TAMPA, Fla. (WFLA) — Florida Chief Financial Officer Jimmy Patronis claims the IRS has “bad blood” with Taylor Swift fans.
In a news release Wednesday, titled “The IRS Is Targeting Taylor Swift Fans,” Patronis decried a recent tax law change affecting those who resell concert tickets at well over face value.
The new regulation, enacted under the American Rescue Plan Act, requires anyone who makes over $600 from sites like Venmo, CashApp, Ticketmaster or StubHub to disclose those earnings to the IRS. Anyone who exceeds the $600 threshold will receive a 1099-K tax form, which covers income from side hustles like running an Etsy shop or reselling concert concerts.
A NewsNation report found the average resale price for tickets to Swift’s Eras Tour was around $1,100 on Stubhub and $1,600 on SeatGeek. In previous years, ticket sellers only had to report their earnings if they made more than $20,000 and at least 200 transactions per year.
Treasury Secretary Janet Yellen said the change aims to crack down on the wealthy and those who intend to cheat on their taxes. However, Patronis and other Republicans have slammed the new rule as government overreach.
“Just when you thought Washington couldn’t further intrude into the lives of Americans more, the deep state has found yet another way to screw over honest, hard-working taxpayers by digging deeper into your wallets,” Patronis said in a statement. “While Biden said he wants to go after millionaires and billionaires, turns out he wants to go after moms and dads who can’t attend Taylor Swift concerts.”
Patronis used the buzz around Swift to tout the Florida IRS Transparency Portal. It was created in 2013 for people to report evidence of discrimination and harassment by IRS agents.
In a statement, Patronis said Swift “has done more good for the economy than Biden ever will” and stoked fears the IRS is unjustly targeting individuals and small businesses.