Etsy, eBay, and smaller businesses are pushing to overturn the new regulation that requires all "business" payments above $600 per year to be made via Venmo.
Last year, Democrats (alone) pushed through President Joe Biden's American Rescue Plan, resulting in a reduction from the previous $20,000 barrier.
ome "rescue," particularly from a party claiming to target the wealthy.
This, while the White House continues to demand $80 billion per year to pay 87,000 additional "revenuers" to undertake additional audits.
Consider this the next time Elizabeth Warren and AOC complain about the rich not paying their fair share of taxes. However, the legislation they approved targets hobbyists and small-time entrepreneurs attempting to earn a little extra dollars through different side gigs.
Some may have to charge more to make the work profitable, while others will leave the workforce because of the additional paperwork and taxes.
Thus, a small company that could have evolved into a larger one (say, one with $20,000 in annual sales) would never do so.
Not only will this affect those selling crafts or collectibles, but also odd-job handymen, children mowing lawns, and even nannies. Therefore, their clients would also suffer.