This is frightening.
Americans for Tax Reform President, Grover Norquist, recently sat down with Fox and explained the extent to which President Biden and his administration is going to spy on American’s bank accounts by making third-party payment processors, such as Cash App and Venmo, report transactions over $600 or more to the IRS.
In transcript provided by Fox, Norquist warned, “They stuck this in that rescue plan, March 11 last year when they said, oh no, we’re just giving money to people. Inside was this incredibly increased reporting device for Venmo, PayPal, Airbnb, Venmo, Etsy, Facebook Marketplace, all of these places that you buy and sell things online. Well, they’ll be reporting $600 one time to the government.”
Norquist then explained how it will affect your taxes and what Americans should expect this this dirty tactic, “It will affect your taxes this year. So this year, as you know, if you’ve tried to deal with the IRS, they’re not answering the phones very well. They’re work from home, but they’re not seeing as much work. They’re swamped with what they have. And now this new thing has been added on. It will cost you more to do your taxes because if you have a tax preparer who charge it by how much paperwork there is, this is all new paperwork that they’re adding in.”
Adding, “…People who have a side hustle, you know, the independent contractors, all of these people are being swept up. Those people cannot be unionized. Yeah, the administration doesn’t like them. They just shouldn’t make them all go away. This is not something that they’re interested in protecting or certainly promoting.”