Kim Iverson reports on how the Inflation Reduction Act goes after the gig worker and middle class American rather than billionaires or multi-millionaires who have teams of accountants and lawyers to report income and yet evade taxes 100% legally. Also, Janet Yellen's statement that the IRS wants to know the income earned that workers have failed to report, which targets anyone who makes over $600 in transactions. The truth of the matter is that side hustles that have electronic paper trail (i.e., Venmo, Etsy, PayPal), is considered taxable income. However, for the person struggling to make ends meet, every penny earned is critical to survival. Do you think there is a better way to address the IRS's need to anticipate the $7 trillion shortfall from uncollected taxes over the next ten years?
What are your thoughts?
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