims to want to target the rich.
This, like the White House still seeks $80 billion a year to hire 87,000 new “earners” to do more audits.
Think about that the next time Elizabeth Warren and AOC complain about the rich not paying their share. Yet the legislation they passed goes after amateurs and little people trying to make a few bucks in various side hustles. It will only punish the US economy a little more: some will have to charge more to make the work worthwhile; others will quit now that means more paperwork and taxes.
Which means that a small outfit that could have grown into a bigger one (say, actually making $20,000 in sales) never will.
Note that this won’t just slap people selling crafts or souvenirs, but also DIYers, kids mowing lawns, and even nannies. So their customers will also suffer.
A nanny told the Post that she would reconsider working weekends if she had to ‘pay a lot of tax’ on that income: ‘I like being independent, but a big part of why I like it , is that I can pocket extra money when I decide to work overtime.
Not anymore. Uncle Sam (or Uncle Jo) wants his haircut. Democrats think they’re better at spending your money than you are.
The trivial added federal revenue is by no means worth the burden imposed here.
With inflation raging and gas now above $5 a gallon, the president should wake up: apologize for this nonsense, tell the IRS not to waste resources enforcing it, and ask its immediate repeal.
Do Something for the hustling little guy, Joe.