Sen. Bill Hagerty led a group of Republicans in introducing a bill Tuesday that would block a provision of President Biden's American Rescue Plan that requires third-party payment processors to report business transactions over $600. 

Part of the American Rescue Plan, which passed last spring with no Republican votes, stipulated that beginning in the 2022 tax season platforms like Venmo, PayPal and Cash App had to report business transactions if they exceeded $600, to ensure small businesses were paying their fair share in taxes. 

This forces thousands of small businesses to file a 1099 and provide personal information to the IRS, 'despite the IRS' poor clickbankworker.com - revolut verified accounts history of safeguarding Americans' personal data,' the senator and member of the Banking Committee said in a press release. 

The 'Stop the Nosy Obsession with Online Payments' Act, or SNOOP Act, would block the new provision that Republicans say amounts to a tax increase. 

Hagerty is leading a group of Republican senators in introducing the 'Stop the Nosy Obsession with Online Payments' Act, or SNOOP Act, to block the new provision that they say amounts to a tax increase