IRS rule requiring banks to report all transactions over 600$

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

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.

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.

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.

Originally Posted by 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.

Seems pretty horrible for gamblers.

Originally Posted by 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.

The bill would also hire 87,000 new IRS employees

Originally Posted by TheMetsSuck

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

when does this go into effect?

Does that include 10% for the Big Guy?

Originally Posted by TheMetsSuck

The bill would also hire 87,000 new IRS employees

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

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.

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

Originally Posted by 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

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

Originally Posted by 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.

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.

only a fukkin moron would think this is a good idea