Biden has promised not to raise taxes on anyone who make less than $400,000 per year.

[johns1124]

Then why does he want anyone with an account over $600 to report to IRS?

Biden proposal would allow IRS to track accounts with transactions over $600

The Biden Administration's new proposal would have banks submit annual reports on any account with transactions or activity over $600 to the IRS, and lawmakers are divided. "They shouldn't be in our personal lives looting around," said Republican Congressman Ben Cline. Cline called this proposal...

wset.com

 

[riflearm2]

Do people who live in Santa Ana or Corona have bank transactions more than $600?

 

[HerdandHokies]

Then why does he want anyone with an account over $600 to report to IRS?

Biden proposal would allow IRS to track accounts with transactions over $600

The Biden Administration's new proposal would have banks submit annual reports on any account with transactions or activity over $600 to the IRS, and lawmakers are divided. "They shouldn't be in our personal lives looting around," said Republican Congressman Ben Cline. Cline called this proposal...

wset.com

The reason is to catch tax cheats and money launderers.

I think it’s dumb because they don’t have the manpower to enforce the data they already have but that’s why.

 

[KyMUfan]

The reason is to catch tax cheats and money launderers.

No it's not.

 

[HerdandHokies]

Ok, why do you think they are getting a list of accounts that have net movement of more than $600 (which will surely go up if it ever actually passes) then?

 

[KyMUfan]

Ok, why do you think they are getting a list of accounts that have net movement of more than $600 (which will surely go up if it ever actually passes) then?

You've already partially answered it.

I think it’s dumb because they don’t have the manpower to enforce the data they already have

 

[KyMUfan]

The reason is to catch tax cheats and money launderers.

Hmmm, maybe they should start looking at anonymous art buyers first...

The Art of Money Laundering – IMF F&D

Tom Mashberg digs deeper into the loosely regulated art market—ideal ground for money laundering—and how best address this challenge.

www.imf.org

"The loosely regulated art market is rife with opportunities for washing illicit cash"

 

[johns1124]

Do people who live in Santa Ana or Corona have bank transactions more than $600?

How in the hell do I suppose to know? I try to avoid Santa Ana and the Inland Empire.

 

[riflearm2]

How in the hell do I suppose to know? I try to avoid Santa Ana and the Inland Empire.

Sure you do, Stephens, sure you do.

 

[johns1124]

I have to warn you, Weinstein. If you are thinking about pulling your shenanigans in Cal.
It's very stalker and abuser unfriendly. It's the wrong state to collect your 7th restraining order.

 

[riflearm2]

I have to warn you, Weinstein. If you are thinking about pulling your shenanigans in Cal.
It's very stalker and abuser unfriendly. It's the wrong state to collect your 7th restraining order.

Yeah, but nobody gives a shit about those in Santa Ana and Corona, because that class doesn’t do much for the tax base. So you don’t have protection.

Now, explain where you rest your head if you avoid Santa Ana and Corona.

 

[johns1124]

Yeah, but nobody gives a shit about those in Santa Ana and Corona, because that class doesn’t do much for the tax base. So you don’t have protection.

Now, explain where you rest your head if you avoid Santa Ana and Corona.

Why the hell does it matter?

 

[Herdfaninnoke]

This is just more big brother tactics. I can’t believe that the govt believes that their are huge dollars to be collected from those with an avg account balance of $600.

 

[riflearm2]

Why the hell does it matter?

Because you claim to avoid those places, yet that’s where you are quite a bit, Stephens.

 

[johns1124]

Because you claim to avoid those places, yet that’s where you are quite a bit, Stephens.

Naa, actually I don't. Not sure where you get this stuff.

For a guy who is from Painters Post, that's something you sure do not do!

Paint the poor Wall at your Section 8 housing.

 

[riflearm2]

Naa, actually I don't. Not sure where you get this stuff.

Don’t lie, Stephens. Your sidewalk knows the truth.

For a guy who is from Painters Post, that's something you sure do not do!

You’re sounding more like a fool than usual. Not only do you have the name wrong, but you also have the place wrong.

