IRS’ $600 Requirement Gets More Scrutiny

The Internal Revenue Service’s new policy requiring payment apps to report Americans is under fire.

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The IRS said earlier this year that payment app companies like Venmo will be required to notify the IRS if a user’s transactions surpass $600.

“In the Trump Administration, we saw many pro-growth issues including tax cuts, modernizing our tax code, and driving regulation down and out, which not only allows you to grow as businesses and workers but also helps reduce inflation,” said Kevin Brady, R-Texas, who leads the House Ways and Means Committee. “This is the opposite approach we’re taking right now.”

Lawmakers point out this will particularly impact small businesses.

“As you know, part of prosperity is growing the economy in a big way, and putting guardrails around the size of the government,” Brady said.

Other critics have blasted the policy.

Nicholas Anthony of the Cato Institute said laws like these have helped fuel cryptocurrency. From Anthony:

The rise of cryptocurrencies is partly due to frustrations with these laws, and others, that have been weighing down the legacy financial system. But cryptocurrencies have consistently been held back as policymakers try to bootstrap the old laws to their use. For example, it was just last month that the Department of Justice seemingly suggested how it would like the laws for third‐​party services to apply to self‐​hosted wallets (i.e., a digital equivalent of the wallet in your pocket or purse). Prior to that, the infamous Infrastructure Act mandated cryptocurrency miners report transaction information they don’t have access to. Congress should be embracing these new sources of competition for financial services, not chasing them away.


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