On the recordDecember 7, 2022
As today is Pearl Harbor Day, may we all give thanks to those before us who fought and gave their lives for our freedom. Mr. Speaker, come next year, Americans who receive $600 or more on their third-party payment systems like Venmo will receive a tax form thanks to a provision put into the American Rescue Plan. For instance, if you sold an old couch and received payment for it of over $600, you could trigger an IRS audit. This reporting requirement will not be targeting the wealthy, as it was designed for, but middle class Americans who often send and receive money via Venmo and other services. The new 87,000 IRS agents hired through the Democrat plan will be very busy. We were told last year the IRS agents would only be targeting those making more than $400,000 a year. I think we all remember that. The SNOOP Act introduced by my colleague Michelle Steel would reverse the reporting threshold back to $20,000, ensuring everyday Americans are not subject to this IRS intrusion and overreach, and I ask my colleagues to support it. ____________________