Paint the poor Wall at your Section 8 housing.

My Salt Lake property is in the nicest downtown development the city has seen in the past dozen years. Properties range from $425K - $1M+ there. The damn development has won awards for its urban aesthetic. Why must you always expose your ass on here?

Oh, and if you hurry, you can look at my most recent Orange County purchase since it hasn’t been quitclaimed over to any of my LLCs yet. You’re too late to be able to find the $2 million one from a few months ago, but you should be able to find the $900K one that just closed a couple of weeks ago.

 

[johns1124]

Oh, and if you hurry, you can look at my most recent Orange County purchase since it hasn’t been quitclaimed

That's because most (not all) California Counties don't Quitclaim you, idiot!

We use an invasive escrow (30 day min) system. Good God, Rifle if you are going to BS someone. Ensure they don't know more about the topic than you do.

 

[KyMUfan]

if you are going to BS someone. Ensure they don't know more about the topic than you do.

I have often heard it said that liberalism is a form of mental illness. I used to think liberals (most) were likely well-intentioned but merely ill-informed. I thought with some logical, rational and well-presented information they could see more of the bigger picture. After interactions with some and observing the posts of several of then on this board I've come to realize facts and reality don't matter to them at all.

I know several liberals that still believe a lower unemployment rate is more indicative of a healthy economy than total full-time employment numbers, only because that is what someone in the media, with no financial or analytical background, told them to think.

I'm beginning to believe that liberalism manifests itself in lower intelligence people for a variety of reasons, however in higher intelligence people (or people educated over their intelligence) it is because of some other psychological condition. Here are but two possible options...

Dunning-Kruger Effect: Why Incompetent People Think They Are Superior

The Dunning-Kruger effect is a cognitive bias in which the incompetent lack the skills and cognitive abilities to recognize their own inability. Learn how it works.

www.verywellmind.com

Narcissistic Personality Disorder - What You Need to Know

Care guide for Narcissistic Personality Disorder. Includes: possible causes, signs and symptoms, standard treatment options and means of care and support.

www.drugs.com

 

[riflearm2]

That's because most (not all) California Counties don't Quitclaim you, idiot!

We use an invasive escrow (30 day min) system. Good God, Rifle if you are going to BS someone. Ensure they don't know more about the topic than you do.

Why do you do this to yourself? I understand that you’re a slow learner, but how many times will it take for you to learn?

Go ahead and look up Quitclaim deed for Orange County. It’s entirely legal and quite common. Hell, I can even give you the address of where I went to do it if you’d like.

 

[extragreen]

I have often heard it said that liberalism is a form of mental illness. I used to think liberals (most) were likely well-intentioned but merely ill-informed. I thought with some logical, rational and well-presented information they could see more of the bigger picture. After interactions with some and observing the posts of several of then on this board I've come to realize facts and reality don't matter to them at all.

I know several liberals that still believe a lower unemployment rate is more indicative of a healthy economy than total full-time employment numbers, only because that is what someone in the media, with no financial or analytical background, told them to think.

I'm beginning to believe that liberalism manifests itself in lower intelligence people for a variety of reasons, however in higher intelligence people (or people educated over their intelligence) it is because of some other psychological condition. Here are but two possible options...

Dunning-Kruger Effect: Why Incompetent People Think They Are Superior

The Dunning-Kruger effect is a cognitive bias in which the incompetent lack the skills and cognitive abilities to recognize their own inability. Learn how it works.

www.verywellmind.com

Narcissistic Personality Disorder - What You Need to Know

Care guide for Narcissistic Personality Disorder. Includes: possible causes, signs and symptoms, standard treatment options and means of care and support.

www.drugs.com

You're more of an idiot than most conservatives.

 

[herdfan429]

You're more of an idiot than most conservatives.

Stick to statistics

 

[extragreen]

Stick to statistics

Get back to me when you realize you either live or die today.

 

[Raoul Duke MU]

Hmmm, maybe they should start looking at anonymous art buyers first...

