PayPal headlines: Fact check: Treasury proposal wouldn’t levy new tax on PayPal, Venmo transactions

From USA TODAY:

A proposal from the Department of the Treasury aimed at decreasing tax avoidance has become the subject of misinformation online.

One Facebook post claims the “new tax bill” would tax transactions exceeding $600 on smartphone apps like PayPal and Venmo.

“That means if you borrow money using any of those things over $600 that money will be taxed again,” reads the Sept. 20 post, which was shared more than 1,300 times in four days. “You know who deposits $600 or more into their bank account from outside sources to help them survive? The poor and middle class.”

The Treasury proposal would change reporting requirements to account for transactions made on smartphone apps. But the claim that it would levy new taxes is wrong.

Continue reading Fact check: Treasury proposal wouldn’t levy new tax on PayPal, Venmo transactions on USA TODAY

Do you have a complaint about PayPal or Venmo, such as locked accounts or funds seized for unspecified Acceptable Use Policy violations? Take your claim to FairShake, the consumer advocacy service.


Read More:

FairShake is aggregating links to consumer news stories across the web. We claim no rights to the snippets featured.

Latest news

Uber news: Didi expands, inDriver monetizes to rival Uber, Bolt in Africa

From TechCrunch: The on-demand transport space in Africa has evolved since San Francisco-based ride-hailing firm Uber first set up operations...

Latest Comcast customer news: Apple TV+ is coming to Comcast devices

From Engadget: The Apple TV app has reached its final frontier: your cable provider's set-top box. According to Variety, Comcast...

FierceTelecom on Comcast: Comcast reels in 300K broadband subs as growth slows

From FierceTelecom: Comcast raked in 300,000 broadband net additions in Q3 2021, a figure that was less than half the...

Latest Comcast customer news: Comcast’s third-quarter profit doubled thanks to Tokyo Olympics and theme parks

From The Philadelphia Inquirer: Revenues at the NBCUniversal unit rose nearly 58% to $10 billion, including $1.8 billion from the...

Comcast will bring Apple TV to X1 boxes and the new XClass smart TVs, warns The Verge

From The Verge: Comcast’s X1 platform has slowly added apps to its library over the years, and this morning on...

T-Mobile headlines: T-Mobile, Dish Continue Petty Squabbles As Sprint Merger ‘Solution’ Looks Shaky

From Techdirt: To gain regulatory approval for its $26 billion merger with Sprint, T-Mobile made numerous promises. One was...

You might also likeRELATED
Recommended to you