Democrats are always trying to nickel-and-dime the American people. Their latest plan to do so is particularly disgusting.
And this is how Democrats could send your tax bill through the roof come April.
Democrats have become the party of increased regulation and higher taxes throughout the years.
After all, somebody has to pay for these gigantic multi-trillion dollar spending packages that the Democrats are forcing through Congress.
However, the Democrats’ most recent regulation is certain to surprise millions of ordinary Americans.
As part of the American Rescue Plan, which received no Republican support, digital money-transfer services must begin reporting transactions of $600 or more.
This includes services and apps like PayPal, Venmo, Zelle, and others.
Millions of Americans utilize these services on a regular basis, yet the majority had no awareness that this new tax policy was enacted.
“I think it will come as a surprise out of nowhere that people are getting these,” Nancy Dollar, a tax lawyer at Hanson Bridgett, told Fox Business.
She then went on to remark, “Everyone I know offloads old goods that they have on these platforms because it’s so easy. Or they’ve been engaging in gig work on a very casual basis, and that affects gig workers as well who have been underreporting their income. I think it’s going to force people to either cut down on those activities or kind of take them more seriously and track them.”
As you can see, this is a huge disaster waiting to happen.
However, the Democrats’ attack on the gig economy or under-the-table side hustles is nothing new.
House Democrats have launched a raft of anti-business laws in recent years, virtually putting an end to the gig economy.
People in the gig economy work both full-time and part-time employment or “side hustles” to make ends meet.
Consider Uber driving, freelance writing, door-to-door service, and so on.
One way the Democrats have attacked the economy is by lobbying for the nationwide approval of California A.B. 5, which would effectively force gig workers to join a union.
This would be a death blow to the gig economy, and the tax on money transfers is just another attack on it.
Workers will have to be far more careful about how they execute their jobs in the future, as well as keep precise records of their transactions.
The most vexing aspect of this restriction is that most Venmo transactions have nothing to do with revenue and are instead utilized to move money between friends and family.
This is a serious breach of privacy by the federal government, and it demonstrates why Republicans must make defeating the Democrats’ massive spending packages a main priority in the future.
Stay tuned to the Federalist Wire.
