Interesting video. So the companies that run sites like venmo and cashapp will be required to generate 1099 tax forms for anyone who receives more than $600 per year in transactions. This appears to be just another way for the government to keep track of income people generate, making it more difficult for tax cheats to game the system. It likely won't affect the income threshold at which people pay federal income taxes. In other words, low income earners will still pay no federal income taxes, high earners will still pay a high tax rate, and everyone else will be somewhere in between.
