China’s Sluggish Recovery, Hire Education, and Soft Landing Save? 8/11/23
The Exchange
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The GOP's Move to Roll Back the GIG Tax
The House Ways and Means Committee recently approved legislation that would roll back this so-called GIG tax. This is a tax that requires third-party payment apps like PayPal, Venmo, eBay, or Airbnb to send those 1099K forms to anyone who reports business income of more than $600 in a year. The GOP says this amounts to IRS surveillance and harassment of Americans who might just sell their couch on eBay or get reimbursed by friends for dinners. Democrats say it's only the business income not reimbursement from family members that would apply here.
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