Biden is giving millions of Americans the one Christmas gift they didn’t want: a new tax form.
- Beginning this year, apps like Venmo are now required to report transactions above $600 to the IRS. Democrats voted to lower the threshold – it used to be over $20,000 in gross income or 200 separate transactions – when they passed their $1.9 trillion “stimulus.”
- As a result, small businesses and gig workers are targeted. Not only that, tax experts say millions of people that use Venmo for personal transfers will likely get forms by mistake: “As tax preparers, we are more or less expecting the worst…We’re expecting most of our clients to get these things.”
- Compounding the problem, 47% of Americans say they are using apps like Venmo more frequently to split bills because of Bidenflation. And if you’re confused about whether this tax form is for you, Democrats voted for 87,000 IRS enforcers to make sure you’re audited. That would be par for the course from the IRS, who disproportionately targets lower income Americans for audits.
So Biden fuels inflation, forces a new tax form on millions of Americans, and then creates 87,000 new IRS employees to audit you… talk about a Christmas Scrooge.
