Biden's IRS reporting device for third-party payment processors 'will affect your taxes,' says Grover Norquist
Biden’s IRS reporting device for third-party payment processors ‘will affect your taxes,’ says Norquist
Americans for Tax Reform President Grover Norquist argues people who have a side hustle and independent contractors are ‘being swept up’ by the administration’s latest IRS push.
Grover Norquist, Americans for Tax Reform President criticized the Biden administration for requiring third-party payment processors to report commercial transactions of $600 or more to the IRS, arguing the latest push will "affect" taxes during an appearance on "Mornings with Maria" Tuesday.
GROVER NORQUIST: 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.
VENMO, PAYPAL AND CASH APP TO REPORT PAYMENTS OF $600 OR MORE TO IRS THIS YEAR: WHAT TO KNOW
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.
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…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.
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