CPA here, to this type of audience it's mostly much ado about nothing.
It's not any new tax law, it's the IRS closing loopholes in existing tax law and probably should have been closed years ago FWIW. I think taxation is theft too, but if you think it's fair that you and I pay taxes on income but uber drives and people selling knicknacks on Etsy rarely do because it's all self-reported, then I'm not sure what to tell you, you probably can't be reasoned with. Fix the tax laws, don't criminalize honesty.
First, it's all for goods and services so you can continue to use the personal transfers worry free. The IRS lowered the threshold from $20,000 and 200 transactions to just $600 for G&S. It applies to all credit card processing platforms, not just Paypal. Venmo, Zelle, Stripe, CashApp, they'll all be sending 1099's for G&S transactions.
Per existing tax law, individuals selling personal items at a loss don't have to report income, but be aware you could have to substantiate that if audited. So that should apply to pretty much every transaction on the classifieds save for the occasional Madrock Safeguard shakedowns and whatnot of that nature. In that case I'm honestly not sure if it's a capital gains or taxed in full as the "hobby tax" because I work with business taxes and just know the basics of personal, but one of those two would apply.