The Biden Administration is going after small independent businesses and the gig economy with their new $600 IRS reporting requirement, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) warned on “Kudlow” on Fox Business in a conversation with Larry Kudlow and Dr. Art Laffer. “This is part of the whole bank surveillance scheme,” Rep. Brady said.
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President Biden has pursued spending, taxes, and regulation that fueled inflation and weakened the economy.
“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. This is the opposite approach we’re taking right now.
“As you know, part of prosperity is growing the economy in a big way, and putting guardrails around the size of the government.”
The Biden Administration’s $600 reporting requirement targets low-income earners.
“This is part of the whole bank surveillance scheme and unleashing 87,000 IRS agents. The IRS always privately told us they think tax cheats are not the wealthy and big corporations, but rather independent businesses and the ag community. They didn’t know how to get after them.
“This new reporting requirement will catch people who are just selling a couch, reselling tickets at the same price, paying a babysitter, maybe doing a little extra work–which is a good thing for people to do. It is going to be a bureaucratic nightmare. This is part of the whole Democrat approach–going after small and independent businesses, the gig economy especially, and agriculture.”