North Dakota Republican Kevin Cramer filed a bill in the U.S. Senate that would repeal Biden’s $600 IRS reporting threshold for third-party payments as mandated in the inaptly named American Rescue Plan Act.
The rule would force Americans who sold things on apps such as ebay or Etsy and would force Americans to report transactions of over $600 annually to the IRS. The rule forces Americans who sell their used items online to report the money as income so the IRS could tax them more.
Previous to the American Rescue Plan Act, the threshold was $20,000 and up a year.
But Cramer has filed what he is calling the Stop the Nosy Obsession with Online Payments Act (0r SNOOP Act) to return the threshold to $20,000 a year.
The original $20,000 is intended to force those who are running an actual business online but not reporting the income to report it to the IRS. But $600 a year is an absurd threshold. All one would have to do is sell a very few personal items on ebay and suddenly Biden is calling it a “business,” which is idiotic.
Cramer agrees that the $600 threshold is an obscene grab for our money.
“Small business owners and independent contractors need rescuing from this American Rescue Plan Act provision, which, fortunately, has yet to be implemented by the IRS,” Cramer said in a news release. “Our bill would prevent enforcement of the onerous regulation and institute a more reasonable reporting threshold.”
“This invasion of taxpayer privacy is another example of overreach by the Administration and should be stopped in its tracks,” he added.
Thus far, the IRS has delayed implementing the stupid $600 rule. But at this point they said they are only delaying it a year. Hopefully, Cramer can get his bill passed before next year’s 2023 tax filing deadline.
Biden’s rule is an outrageous confiscation of the few bucks an American can make without IRS confiscation, and it should not be endangered like this.
It’s just more freedom Biden is taking away from us all.
Cramer is sponsoring the bill with Senators John Hoeven (R-ND), Bill Hagerty (R-TN), Cynthia Lummis (R-WY), Ted Cruz (R-TX), John Kennedy (R-LA), John Barrasso (R-WY), and James Lankford (R-OK).