Posted on 10/21/2021 2:06:43 PM PDT by JV3MRC
Legacy outlets are making fools of themselves by spinning the news that President Joe Biden’s Internal Revenue Service is targeting Americans and their bank accounts.
The National Review editorial board reported Oct. 15 that a “provision tucked into the House reconciliation bill would let the Internal Revenue Service peer into the bank account of virtually every American.” It continued: “If passed, the rule would require financial institutions to report the cash flows of every account with more than $600 in deposits or transactions.” The $600 reporting threshold was later revised up to $10,000 after backlash. Legacy media outlets went berserk and tried to do everything from painting the proposal as reasonable to denying that the news was real news.
The faux-free market publication Forbes magazine attempted to gaslight readers into thinking the IRS going full-on Orwellian was a good thing. It published a piece headlined, “Here’s Why, Actually, The IRS $600 Bank Reporting Proposal Is Entirely Reasonable.”
(Excerpt) Read more at newsbusters.org ...
They’ve studied the tax gap, and they’ve decided it’s not big companies, and it’s not W-2 incomes. It’s businesses that are too small to audit, that do run themselves on a cash basis. I don’t see why I should subsidize tax-evaders. If you can explain to me why it’s fine for some people not to pay tax, when I have to pay a lot of tax, I’ll listen, but I don’t expect to be persuaded.
Because $600 a month is chump change. Why not make it $300? Why not make it $100? Why not make it $5? Why not force everyone into electronic transactions only? That way, every cent is tracked and accounted for. That is what you want, isn’t it?
We don’t want you to pay high taxes while others do not? That just isn’t fair. C’mon man.
Also, up until I retired, I had the pleasure of being taxed in the highest tax bracket, and yet I was never once jealous of those who had cash business. I also NEVER cheated on my taxes...not even once.
Do you really think that the girl who used to cut my hair that I always paid in cash is driving around in a Lamborghini and living in a $5mil mansion?
What does driving a Lamborghini have to do with it? Half the people on the cash economy aren’t even paying their FICA. It would be doing them a huge FAVOR to get them to file their taxes. They’ll get much larger Social Security benefits, they’ll qualify for Earned Income Tax Credit that they surely don’t even know about.
But sometimes it’s not a haircutter. It’s an electrician, a mechanic, a plumber, and we’re talking a very nice six figure income, that they earn partly thanks to a competitive advantage against legitimate operators who obey the law. That’s all I’m really saying. Let’s enforce the law. “Law and Order” as Trump used to say.
I have known many general contractors. All of them started out with a cash based business, but all of them changed when they got big enough to hire a CPA. All of them grew to the point that they had to report +90% of their income. When they were little fish it did not matter, but when they had to start qualifying for construction bonds, it changed.
The far bigger problem is that if you become a politician, you are nearly guaranteed to become wealthy. Those SOBs know how to hide their money. They are never affected by the death taxes and all of their generations of children, grandchildren, etc. are wealthy.
Under what you propose, my elderly mother, whom I send money to, would have to report the money and that is wrong.
Also, you didn’t answer. Why not make it as low as $5? Or even $1? Why not track every single penny electronically by forcing us to a digital currency?
Why are you so jealous of others?
I had some work done. Paid the guy in cash.
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