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.
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?