IRS rule requiring banks to report all transactions over 600$

[TheMetsSuck]

This is some straight bs that they are trying to sneak into the latest bill. The current 10k number was just fine. Doesn’t seem like they are coming after the 1% billionaires with moves like this....

https://twitter.com/nypost/status/1445457070975684612?s=21

[KiDBaZkiT]

Waste of everybody’s time including the government. They going to start coming after folks over the taxes on a $650 check? The amount of transactions they are going to have to sift through is unfathomable. Good luck IRS.

[vitterd]

You will see no change at all even if it would go thru. It will not impact law abiding citizens. Just live right and you’ll be fine. It’s a tax cheat catch.

[ChuckyTheGoat]

Waste of everybody’s time including the government.

Yes, BAZ. It's incredibly stupid.

How much govt oversight do they want? When u add up the man hours to regulate it, will be way too much. Plus, people will now circumvent banks to avoid your rule.

[TheMetsSuck]

You will see no change at all even if it would go thru. It will not impact law abiding citizens. Just live right and you’ll be fine. It’s a tax cheat catch.

Seems pretty horrible for gamblers.

[TheMetsSuck]

Waste of everybody’s time including the government. They going to start coming after folks over the taxes on a $650 check? The amount of transactions they are going to have to sift through is unfathomable. Good luck IRS.

The bill would also hire 87,000 new IRS employees

[vitterd]

The bill would also hire 87,000 new IRS employees

They need irs employees. Trump admin destroyed them. You can’t get a person there for years. It’s an important agency and they haven’t been open for business since Obama

[stil370]

when does this go into effect?

[Okieirish]

Does that include 10% for the Big Guy?

[VeggieDog]

The bill would also hire 87,000 new IRS employees

And they need to hire thousands of OSHA employees to enforce the vax mandate.

[MinnesotaFats]

The current 10k limit is just for single transactions.

Read more, this bill is for any account or business that accrues over $600 in ANNUAL transactions.

It is designed to give the IRS warrantless access to every transaction so they can red flag individuals & track them electronically.

We, as a Nation, need to abolish either the IRS or the Social Security Administration. There is no way to maintain any privacy if the 2 are allowed to use electronic & financial surveillance on you.

Vitty you dead wrong on this one. This would be the end of the community bank and the financial well being of ever bar tender, server, gambler, car wash operator, vending machine operator, etc

It's yet another reason you cannot vote for the Democrat Party. It is not a moderate or logical party, it is an extremist party lead by ideology rather than self preservation.

Conservatives, like or dislike, are always guided by self preservation (logic). They will govern fairly because they govern in line w the individuals best interest.

That is the ONLY reasonable vote option we have left, as this Democrat party is a Socialist wing.

[Yulia74]

yellen just wants politicians like gaetz report their payments, for drugs, hookers, transgenders, etc

irs wants to know everything u do

there is a big tax gap because big companies like amazon and tesla dont pay taxes

[MinnesotaFats]

yellen just wants politicians like gaetz report their payments, for drugs, hookers, transgenders, etc

irs wants to know everything u do

there is a big tax gap because big companies like amazon and tesla dont pay taxes

They are targeting entrepreneurs.

LLC & S CORP

They are going after the guy that mows your lawn

The house cleaner

The guy laying concrete on the side

Day laborers

Basically the middle class...that group of people making 100k but because they do things legally as written in law now, live tax free

[guitarjosh]

You will see no change at all even if it would go thru. It will not impact law abiding citizens. Just live right and you’ll be fine. It’s a tax cheat catch.

Yeah, and the Patriot Act will only impact terrorists. If you're not a terrorist, you have nothing to worry about with the Feds going through your emails and phone calls.

[firedawg]

only a fukkin moron would think this is a good idea

[The Kraken]

jfc, I tip over $600 sometimes

Whatever

We're beyond a point that it matters

They've won. 100% of our movements can be tracked. Any transaction be it $100,000 or a single dollar can be tracked. We can be pulled over and our bank accounts confiscated for nada. Any conversation over the phone or via text msg/email is logged. We're all at their mercy whether ya admit it or not

[Optional]

I think moves to remove privacy from traditional cash is part of a plan to break down resistance to govt digital currencies.

if cash isn't private, the push back on 100% tracking of the US Digital Dollar won't be as hard to deal with.

