Are 1099s really required?

30

You’ll probably attack the source but it is directly from the Congressional Budget office.

https://www.foxbusiness.com/politics/irs-audits-will-generate-20b-from-those-making-under-400k-under-inflation-reduction-act

Additionally,
“By national measures, those making $400,000 or more in income belong to a rarified group. They represent the top 1.8% of taxpayers, earning about 25% of the nation’s income.”

So the activity of 87k new IRS employees will be dedicated to 25% of the nation’s income. Don’t be silly.

https://www.cnbc.com/2020/10/06/biden-defines-400000-a-year-as-wealthy-how-far-it-goes-in-a-city-.html#:~:text=By%20national%20measures%2C%20those%20making%20%24400%2C000%20or%20more,he%20sought%20to%20raise%20taxes%20on%20the%20wealthy.