'Joe, do you distrust Americans so much that you need to know when they buy a couch?' GOP Senator Cynthia Lummis hammers Biden's proposal for banks to report every transaction over $600 to the IRS

Daily Mail ^ | Sept. 29, 2021 | Morgan Phillips

[ApplegateRanch]

from now on I’ll be making only $599.00 payments max. So what if I have to write 4 checks to make a 2k payment.

Unless you're kiting those checks, it will still get reported as an 'outflow" from your $599.00+ account.

[1_Rain_Drop]

Yes, it’s an outflow, but it’s not $600

I don’t know what kiting means.

[ApplegateRanch]

“Kiting” is slang for writing NSF checks.

And the $600 applies to BOTH transaction over $600; OR any account with $600 or more in it. IOW, they’ve covered both bases.

[minnesota_bound]

My Capital One credit card emails everytime I buy something at Amazon saying “Congratulations....”

[minnesota_bound]

The last 2 days the stocks crashed.

Hi I am Janet Yellen and I arranged to have my friends in Wall Street and gov’t to make a killing in the stock market. Sssh I told no one in advance.

[1_Rain_Drop]

know what? This world is getting too complicated.

[Vaduz]

Agree