They are not even hiding they are heading towards full blown communism.
Who the hell supports this?
Who the hell supports this?
Monitoring deposits over $600
- Thread starter i am herdman
- Start date
This is chilling. I remember a few years back when the country of Greece was on the verge of bankruptcy. The government proposed taking 10 % of every bank account to help pay off debt.
Is that where we are headed?
Is that where we are headed?
Maybe. They can use it to audit, watch political enemies, etc.
I imagine they will go after 401ks at at some point.
This is absolutely chilling as you put it. This is full blown control of the banks and our money.
BIden admin is proposing legislation that would give the IRS authority to monitor bank deposits over $600
Yes, Biden's proposed legislation would allow IRS to have more information on bank accounts with more than $600
U.S. Representatives from nine states, not including Ohio, sent a letter strongly opposing this proposal to Speaker Nancy Pelosi, the IRS Commissioner and others.
www.10tv.com
Republicans have gutted the IRS funding and are mad that they wouldn't be able to cheat on their taxes as easily.
So you are ok with the IRS monitoring deposits over 600 dollars? 600 dollars? Do you believe in communism?
Absolutely. Only idiots like you think it's smart to cut funding of the income stream source of the federal government.
Nope, but you believe in insurrections against the United States government.
Based on posting history, yes, yes he does. Defends China Virus, and also defends Russians, despite the Russian thing being proven to be a hoax, time and time again. Not sure why he does this, but could have something to do with rifle buying that Russian girl last year.
$600, so the kid mowing the lawns in the area mows 10 or so lawns during the summer. He deposits his lawn mowing money into a savings account. You think the IRS should look at that when he goes to the bank and puts in the $600?
I sell him an old riding lawn mower for $600. You think the IRS should look at that when I deposit his payment to me?
I give my son a check for $700 which is none of anyone's business. You think the IRS should look at that?
I transfer $600 to my wife's account. You think they should look at that?
How does it hurt the kid if his $600 is monitored? You think that's going to trigger an IRS audit?
What about the guy that mows lawns all summer and makes 25 deposits of $1000 for a gross income of $25,000 but owns two new vehicles, a $400,000 home, and sends his 2 kids to private school?
God bless America. The home of the free. A place where one used to be able to go out, work hard, and have a fair shake.
Not anymore though. If I were in my 40s, I'd probably just call it a career, and live off the cheese blocks. I see the long line out here across the street at the Food Bank of SW Michigan. I often imagine how great they have it as they sit there in their nice pickup trucks, and sedans. Just sit there, burn a couple smokes, and then somebody else fills up the trunk with a week's supply of food. Don't even have to get out of your car.
Well do have some privacy you know? It could trigger audits and could be a take over of the banking system.
Do you not value freedom? Do you not think it could lead to people not depositing money? Pulling money out of banks?
Where does this stuff stop with you guys?
Yeah, when you could start out with a minimum wage of the equivalent of almost $12/hour, join a union that paid good wages and benefits with some job protection, and afford to send your kids to school without them graduating with debt they don't make enough money to pay off in many cases. Yep, God bless America.
Please don’t use “geezer” when referring to extragreen. It hurts my feelings and places me in bad company.
Most colleges and universities are run by liberals. How is that cost working out? Frankly, I am advocate of community colleges and trade schools for many people.
It will definitely trigger audits. But not for you kid lawnmower. It will for they guy claiming $25000 gross income with 2 new cars, a $400,000 dollar home, and his kids going to private school
I already know you don't value honesty. Do you think it could lead to billions of dollars of tax collections from cheaters?
Where does the strangling of government income stuff stop with you guys?
I recently withdrew cash from my bank account to purchase a new vehicle. The deal fell through and I redeposited the money. Had to fill out forms because the amount of my deposit was over $10,000. The government continually has their nose up your ass.
^^^Summary: The IRS should not be funded or allowed to ensure taxpayers pay taxes.
Neither have I. And yes, I've actually deposited that much on more than one occasion.
Here's more information.
Of course, the thing that really pissed Trumpublicans off is that Biden looked at his watch right before making his speech yesterday. Friggin' "Mush"
www.politifact.com
Of course, the thing that really pissed Trumpublicans off is that Biden looked at his watch right before making his speech yesterday. Friggin' "Mush"
PolitiFact - Biden plan to require more bank account reporting to IRS is still a proposal
If a Biden administration proposal now being considered is adopted, financial institutions would be required to report m
www.politifact.com
Bible Thumpers = everything is the Mark of the Beast
Trumpers = everything is socialism/communism
I don't think it is a coincidence Bible Thumpers are often Trumpers.
The law wouldn’t actually make banks report deposits over $600, although you may consider what it actually does to be worse.
Basically, if an account changes by more than $600 during a year, the bank would have to send the beginning and ending balance to the IRS. Not individual transactions though.
It’s intended to make it easier to find smaller businesses that are cheating on taxes by not reporting things.
Problems are, first off the IRS just doesn’t have the manpower to do anything with this information. Second, go after big corporations cheating on their taxes first.
Basically, if an account changes by more than $600 during a year, the bank would have to send the beginning and ending balance to the IRS. Not individual transactions though.
It’s intended to make it easier to find smaller businesses that are cheating on taxes by not reporting things.
Problems are, first off the IRS just doesn’t have the manpower to do anything with this information. Second, go after big corporations cheating on their taxes first.
Must be your bank. I was told it was a government rule to prevent drug dealer from depositing large amounts of drug cash.
I am sure libertarians are for this, hey monitor all my deposits of $600 or more going into the bank.
That is is nearly every bank acct in America because direct deposits, pay checks, etc. This is pure tyranny.
EG - you sound like all the neocons when Patriot Act was being pushed though - "what are you worried about if you have nothing to hide?"
I'm incredibly careful about taxes and pay a ton. I don't ever stretch the rules. The mother of all tail risks is the IRS at your door. I could probably do some more gray area deductions but I don't.
I'm very uncomfortable with the IRS knowing what is in my bank account though.
maybe I need to start looking into those indian reservation banks, I wonder if they're exempt from this stuff.
I'm incredibly careful about taxes and pay a ton. I don't ever stretch the rules. The mother of all tail risks is the IRS at your door. I could probably do some more gray area deductions but I don't.
I'm very uncomfortable with the IRS knowing what is in my bank account though.
maybe I need to start looking into those indian reservation banks, I wonder if they're exempt from this stuff.
everyone should be concerned about this. I don't skirt it either. I know i probably over pay some times. I don't want the gestapo coming down on me. The IRS has tons of power and can ruin people. But this is a whole new level. I can't imagine the banks would be happy about this either.
