Canada News

Cheer IRS’s delay of Congress’ ugly rule socking the gig economy — but it should die entirely

Joe Biden talks a good game about making the wealthy pay their “fair share” of taxes and building the economy “from the bottom up and the middle out,” but his actions often sock the little guy instead.

Like his IRS rule requiring online platforms like Etsy and eBbay to supply info on users with more than just $600 in revenue. 

That rule amount was set in Biden’s monstrous American Rescue Plan, which lowered the reporting threshold for platforms from $20,000 of revenue. It was meant to boost tax revenue by targeting unreported income.

Thankfully, the IRS has now delayed the absurd reporting requirement for a year, though sellers are still obligated to track their own numbers and file them at tax time.

Yet the rule needs to go away entirely; there’s no reason to burden online platforms with more work — nor make mom-and-pop sellers and folks looking to ears a few extra bucks online worry about potential new audits and petty additional tax liability. Indeed, there’s some signs of bipartisan support for kill it entirely.

This April 13, 2014, file photo shows the Internal Revenue Service (IRS) headquarters building in Washington.
The IRS has a new rue requiring online platforms to give info on users with more than $600 in revenue.
AP Photo/J. David Ake, File

Biden’s own policies — the American Rescue Plan chief among them — have already made life infinitely harder for everyday Americans by supercharging inflation. How much pain are they expected to take?

Source link

Denial of responsibility! Today is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – The content will be deleted within 24 hours.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button