Topic: Venmo

The broadcast plays clips of Joe Biden speaking in Scranton, Pennsylvania, regarding the federal deficit and tax policies for those earning under $400,000. Owen Shroyer criticizes Biden's verbal performance, describing it as slurring and stammering. He disputes Biden's claims about the deficit and argues that the IRS is actually targeting lower-income individuals using digital payment apps like Venmo.

The Federal Reserve's "FedNow" service is scheduled to launch in July, which Shroyer and a caller warn is a precursor to a Central Bank Digital Currency (CBDC). Shroyer recounts a personal experience where a payment app required new terms and conditions granting full access to his bank records. He warns that a "cyber attack" could be used to force the public into the centralized digital system.

The expansion of the IRS with 87,000 new agents is framed as a tool to squeeze money from working-class Americans, such as waitresses and gig workers. The hosts argue that this increased tax enforcement is intended to fund foreign aid to Ukraine and provide benefits for illegal immigrants. They link the domestic economic pressure to the broader globalist agenda of wealth redistribution.

The IRS has implemented new AI software to track "tax cheats," specifically flagging any accounts with cryptocurrency transactions or 1099 income. This surveillance is part of a broader push for a social credit system, which includes the new requirement to report Venmo and Zelle transactions over $600. The Biden administration is also proposing an unrealized capital gains tax that would disproportionately affect middle-class investors.

Adam Curry discusses the creation of PodcastIndex.org, an open and free database designed to preserve access to podcasts outside of Apple and Spotify's control. He emphasizes the need for frictionless value transfer using systems like the Lightning Network to allow direct payments from listeners to creators. This decentralization is presented as the primary defense against the "Fiat mentality" of the advertising industry.

Tyler Bennett discusses new Biden administration rules requiring 1099-K reporting for transactions over $600 on platforms like Venmo, PayPal, and eBay. He characterizes this as a direct attack on the middle class and the "underground economy" while the wealthy continue to receive tax breaks.

The discussion covers tax implications for gamblers, noting that losses can be written off against winnings if proper records are kept. Bennett explains a new rule from the "Build Back Better Act" requiring platforms like Venmo and PayPal to issue 1099s for transactions over $600. He warns that even garage sales could trigger tax scrutiny, requiring professional help to distinguish between gifts and taxable income.

The discussion focuses on the erosion of financial privacy through the monitoring of apps like Venmo and cryptocurrency transactions. Shroyer laments the shift in leftist ideology from supporting medical freedom and anti-war stances to embracing total government authority. He calls for a rigorous intellectual debate to "savage" the policies of the modern left.