FBN’s MacDonald: The IRS Expects Us to Report $600 Transactions after Senate Passed $1.7 Trillion Without Reading the Bill

On Thursday’s broadcast of the Fox Business Network’s “Evening Edit,” host Elizabeth MacDonald contrasted the Senate passing the $1.7 trillion omnibus bill that the House is poised to pass and President Joe Biden is set to sign into law despite there not being any hearings on the bill and members not having time read all of the bill with the IRS demanding taxpayers report $600 transactions on payment apps like Venmo and PayPal on 1099 forms.

MacDonald said, “They’re going to spend trillions of dollars on a bill they will not read, not hold hearings on. But now, they’re demanding every taxpayer give details on 1099 forms to the IRS about their little $600 payments on phone apps like Venmo or PayPal.”

Former Trump economic adviser Steve Moore responded, “I thought we were going to have a less intrusive IRS. By the way, there is additional funding for the IRS in this bill. Gee, I thought when Republicans were running for Congress, they said they would not allow the additional funding. Now we know why they want 87,000 new IRS agents, to monitor if you go out and buy a sofa…then the IRS is going to want to know about that transaction.” Moore also stated that most members have Congress don’t actually know what’s in the bill.

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