[MinnesotaFats]

jfc, I tip over $600 sometimes

Whatever

We're beyond a point that it matters

They've won. 100% of our movements can be tracked. Any transaction be it $100,000 or a single dollar can be tracked. We can be pulled over and our bank accounts confiscated for nada. Any conversation over the phone or via text msg/email is logged. We're all at their mercy whether ya admit it or not

True, but for conventional prosecution that evidence wouldn't be admissible because no warrant was issued

This is militarized the IRS with warrantless surveillance for use in leveraging the law against the individual by force of taxation compliance as they see fit

The warrant is the issue here

[MinnesotaFats]

I think moves to remove privacy from traditional cash is part of a plan to break down resistance to govt digital currencies.

if cash isn't private, the push back on 100% tracking of the US Digital Dollar won't be as hard to deal with.

It's about the warrant

Admissible in court, using threat of confiscation to force compliance

[LongBall52]

Which party (and I hate BOTH) has the most Billionaires? They will be looking at tiered deposits...more like money laundering. $650 is nothing unless it's obvious you're looking to hide money. Report your damn income and sleep well.

[Snowball]

Congressman targets Biden proposal forcing banks to report annual transactions over $600

WASHINGTON (WZTV) — A Republican lawmaker says a proposal in President Joe Biden's reconciliation package which would force banks to report annual transactions over $600 to the Internal Revenue Service is "useless" and an "invasion of Americans' privacy."
Rep. Jefferson Van Drew, R-N.J., filed H.R. 5475 last week, otherwise known as the Banking Privacy Act of 2021. The bill would block a proposal in Biden's package which would force financial institutions to report annual gross deposits and debits from business and personal accounts with a threshold of $600. (read more)

https://www.msn.com/en-us/news/politics/congressman-targets-biden-proposal-forcing-banks-to-report-annual-transactions-over-600/ar-AAPaFDa

[MinnesotaFats]

Which party (and I hate BOTH) has the most Billionaires? They will be looking at tiered deposits...more like money laundering. $650 is nothing unless it's obvious you're looking to hide money. Report your damn income and sleep well.

Nobody has a billion dollars of cash

It's not about companies processing CC transactions or firms that already use CPA for filings

This is about individuals running LLC & S Corp and generating 100-200k in revenue but using deductions & cash to run their personal expenses thru their business and thus not pay income taxes.

It will effect 50 million middle class tax payers. Every suburban mom who voted for Biden will have her credit card chopped once Uncle Sam levies her husband's drywall company because he's running her health insurance & car insurance & kids phones thru that company.

...and they won't even need a warrant to prosecute it

Anyone saying "pay your taxes" or "just don't break the law" is fukkin ignorant in the ways of the law & our civil rights and defined limits on government.

Crazy ignorant.

[Yulia74]

this is what u voted for, garbage

[Snowball]

Guys this is all connected with the digital dollar bill already in Congress (Don Beyer) - and the total Federal Reserve takeover of crypto, your accounts, transactions, real-time monitoring, databases and eventually will be used to decide who participates in the economy and does not. It is part and parcel of the erector set that will be the Mark of the Beast.

Obviously this proposal is against the Bill of Rights and can be considered a declaration of war against the people.

Americans are getting ready .......... are YOU ready ????????

[MinnesotaFats]

https://www.cato.org/commentary/income-tax-century-enough

Everyone should read this

Most don't understand Income Tax is only 100 years old and was illegal for the 1st 150 years of our history.

That the Founders, for the most part, despised the idea of an income tax as it would disincentive production.

[jackpot269]

This is some straight bs that they are trying to sneak into the latest bill. The current 10k number was just fine. Doesn’t seem like they are coming after the 1% billionaires with moves like this....

https://twitter.com/nypost/status/14...975684612?s=21

So almost all car payments, and house payments, at least once a month at at the big box store, check I write my daughter once a month for collage, at least that a month to bookie, I hope those 87,000 workers plan on 7 days a week 16 hours a day and still be behind!! Like a gambler that has lost everything and chasing that big win They will never catch up!!

