Posted on 09/30/2021 3:04:09 PM PDT by RandFan
@PeterSchiff
The fact that #Democrats want to force banks to report all transactions as low as $600 to the #IRS is proof that the real targets of their enhanced tax enforcement legislation are not the rich, but lower and middle income taxpayers. This is a classic government bait and switch!
@PeterSchiff
If banks have to bear the added expense of reporting all checks as low as $600, not only does this represent a huge loss of privacy for Americans, empowering future oppression by a tyrannical government, but banks will have to significantly raise fees for small checking accounts!
(Excerpt) Read more at twitter.com ...
Obviously. The Dimocrats are the Kings of Idiotic Ideas. But they're intentionally idiotic ideas. Another example is the Dimocrats constantly raising the minimum wage which prices low-income workers out of the work force.
Sadly, the hopelessly clueless Dimocrat voters don't really understand any of it ... but it "sounds good" and "compassionate." (Remember RINO George W. Bush's "compassionate conservatism?" What a crock.) Anyway, the main point is the Dimocrat politicians forcing banks to report all checks as low as $600 and endlessly raising the minimum-wage hurts low- and middle-income Americans. Which always works out perfectly for Dimocrat politicians because it makes low- and middle-class Americans even more dependent on ... Dimocrat "compassionate" politicians and their next wasteful, multi-trillion-dollar spending bill. Rinse, repeat.
People will start putting money in their mattresses and that will increase the number of home invasions. That of course is exactly what the leftists want.
I would be interested on hearing if you succeed and what the banks will say, if anything.
My brother in law took his dad to the bank recently to pull out some money. I do not know the amount but the bank asked him the reason and he said, “none of your damn business.” No further questions asked.
Banks don’t keep that much on hand, do they?
I think banks must keep 10% of deposits in cash on hand, no?
The only thing the expansion of the IRS means is Biden’s handlers are weaponizing more parts of the government bureaucracy to unify all of the government under contril of the white House. Coming soon ... Empress Harris or Obama?
Plus IRA minimum distributions required yearly. I guess a person could take those in checks, cash the checks and keep the cash under the mattress or in a Mason jar in the backyard... These people are daft and you can bet none of the rules would apply to them.
I think the Schiffs of this country believe they are over and above the laws they write
I think banks must keep 10% of deposits in cash on hand, no?
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No they don’t. In general, they do an analysis daily of the the cash flow and the amount of cash on Hand (its all computerized reports that are automatic usually).
This helps determine the amount that they anticipate they need. If they don’t have enough, they will order additional cash which is delivered by armored car.
The Federal Reserve determines based on the account type what the % of the accounts that they are required to keep on hand(ie “reserves”). This % amount changes depending on whether the Fed wants to increase or decrease the money-supply.
If a bank has lots of cash flow, and reserves, they are allowed to “sell” that excess to other banks that need more reserves. These are overnight sales of “Fed Funds” and they pay interest for the use of those funds.
Bkmk
Hey DOJ, IRS and democraps..........just kidding.......maybe.
I wonder how many of the national guard are nurses/health care workers in the private sector removed from those positions to now work for the government?
I heard here in Indiana about half are credentialed med people. The other half are doing administrative stuff.
2013, A Venezuelan friend here was sending money home to her sister to help her small business. One day a Venezuelan official called my friends sister into the office to ask why she had this excess money in her account . The sister told them she was going to expand maybe even open another location. They then seized her funds saying she had too much “Capital”.
Hmmm, maybe people will go back to using cash.
Seems like it got lowered to 3% at one point. Could be wrong. Tried to withdraw something like $1200 some years ago, and they were aghast. Said they’d need a few days notice. No problem cutting a cashier’s check. Everything’s on paper. Seem to recall I had to put in an order for a $100 box of nickels.
Looks like it’s 3% of checking and 0%...yes, 0%...for savings.
Yes. Venezuela is Marxist and so are most Democrats these days. There is little doubt the Democrats are intent on destroying the middle and working classes, branding them with vaccines, taxing their milage so they don’t stray far from home, etc. Their policies are obviously destructive to the average American and they know it.
“In 1770, Parliament repealed all of the Townshend Act duties except for the one on tea, which was retained as a symbol of Parliament’s power over the colonies.”
I’m guessing that if this Tax on Tea were adjusted for inflation up to 2021, the total would be $600, right?
“...a symbol of the ruling Elite’s power over the colonies (Rubes in Flyover Country).”
As far as I’m concerned, if something like this were implemented, we would not merely be “less” free than before. Rather, this would no longer be a free country.
Period.
And all that that implies as to the situation patriots would find themselves in. We would literally be in an internal war. A hot war.
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