IRS rule requiring banks to report all transactions over 600$

[mngambler]

like vittard

does his 'vote' count tho? he is the dumbest motherf*cker on the entire internet so he might get a pass

[StackinGreen]

For someone that pays a sizeable Federal Income Tax bill every year, sorry but i want them to catch the low life tax cheaters that take cash under the table and don't report it.

This is how they fool people into more control: emotion and envy. Other people don't change your reality, you do. Don't be fooled into greater overreach out of comparison, it shows major insecurity and lack of wisdom.

[KVB]

Man this could create a problem for me, not one that can't be overcome, but it could change things.

Is this going through or is it getting negotiated out? Banks likely to have a burden here.

Will they change Casino CTR requirements? That would be significant to me.

[StackinGreen]

Man this could create a problem for me, not one that can't be overcome, but it could change things.

Is this going through or is it getting negotiated out? Banks likely to have a burden here.

Will they change Casino CTR requirements? That would be significant to me.

Ultimately 10k is all that matters per day, right KVB? If you cash 7-9k (payout, including risk) tickets, the only tracking is some schmucky company like WH who just wants to know if you are "sharp" ... nothing is sent to the IRS, correct?

[KVB]

Yeah any 10k transaction or multiple reaching 10K in a day.

But what if that dropped to $600?

Ho Lee Shit.

I'll take all payouts in casino chips please, thank you very much.

[KVB]

nvm

What I was saying in this post is tribal specific, I wonder if they'll be subject to any rule changes as well.

[themike78]

Very unlikely this will become law.

[themike78]

For someone that pays a sizeable Federal Income Tax bill every year, sorry but i want them to catch the low life tax cheaters that take cash under the table and don't report it.

And you vote for the dems that want to increase your taxes. You people make no sense.

[StackinGreen]

Yeah total retard stuff as I pointed out.

[DwightShrute]

[DwightShrute]

its probably part of a bigger plan.

The government is wanting to get rid of cash by making it all electronic. Then they can have control of what you are able to purchase by blocking purchases of what they deem inappropriate. You want to donate money to a cause they don't agree with? It will be declined. Spending too much money gambling or flying? They'll decline it. Maybe they will introduce a credit score to see if you are allowed like they are doing in China now.

[HockeyRocks]

And you vote for the dems that want to increase your taxes. You people make no sense.

I don't make 400K per year and neither do you...Don't worry about...

[PharaohUB]

I don't make 400K per year and neither do you...Don't worry about...

And how long will that last? Increasing government spending will always end up fckin the middle class in long term. Laws and tax codes change constantly. What will not change is once the government starts spending money, they will continue to spend that money forever. The only way to protect the middle class is to keep government spending down, but the libtards don't understand this. Even though all their states are getting run into the ground and all of their citizens are fleeing to republican run states. They still do not get it.

[HockeyRocks]

And how long will that last? Increasing government spending will always end up fckin the middle class in long term. Laws and tax codes change constantly. What will not change is once the government starts spending money, they will continue to spend that money forever. The only way to protect the middle class is to keep government spending down, but the libtards don't understand this. Even though all their states are getting run into the ground and all of their citizens are fleeing to republican run states. They still do not get it.

JFC, your piece of shyte ex president, Sleazebag Don spent like a drunken sailor. In 4 years he spent more than any other president did in the same time period, 4 years In hostory.....Find new material....That is not good material to use...Your uninformed, tahts why its easy to bury you ignorant fools..

[MinnesotaFats]

I don't make 400K per year and neither do you...Don't worry about...

LOL

These fukking liberals do not understand history or the nature of their own ideology

https://www.ourdocuments.gov/doc.php?flash=false&doc=57

Here is the history of the income tax...which h was deemed unconstitutional for the 1st 100+ years of this Country, then applied post war to the top 1% and promised to only apply to the top 1%.

Oh how we have been duped, time & time again, by progressives- put into office by losers & the worthless, to take from those that can be targeted, and give to those that can vote en mass, to kick back to those deemed elite, to the chagrin of those honestly working with upward mobility.

America's solution lies in eliminating the Democrat Party.

Break up this coalition of loser elements and single issue ideology and you'll see prosperity like never before.

[DwightShrute]

america needs another political party or two.

[MinnesotaFats]

america needs another political party or two.

The conservative, the libertarian & the green

That 3 party system would adequately represent the Country and reign in spending, subsidies and welfare & horrible foreign policy

[DwightShrute]

The conservative, the libertarian & the green

That 3 party system would adequately represent the Country and reign in spending, subsidies and welfare & horrible foreign policy

it would take seats away from the Dems and GOP and thus forcing them to work together someway. Right now its a joke. The darkest time in US politics.

Having a mentally brain dead president and a useless fake VP who was only choses because of her skin color and sex doesn't help things either.

[PharaohUB]

JFC, your piece of shyte ex president, Sleazebag Don spent like a drunken sailor. In 4 years he spent more than any other president did in the same time period, 4 years In hostory.....Find new material....That is not good material to use...Your uninformed, tahts why its easy to bury you ignorant fools..

Thanks to the pressure from the LEFT to pass all those fckin stimulus packages. Do you not remember all the name calling and shouting from the left to just give away trillions of dollars, while the republicans fought to keep spending down? If a democrat was in office when Covid happened, the country would be completely broke right now.

