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A new law is being proposed for all banks to rEPORT ALL TRANSACTIONs (IN OR OUT ) OF ALL BANK aCCOUNTS OVER $600 !!!

What
The
F**k???

What's wrong with the current $10K law?

I'm currently watching that two faced lying POS JANET YELLEN crying that the US is losing 7 trillion dollars of taxes due to the govt over the next ten years because they don't have this $600 and over info from all Americans bank accounts...

This bitch is clueless...she charges $800k to wallstreet brokerages to give speeches at conferences...that is out right bribery and illegal as hell...but she wants to know when you deposit $600 or spend $600 or more every single time you do...

Total BIG BROTHER NAZI BULL SHIIITTTT

It’s ok, they’re only going after billionaires.

Trust them.

Democrats Eye Narrowing Biden Plan on Bank Reporting to IRS

Bloomberg
Democrats in Congress are considering a plan that would require banks to report accounts with at least $10,000 to the Internal Revenue Service -- well above the Biden administration’s proposed $600 threshold -- while also exempting some common transactions from the law.

“We’ve made some significant movement on the number,” House Ways and Means Committee Chairman Richard Neal said Monday. The Massachusetts Democrat said he backed the $10,000 figure from “day one” of considering the proposal, and that Senate Finance Committee Chairman Ron Wyden also supports it.

In addition, lawmakers’ staff members have begun working on language to exempt payments from payroll processors from the reporting requirements, according to a Senate Democratic aide familiar with negotiations. Removing direct deposits from the calculation would likely drastically reduce the number of accounts covered by the reporting rules.

The narrowing of President Joe Biden’s proposal to require financial institutions to report account flows the IRS responds to concerns that the plan would give federal tax collectors information used to single out taxpayers over small amounts of unreported income. Democrats are considering adding the plan to an up-to-$3.5-trillion social spending bill to offset some of the costs.

“The idea is to build in guardrails so that people at the lower end are not targeted. This is about people at the upper end,” Neal said in an interview. “We do think we can raise the level of compliance from everybody with more procedural requirements.”

Neal said congressional staff were looking at ways to “ameliorate legitimate concerns” among lower-income taxpayers that the data could be used to target them. The idea is one of dozens of tax proposals that Democrats are currently considering to finance a bill to invest in climate programs, child care and education.

Exempting mortgage payments from the threshold is another possible option to limit the reach of the reporting proposal, the Democratic aide said. The person said staffers are crafting the language so exempted payments would have to go to verified recipients, as a way to curb potential abuse.

Lobbying Effort
The bank-reporting proposal to give the IRS more visibility into the deposits and outflows of many account owners has run into heavy lobbying from banks, along with objections from Republicans and some Democrats who are concerned that it would give the agency too much of taxpayers’ personal data.

A more narrowly targeted proposal could help win over support from some hesitant Democrats. The idea was excluded from an initial House version of the tax bill partly because lawmakers couldn’t reach agreement on the measure. The plan could be added at several points as the legislation makes it way through the House and Senate in the coming weeks.

While the Treasury Department estimated its information-reporting plan would raise $463 billion over a decade, Congress’s official scorekeepers have said the new reporting data would have only a small positive effect on revenue if Democrats succeed in increasing the IRS’s enforcement budget, as planned.

Congressional Democrats anticipate a separate estimate in coming days on how much the reporting provision will add in revenues on its own. That could make or break the policy, because if it does not raise significant revenue by itself it may be seen as not worth the political headache to include.

Democrats in Congress also want to prevent another pillar of Biden’s tax plan from collapsing after one key proposal -- to end a tax break tied to inheriting assets that have appreciated -- failed to garner sufficient support.

OPM couldn't even keep my SS# private. Now the Gov't wants to remove a firewall between private banks and the IRS?

No thanks...

screw cash and Crypto, I am pouring funds into Skee Ball tickets.

Currency of the future.

Banks are currently required to report cash transactions over $10k.

Did you know your employer already reports your pay at least quarterly, and that big employers have to report much more frequently, perhaps weekly or bi-weekly, depending on the amount of the payroll taxes due...

Did you know that any year in which you hire someone to work for you and pay them $600 or more, you are required to issue them an annual 1099 and cc the government with a copy of it?

Did you know that even if you earn less than $600, you are personally still required to declare it?

Eventually, ALL our currency will be digital and the government will know every single transactions we make. No way to get off this slippery slope.

Tax the rich.

And churches.

👍

We hear bootlicking, carry on tavorich, ya ziniyou.

I assume from now on any $600 transaction will get a letter from the IRS and a form to fill out.

The IRS has 666 written all over it.

I'm taking all my crypto money and investing it into bottlecaps.

Ya!!!!

All bout them caps baby!!!

You want Frank and me should have a talk with her..??

William!
How'd that thing go last week?

Sounds like draf-TAAAHHH MADE BANK???

and some peeps are sleeping wit' da' 🐟's

YES!!!

Tax those profit takers (mainly the churches)... non-profits my azz, buncha ballers.

So covid made people smarter?

*scratches head*

Nope, I was already pushing my hardware prior to covid... so there wasn't a lot of gains to be made.

COVID didn't make you any smarter either, if I could hook into your brain via terminal and run htop, there would be like no load average.

Which is good, means you should be cool and idle, but you don't really do a whole lot or provide a whole lot of service...

Unless your fans are all dusty and your hardware is all old and sh*t, then you're running hot and more likely to crash.

Shut up!

#29 RFENST
+1

Yes Tony ...shuddddup!

Norton!

https://www.youtube.com/watch?v=2ylvWg6AV7g

Hey USGUBMENT...
TONYgraz MAKES BIG BUCKS...

Norton heard the who and he left

I just want my $3.50 Ray.