Many Americans breathed sighs of relief upon seeing the recent demise of the Democrat-pushed mandate to make banks “report” private deposits or withdrawals of $600 or more.
It was an angering facet of Joe Biden and Nancy Pelosi’s pork-laden, so-called “Build Back Better budget” on which I reported for MRCTV in November, and against which Sen. Joe Manchin (D-WV) stood tall, eventually seeing the bill collapse despite pop media attempts to give it life-support.
Which inspired some of us to think that the $600 reporting mandate had died with it.
But that’s not really the case.
PayPal users got a glimpse of this reality when the corporation made them aware of something the pop media, on the whole, did not.
The new federal reporting requirement already will apply to millions of Americans, because Joe Biden’s March $1.9 trillion “American Rescue Plan” bailout scheme includes new mandates for people using banks or third-party electronic means, like PayPal or CashApp, to receive money for services or products totaling $600 or more.
A November 4 PayPal Newsroom release explains that the federal mafia will do the shakedown through the IRS's “Form 1099-K” and a “threshold change” slipped into the American Rescue Plan:
Form 1099-K is an IRS informational tax form that is used to report goods and services payments received by a business or individual in the calendar year.
They add that, previously, the threshold had been $20,000 annual income for profits made on goods and services.
Now, thanks to the Bidenista’s “Rescue” plan:
…banks and payment service providers, like PayPal and Venmo are required by the IRS to send customers a Form-1099K if they meet the $600 threshold…
But, hey, in their magnanimity, the feudal lords in D.C. have allowed us serfs to “gift” money to family. Isn’t that nice of them?
This new Threshold Change is currently only for payments received for goods and services transactions, so this doesn’t include things like paying your family or friends back using PayPal or Venmo for dinner, gifts, shared trips, etc.
Isn’t that nice of them?
This change was introduced in the American Rescue Plan Act of 2021, which amended some sections of the Internal Revenue Code to require Third-Party Settlement Organizations (TPSOs), like PayPal and Venmo, to report goods and services transactions made by customers with $600 or more in annual gross sales on 1099-K forms.
So, if you thought our venerable overlords were warded off by the Manchin-led death of “Build Back Better” – if you thought that the Bill of Rights (including such archaic dust-gatherers as the Fourth Amendment, Fifth Amendment, Sixth Amendment, and Eighth Amendment) had prodded these bureaucratic bovines to actually stay in their Constitutional Corral. Think again.
And, as we read this info, we also can consider how this might inspire even more people to go to anonymous, decentralized crypto currency or to ID-free hard currency for their exchanges.
Because the money-hungry vampires in D.C. thirst for more and more, utilizing increasingly insidious and invasive methods to monitor and threaten us. They engage in patently immoral spying and shakedowns, going back to the 2001 “Patriot Act”, the 1970 “Currency and Foreign Transactions Reporting Act” and even FDR’s 1933 demand that Americans turn-in their privately owned GOLD.
Many Americans who believe the ceaseless canard that we live in a “land of the free,” have increasingly more opportunities to reassess that belief.
This is an excellent example – one of many that also offer Americans the chance to learn more about the rules by which the U.S. is supposed to abide, and see how far down the historical “rabbit hole” they want to travel.