New IRS $600 Tax Rule for 2024 (Venmo - Cash App - PayPal)

New IRS $600 Tax Rule for 2024 (Venmo - Cash App - PayPal)

The new IRS $600 tax rule for 2024 is a slap in the face to everyday Americans. Initially, Nancy Pelosi mentioned $10,000, but now Joe Biden is talking about $600—why? This is ridiculous. These new rules are a joke and blatant overreach, targeting people who are already struggling instead of holding crooked politicians and bankers accountable for swindling millions under the table.

Why should selling used goods be taxed? The item was already taxed when it was purchased new. Taxing it again is unfair. Imagine punishing people for making an extra $600 instead of focusing on actual corruption.

This will hurt regular people the most—roommates using Venmo to split rent, grocery runs, or utility bills. It’s going to harm casual users who rely on these apps for convenience. As a business owner, I understand tax reporting for legitimate business transactions, but apps like Venmo, PayPal, and Cash App were originally designed for personal use—not for the IRS to pry into every dollar exchanged.

Dropping the reporting threshold from $20,000 to $600 is absurd. No wonder people prefer cash over these apps. This policy isn't just a burden; it's an attack on those with the least to give. Instead of focusing on helping citizens, they continue to pile on more regulations that only serve to hurt communities.