Sorry to have to share this news. We are all going to have to pay a heavy price for Biden’s lies.
You may recall that the President of the United States insisted throughout his tenure that no person earning less than $400,000 per year would see their taxes increase. CBS News reports that this is exactly what is happening. CBS News confirmed that the IRS has a new rule that requires any money received from payment apps exceeding $600 per year to be treated as 1099-K income.
Yes, Biden will tax the reimbursement that your mom paid for dinner on Venmo.
Starting next year, a new IRS rule will require anyone earning over $600 on payment apps, like Venmo, in 2023 to receive a 1099-K form. The old threshold was earning $20,000 over 200 transactions. pic.twitter.com/TaygGwFBep
— CBS Evening News (@CBSEveningNews) April 12, 2023
CBS News reported that the threshold had been $20,000 for transactions exceeding 200. This protected hobby sellers who used PayPal or similar payment methods. You also didn’t need to worry about friends or family sending you cash app reimbursements. If you earn more than $600 in a year, it will be reported as income and taxable.
This is in contrast to Biden’s past promises, and those of his compliant media allies who insist this was not going to happen.
No one making less than $400,000 will see their federal taxes raised as long as I’m president.
— Joe Biden (@JoeBiden) April 2, 2023
The IRS has just received an additional $80 billion in new funding, part of an upcoming overhaul to the agency intended to increase audits.
— CNN (@CNN) April 7, 2023
The media shouted loudly that the IRS would only target the ultra-wealthy when the huge amount of money mentioned above was given back to them in 2022. They said that if you were middle-class, you didn’t have anything to worry about. The IRS creates more bureaucratic overhead to tax small amounts of money that are received through payment apps, and this is the first move it makes with all its new funding.
Nearly all Americans use a digital payment app. This means that almost every American will be affected, even those who are lower- and middle-class. Democrats are so desperate to maintain the huge spending spree that they are doing the political equivalent of flipping the cushions. You sold something that you no longer used online. Uncle Sam would love his cut and there are many IRS agents who will audit you, many of them newly minted.
This won’t have the desired effect in the end. It is likely that people will stop using payment apps to sell their products. Instead, they will use other payment methods. Venmo and other payment apps that shuffle reimbursements around are going to be replaced by cash. What else can be done to make life harder for Americans?
But what does Biden really care about? Biden has his corruptly earned millions, multiple houses, and his senility. He’ll take it if you get screwed.