[d2bets]

Nobody has a billion dollars of cash

It's not about companies processing CC transactions or firms that already use CPA for filings

This is about individuals running LLC & S Corp and generating 100-200k in revenue but using deductions & cash to run their personal expenses thru their business and thus not pay income taxes.

It will effect 50 million middle class tax payers. Every suburban mom who voted for Biden will have her credit card chopped once Uncle Sam levies her husband's drywall company because he's running her health insurance & car insurance & kids phones thru that company.

...and they won't even need a warrant to prosecute it

Anyone saying "pay your taxes" or "just don't break the law" is fukkin ignorant in the ways of the law & our civil rights and defined limits on government.

Crazy ignorant.

Well if that's what it's about, then good. That's cheating. I run an LLC/S-Corp and don't run my family's personal expenses through it. That's ridiculous. Employees can't pull that stunt.

[MinnesotaFats]

To lay taxes to provide for the general welfare of the United States, that is to say, “to lay taxes for the purpose of providing for the general welfare.” For the laying of taxes is the power, and the general welfare the purpose for which the power is to be exercised. They are not to lay taxes ad libitum for any purpose they please; but only to pay the debts or provide for the welfare of the Union. In like manner, they are not to do anything they please to provide for the general welfare, but only to lay taxes for that purpose. To consider the latter phrase, not as describing the purpose of the first, but as giving a distinct and independent power to do any act they please, which might be for the good of the Union, would render all the preceding and subsequent enumerations of power completely useless.

It would reduce the whole instrument to a single phrase, that of instituting a Congress with power to do whatever would be for the good of the United States; and, as they would be the sole judges of the good or evil, it would be also a power to do whatever evil they please.

In 1791 Jefferson was very concerned that the creation of a National Bank would open the floodgates for increased spending by the Federal government.*

[MinnesotaFats]

Well if that's what it's about, then good. That's cheating. I run an LLC/S-Corp and don't run my family's personal expenses through it. That's ridiculous. Employees can't pull that stunt.

Why is it a stunt? What if the mom is a shareholder? The kids? Are they not entitled to fringe benefits or a dividend in some shape or form?

You liberals just want to keep moving the goalposts by redefining what income is, what is appropriate compensation or what is a gift vs income?

You call it a stunt....Dad calls it advertising.

[Optional]

Guys this is all connected with the digital dollar bill already in Congress (Don Beyer) - and the total Federal Reserve takeover of crypto, your accounts, transactions, real-time monitoring, databases and eventually will be used to decide who participates in the economy and does not. It is part and parcel of the erector set that will be the Mark of the Beast.

Obviously this proposal is against the Bill of Rights and can be considered a declaration of war against the people.

Americans are getting ready .......... are YOU ready ????????

It does not need a bloody war. That's what the powers that be like. Keep the people fighting.


But a well organized campaign to convince Americans to avoid the official USDD and use something independent like Bitcoin could be effective.

[Snowball]

It does not need a bloody war. That's what the powers that be like. Keep the people fighting.


But a well organized campaign to convince Americans to avoid the official USDD and use something independent like Bitcoin could be effective.

Bitcoin is not independent. They created it for a purpose.

[Optional]

Bitcoin is not independent. They created it for a purpose.

LOL. Righty-o. Got some inside info from Satoshi eh?


Well an independent coin, not an official govt currency then.

[jjgold]

even 10k transactions are nothing

non story

[LongBall52]

I really do NOT BELIEVE either party wants to play games for those of us living on moderate amounts..... (I get the word "moderate" is not something all agree ), but the most honest of all citizens report all their income???? Y or N? I used to report $14 in my old savings acct yearly?
Why would I feel the need to worry reporting honest income amounts... Not a drug dealer nor an illegal bookie...

[gauchojake]

Stop spending OUR fukkin money on this garbage. Nobody needs this. Clearly a 4th amendment issue - completely unreasonable search.

The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.