[retard]

It’s what biden voters deserve the worst person in the biden administration is that girl Janet yellen whatever her name is she was horrible under obama and now she’s unleashed under biden

[wombat]

It’s what biden voters deserve the worst person in the biden administration is that girl Janet yellen whatever her name is she was horrible under obama and now she’s unleashed under biden

Girl??? more like grandma Yellen.

[Tuesday]

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.

only a fukkin moron would think this is a good idea

[eidolon]

I guess my casino will be my new bank

[eidolon]

Yes

That would need to be filed on both yours and their taxes as a gift, subject to the lifetime limit,, otherwise it's income!

That's why this is horseshit...and every transaction is a criminal offense.

Imagine after doing this for 3 years the irs charges you and your parents w 36 counts of felony tax evasion...and you didn't even k ow they were looking because no warrant was issued or required

Isn't there a yearly limit of $12,000?

[jackpot269]

The Georgia senate races costed $470 million in the regular election and an additional $360 million in the runoff. $830 MILLION DOLLARS were spent on 2 positions that pay $175k each. Anybody that thinks these politicians work for average Joe citizen is a fool. Most of us don't even know the game is being played.

Back to this issue of banks reporting transactions. I don't know enough of all this entails to form an opinion but I do know that if you have nothing to hide, you should not have a problem. And if you do have something to hide, you should damn well hide it outside of US jurisdiction because the government has always been able to find what they're looking for.

Ive been saying that shit for years!! The first time Romney tried to get the GOP nomination and he spent 33 million of his own money and he didn't even get to run for A job that pays I think $400,000 a year!! What should be more alarming is someone that is not worth a million or billion when elected making a few hundred thousand and In a couple years they are rich!! You cant out pay corp. America with all of the Billions they have to give to Politicians to protect their interest

[MinnesotaFats]

Isn't there a yearly limit of $12,000?

Yes, it's $15k

This bill, which Pelosi cited today as non negotiable- she will keep it in the spending bill, is targeted at self employed and families w small business.

They are collecting data on ALL accounts with cumulative transactions over $600 so they can use the irs to tax the living shit of of Moms & Dads who pay personal expenses w corporate funds.

The slippery slope is that this will embolden the Dems to eliminate the LLC & Scorp and force all business, big or small, into a Ccorp double taxation state.

That's the long range plan & it's bolstered by insurance companies as well (for double shielded liability)

[DwightShrute]

I don't make 400K per year and neither do you...Don't worry about...

its people like you that allow politicians to keep fuckking up the country. Any country. You see these public servants and how corrupt they are and you keep electing them. You see them getting filthy rich while people are living in tents and shitting in the streets and they couldn't be bothered to even protect the border from hundreds of thousands of illegals pouring across. They even got you believing walls don't work. I bet if they told you wheels don't work, you'd be all over that fact.

Your mental disorder doesn't see they don't care about you. The evidence is everywhere. They only care about themselves and the few insiders they surround themselves it. They think you are stupid and there's plenty of evidence they are right.

Rather than fight for your country, you raise both arms over your head and give up and you cheer for these scumbags. You even call Trump a sleazebag for lowering everyone's taxes so that you can have more of your money. You despise him because he put America first for the first time in a long time. He stood up against the swamp and the corrupt media but rather than supporting him, you sided with the losers and the scumbags. That says all anyone needs to know about your character.

[Bluehorseshoe]

Democrats to scale back Treasury’s IRS bank reporting plan amid GOP uproar.


Senate Democrats on Tuesday will unveil a scaled-back version of a Biden administration proposal to crack down on wealthy tax cheats after conservative groups and the bank industry raised major privacy concerns, three people with knowledge of the coming announcement said.

Initially, the Department of Treasury and Senate Democrats had proposed requiring financial institutions to provide the Internal Revenue Service with additional information on bank accounts with more than $600 in annual deposits or withdrawals.

https://www.washingtonpost.com/us-policy/2021/10/18/democrats-irs-bank-reporting/

[KVB]

Yeah, figured as much.

...Is this going through or is it getting negotiated out? Banks likely to have a burden here...

They were just targeting the wrong demographis. Now it's going to be 10k according to the article.
Man they sure did threaten a shit show that's for sure.

[KVB]

...Initially, the Department of Treasury and Senate Democrats had proposed requiring financial institutions to provide the Internal Revenue Service with additional information on bank accounts with more than $600 in annual deposits or withdrawals.

https://www.washingtonpost.com/us-po...ank-reporting/

https://12ft.io/

lol I tried that, to see if it worked, it did. But not something I plan to use often.

[MinnesotaFats]

Not good enough

How do you classify an exemption for wage payments? Impossible to discern from the banks POV

Democrats are just so fukking disgusting...untrustworthy and power hungry

[MinnesotaFats]

$158 BILLION in annual US Federal tax subsidies annually to "renewable" energy companies

Bidens bank plan targeted recovery: $250 Billion over 10 years.

Biden is a piece of ahit and Democrats are fukking retarded.

Cut the subsidies, you'll be +$750BILLION over 10 years

[StackinGreen]

Traitors deserve what our Constitution describes for it. The first should be Fauci and his sick cabal.

[Yulia74]

Report: Manchin Allegedly Considering Leaving Democratic Party

[flyingillini]

Christ help us during this trying time