Posted on 04/13/2023 9:16:13 PM PDT by SeekAndFind
I’m sorry to have to be the one to deliver this news, and this may shock you, but Joe Biden lied. Worse, because of his lie, we are all now going to pay a big price.
As you may recall, the President of the United States has insisted for the entirety of his tenure that no one making under $400,000 a year would see their tax burden increase. Yet, that’s exactly what is now happening according to CBS News. The network has confirmed the existence of a new IRS rule requiring any money received on payment apps totaling more than $600 a year to be considered 1099-K income.
Yes, Biden is going to tax that reimbursement your mom sent you on Venmo for dinner.
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
As noted in the CBS News report, the previous threshold was $20,000 made over at least 200 transactions. That protected hobby sellers that used PayPal and the like. It also meant that you didn’t have to worry about your friends and family sending you reimbursements via Cash App. Now, if you receive more than $600 over the course of the year, you will be made to report it as income, and that means it’s taxable.
Compare that to Biden’s past promises and those of his compliant media allies that insisted this wasn’t 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.
But officials say the average taxpayer should not be worried. https://t.co/Zyu0wR7RZG pic.twitter.com/t0RwDkrjh8
— CNN (@CNN) April 7, 2023
When that massive chunk of funding mentioned above was given to the IRS back in 2022, the press shouted from the rooftops that it was only going to be used to target the ultra-wealthy. If you were a middle-class normal, they said you had nothing to worry about. Yet, the very first move the IRS makes with all its new funding is to create more massive bureaucratic overhead in order to tax relatively small amounts of money received on payment apps.
Nearly every American uses some kind of digital payment app, so nearly every American will be impacted, and the vast majority of those people will be lower and middle-class. Democrats are so money-hungry to keep their massive spending binge going that they are now doing the political equivalent of turning over the couch cushions. Oh, you sold something you bought and no longer use online? Well, Uncle Sam would like his cut, and if you don’t give it, there’s an army of IRS agents, many newly minted, ready to audit you.
In the end, this probably won’t even have the desired effect. People are simply going to stop selling things via payment apps in favor of other methods of payment. Meanwhile, those who use Venmo and other services to shuffle reimbursements around will go back to using cash. So what exactly will have been accomplished besides making the average American’s life more difficult?
What does Biden care, though? He’s got his millions in corruptly earned money, his multiple houses, and his senility. If you get screwed in the process, that’s just fine by him.
There are a lot of errors in this article. Gifts of 17K are excluded from tax. Why would gifts be taxable only if sent through a payment ap?
Also selling personal possessions for less than they were bought for is a loss, not a taxable gain.
17K from any single gifter.
Well, on the bright side, almost no one here at FR believed him.
Biden lied, the economy died.
George HW Bush lost reelection for breaking a tax pledge. Make Biden pay for doing the same thing.
A friend of mine was telling me today California has a 15.3% self employment tax? In other words you have to pay normal tax like everyone else PLUS an additional 15.3% tax if you are self employed. WHAT the hell is THAT? That is absolutely insane. So anyone trying to start a new business right off the bat they are punished.
My only hope is God decides he's seen enough and reboots the planet. I've made my peace. I'm tired of losing by a million paper cuts. And as my tagline has stated since January 2021, we don't have each other's back anymore. The left has won. Now comes the punishment.
Those of high income have always been targeted. That is where the money is at. All those 80 thousand agents are not for them as they are already targeted. They are targeted for the upper middle class, marginally the middle class and definitely not the lower class financially.
its all lies, its all theft, its all treason....
Nevermind being lied to, nobody elected this assh0le to BE lied to in the first place.
.
He lied about 3,000 things.
He promised to Cure Cancer, for heck’s sake.
Everyone here knows it but I’m going to say it again anyway. The tax increases we have ALL been subjected to due to bidenflation has, in my case, increased my tax burden by at least 10% in the last 2-1/2 years. My paycheck effectivity has been slashed hard! Everyones has! ...unless you’re a politician or the child of one.
To Biʠen's puppeteers, the middle class is a festering wound. They want it out of their lives.
Fun fact: One in one thousand Biʠen voters will become an IRS agent.
Yeah “Mom reimburses me for dinner” is not income for you. Author picked a bad example (for “clicks”/ad revenue no doubt). IRS explains here:
https://www.irs.gov/pub/taxpros/fs-2022-41.pdf
.
I think we both know Extreme MAGA are the biggest threat to this country, espy allow dosious, and I challenge you to a Push Up Contest!
They say the average taxpayer should not be worried. He or she is probably not worried but everyone else is or should be. There is no more than one or two average taxpayers. Everyone else is either above average or below average. Just like intelligence. Almost 50% of people are of below average intelligence. That’s why they are Democrats for the most part. When they say the average taxpayer they will have a hard time actually locating that guy. The rest of us are all in the database.
I have been saying since 2020 that people need to go Gault+. Reduce your earned income, simplify your finances. Reduce your income tax to zero. Go on any form of wefare you can qualify for.
Do not just drop out, become a paracite on the system.
I think it’s like that in every state. Your employer contributes to FICA and you pay the other half, which equals 15.3%. If you’re self employed, then you pay all of it but only if you have a profit. You can also write off a lot of business deductions, like lunch with a potential client, which helps your bottom line.
If you truly want to go Galt, you don’t become a parasite. You don’t want to do anything that raises your profile to anyone, including the govt.
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