Posted on 09/29/2021 10:20:00 AM PDT by rickmichaels
Wyoming Republican Sen. Cynthia Lummis tore into Treasury Sec. Janet Yellen on Tuesday for her support of a Biden proposal to require banks to hand over transaction data over $600 on individual bank accounts.
'Banks do not work for the IRS,' Lummis said. 'This is invasive of privacy. Wyoming's people literally will find alternatives to traditional banks just to thwart IRS access to their personal information, not because they're trying to hide anything, but because they are not willing to share everything.'
The senator asked Yellen if she was 'aware how unnecessary this regulatory burden is?'
'Do you distrust the American people so much that you need to know when they bought a couch?' Lummis asked. 'Or a cow?'
'I am astounded by what you're supporting and proposing. I think it's invasive. I think privacy for individuals is being ignored. And I think that treating the American people like they are subjects of the government is unconscionable.'
Yellen told Lummis that she believes the senator is misunderstanding the proposal, as it requires banks to hand over the IRS data on aggregate inflows and outflows of an account for transactions over $600, rather than details on each individual transaction.
Yellen noted that the tax gap is expected to swell to $7 trillion over the next decade.
The IRS would know how much money is in an individual's bank account in a given year, whether the individual earned income on that account and exactly how much was going in an and out.
The deep dive into financial transactions would be funded by allocating an additional $80 billion to the IRS.
(Excerpt) Read more at dailymail.co.uk ...
Fedgov needs to be purged.
We’re gonna need bigger guillotines.
Some couches have drugs fall back behind the cushions. This is “for the safety of the children”.
It’s a tax plain and simple in addition to being invasive.
Right, any time you disagree with something the left is pushing, you are too stupid to understand that it is for your own good.
You can fix that by stop spending way more then we take in every year Janie girl.
You can start by scrapping this idiot notion that we should have $5.5 trillion in new spending with inflation out of control
Even an Economics 101 student can tell you "geniuses" that is an utterly insane idea.
Buy a couch ... or pay their rent ... or mortgage ... or property taxes...
So when you pay your credit card bill for over $600 from your checking account that xaction will be reported to the IRS.
Then what?
Questions but won’t actually stop it.
Of course. Just "the tip."
“So when you pay your credit card bill for over $600 from your checking account that xaction will be reported to the IRS.
Then what”?
Good question. It seems that this wouldn’t work out like Biden and his bosses would like.
At least they can’t call this a “tax the rich” idea.
The reason for the $600 is, that’s the level of income for which a 1099 must be filed. This rule is going after the little people, who are self employed or have side hustles and do a lot of work “off the books.” It also goes after the people who use these people for work in order to save money over paying a large faceless organization. I know Bob, and I know Bob will come during his off hours, do a little work and charge me half of what a large company (that Bob used to work for) will charge. Bob will also get the job done sooner. Bob will also respond to a callback faster. I always add a tip to Bob’s bill.
Biden hates Bob and me.
Whoever writes these articles keeps getting this wrong.
It is for every bank account over $600.
Not every transaction.
All set for a bank financial transaction tax.
Total Surveillance Society. What does that sound like? Liberty? Hmmm, no. Freedom? Hmmm, no. Totalitarian state? Yes!
Well, yes. They do. Paranoids distrust everyone.
Oh, it’s transactions, balances and more:
Under Biden Plan, The IRS Would Know A Lot More About …
https://www.forbes.com/sites/irswatch/2021/04/28/...
Apr 28, 2021 · The American Families Plan would require banks to report balances, inflows and outflows to the IRS.
“So when you pay your credit card bill for over $600 from your checking account that xaction will be reported to the IRS.
Then what?“
Ahhhhh… nobody’s supposed to ask THAT question!
….hey, are those Federal agents I hear knocking at your door?…
$600 is not to track couches.
It’s to track firearm purchases.
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