The Art of Money Laundering – IMF F&D

Tom Mashberg digs deeper into the loosely regulated art market—ideal ground for money laundering—and how best address this challenge.

www.imf.org

"The loosely regulated art market is rife with opportunities for washing illicit cash"

Pffft. Cars are where it's at for us more normal people. I am 100% convinced the bubble in certain parts of that market is washing crypto and legal weed money.

 

[-CarlHungus-]

I'm not a big fan of this law/rule.

Aside:

I think a lot of the big time crypto users are mostly holding, but there are creative ways outside of physical assets to launder it. I think the vast majority making bank and not reporting to the IRS are doing it on exchanges with VPN's, not retail apps like Coinbase, etc. Maybe here and there people using private party sales, but that's small numbers (though maybe enough to affect cars or small time weed dealers selling to tech savvy kids).

The big players in the weed game (like the big supply chains/stores) still for the most part play it legal - though the loan market for this is interesting, often private equity loans outside of banks because banks nervous about loaning to something that is technically illegal on a federal level. Lots of hedge funds out there loaning to marijuana start ups because traditional avenues can be blocked (see Tuatara capital).

The Crypto and legal weed spaces are crazy right now. There is money to be made but like so many other finance/investment things, regular W2 workers like most of us have a hard time accessing many of these deals (often limited to qualified purchasers or institutional investors).

 

[johns1124]

I'm not a big fan of this law/rule.

Aside:

I think a lot of the big time crypto users are mostly holding, but there are creative ways outside of physical assets to launder it. I think the vast majority making bank and not reporting to the IRS are doing it on exchanges with VPN's, not retail apps like Coinbase, etc. Maybe here and there people using private party sales, but that's small numbers (though maybe enough to affect cars or small time weed dealers selling to tech savvy kids).

The big players in the weed game (like the big supply chains/stores) still for the most part play it legal - though the loan market for this is interesting, often private equity loans outside of banks because banks nervous about loaning to something that is technically illegal on a federal level. Lots of hedge funds out there loaning to marijuana start ups because traditional avenues can be blocked (see Tuatara capital).

The Crypto and legal weed spaces are crazy right now. There is money to be made but like so many other finance/investment things, regular W2 workers like most of us have a hard time accessing many of these deals (often limited to qualified purchasers or institutional investors).

I ironic part about Crypto is you can hold it offline in "Cold" storage and no one knows you have it. There is some ATM out here you just stick the USB Crypto device into, withdraw cash, and no one knows except the bank that you used to withdraw. Since you don't actually have an account there. No one to report to.

 

[-CarlHungus-]

I ironic part about Crypto is you can hold it offline in "Cold" storage and no one knows you have it. There is some ATM out here you just stick the USB Crypto device into, withdraw cash, and no one knows except the bank that you used to withdraw. Since you don't actually have an account there. No one to report to.

I have some of mine in cold storage. I haven’t sold ever though, so nothing to report. If I ever sell it I report though. I don’t play games with the tax code.

 

[johns1124]

I have some of mine in cold storage. I haven’t sold ever though, so nothing to report. If I ever sell it I report though. I don’t play games with the tax code.

What device do you use? I was Ledger, but now looking at coolwallet pro. I like its wifi capabilities.

 

[-CarlHungus-]

What device do you use? I was Ledger, but now looking at coolwallet pro. I like its wifi capabilities.

I have a simple Trezor.

I'm just buy and hold for now and have been for a few years, so I don't even know how functional it is. Just took some BTC offline from coinbase not long ago to the Trezor. So I'm not a pro at this. My biggest crypto exposure is a mining farm investment in west texas. Hopefully it's not a pyramid scheme !

 

[johns1124]

I have a simple Trezor.

I'm just buy and hold for now and have been for a few years, so I don't even know how functional it is. Just took some BTC offline from coinbase not long ago to the Trezor. So I'm not a pro at this. My biggest crypto exposure is a mining farm investment in west texas. Hopefully it's not a pyramid scheme !

