Fox News contributor Raymond Arroyo and Americans for Tax Reform's Grover Norquist unpack the consequences of the new IRS rules on middle-class Americans.
Fox News contributor Raymond Arroyo joined 'The Faulkner Focus' to discuss the new IRS policies and how they will impact working Americans.significantly lowering the threshold for transaction reporting through payment apps, warning the change signals a new level of government overreach that targets small businesses and middle-class Americans.
"Joe Biden said no one under $400,000 would be targeted by his tax plan. This is going to hit people making nothing to millions, but it's going to hit the middle class," Fox News contributor Raymond Arroyo said on"After the American Rescue Act was passed in March 2021, changes in the U.S. tax code and Internal Revenue Service rules added a new threshold for third-party payment processors.
The payment apps were previously required to send users 1099-K form if their gross income exceeded $20,000, or they had 200 separate transactions within a calendar year.
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