Another Unnecessary Burden

In order to catch an admittedly small number of tax cheats, the IRS is going to impose draconian reporting requirements on all of us who receive payments through online payment services like PayPal and Venmo. If you receive just one payment for over $600, you'll get a 1099-K for the amount you receive. That's true even if that payment is for a transaction on which you actually incur a loss. It's just another way the DC elites are seeking to exert control over us, and another reason why we need to replace the entire income tax system with the FAIRtax.