That's what I use to Coinbase. Funny you said that about the Bitcoin mining farm, most of those groups work that way. I'm under the impression, that mining is past it's prime, the blockchain has tightened up the blockchain less fall though. I was just looking at axie infinity as a potential investment in crypto, but not sold.

 

[HerdandHokies]

That's what I use to Coinbase. Funny you said that about the Bitcoin mining farm, most of those groups work that way. I'm under the impression, that mining is past it's prime, the blockchain has tightened up the blockchain less fall though. I was just looking at axie infinity as a potential investment in crypto, but not sold.

By design the more coins that are mined the harder they are to mine. With dedicated hardware it’s still profitable versus the electricity used to mine them but not by nearly as much as it used to be.

edit: Bitcoin is fundamentally flawed and will never be able to be used as a large scale currency, though. It can only process about 5 transactions per second. That’s not enough, and won’t ever be.

 

[-CarlHungus-]

That's what I use to Coinbase. Funny you said that about the Bitcoin mining farm, most of those groups work that way. I'm under the impression, that mining is past it's prime, the blockchain has tightened up the blockchain less fall though. I was just looking at axie infinity as a potential investment in crypto, but not sold.

There are creative contracts with power providers in Texas and ways to make it profitable. It's no longer something you can do with a spare computer in your apartment any more though.

I can't speak too much to the mining farm due to confidentiality stuff.

By design the more coins that are mined the harder they are to mine. With dedicated hardware it’s still profitable versus the electricity used to mine them but not by nearly as much as it used to be.

edit: Bitcoin is fundamentally flawed and will never be able to be used as a large scale currency, though. It can only process about 5 transactions per second. That’s not enough, and won’t ever be.

I have mixed opinions on bitcoin. Some of the best thinkers I admire a lot have differing views as well (Taleb on one side, Naval/Balaji on another).

I think crypto will have a role in the future, I just don't know what that looks like. I'm definitely not a bitcoin maximalist (I have a friend that has over 50 BTC (very early miner, and put all of his initial earnings years ago in BTC) while he's sitting on six figure student loan debt and he swears we'll see BTC at 100K soon). I would like to see blockchain integrated into voting security as well.

I took a swing on a flyer investment a couple of years ago on this mining farm. On paper it's been a good call, but I have yet to realize profits yet and may never. I entered it fully knowing it could be a huge loss or a complete loss.

 

[KyMUfan]

WH flags art market as money laundering haven amid Hunter Biden shows

The Biden administration described the art and antiquities market as a hotbed of shady financial dealings — weeks after first son Hunter Biden’s work went on display in Soho.

nypost.com

Hmmm, again where have we heard this before???

Hmmm, maybe they should start looking at anonymous art buyers first...

The Art of Money Laundering – IMF F&D

Tom Mashberg digs deeper into the loosely regulated art market—ideal ground for money laundering—and how best address this challenge.

www.imf.org

"The loosely regulated art market is rife with opportunities for washing illicit cash"

 

[-CarlHungus-]

WH flags art market as money laundering haven amid Hunter Biden shows

The Biden administration described the art and antiquities market as a hotbed of shady financial dealings — weeks after first son Hunter Biden’s work went on display in Soho.

nypost.com

Hmmm, again where have we heard this before???

I didn't read the article but there's tons of tax fraud in art too.

Step 1: Buy art for $40K
Step 2: Get a shady art dealer to "price" it as worth $200K
Step 3: Donate art to charity
Step 4: Take tax deduction for a $200K donation.

If you're in the top marginal tax bracket that still comes out as win even if you can only deduct 37% or so.

 

[KyMUfan]

I didn't read the article but there's tons of tax fraud in art too.

Step 1: Buy art for $40K
Step 2: Get a shady art dealer to "price" it as worth $200K
Step 3: Donate art to charity
Step 4: Take tax deduction for a $200K donation.

If you're in the top marginal tax bracket that still comes out as win even if you can only deduct 37% or so.

Yes. Same as long-term capital gains. You need to hold the art for 12 months to get the stepped-up valuation.

I just like the irony of it all that now the White House is "concerned" about this...