The Biden plan would give the IRS power to track bank accounts with $600 or more

10/12/21

[MAGA2017]

The Biden plan would give the IRS power to track bank accounts with $600 or more. This is outrageous. Are people planning to reduce their balance to under $600? What are our options?

[Michael.SF.]

I’m doing a major remodel of my house and am over budget, so I’m trying to save where I can. One subcontractor wanted $1800 for his work, but offered a $200 discount if I paid cash. I took the cash out and took advantage of this. Under these rules this would now have been a reportable action. This is beyond absurd.

[Responsibility2nd]

The Biden plan would give the IRS power to track bank accounts with $600 or more.

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That is incorrect. The plan is to require banks to report any transaction $600 or higher to the authorities.

Write a check for your mortgage? Xoe Biden wants to know that.

[sanjuanbob]

Agree 100%. The whole issue might be just to spy on Trump.

[Openurmind]

Yep... And when they outlaw Cash I see a need for the old S&H Green Stamp concept, IOUs, barter, and trading for labor. This effort is dumb as hell... This is going to backfire badly.

[CMailBag]

“The Biden plan would give the IRS power to track bank accounts with $600 or more.”

Sound more like a Dictator to me..

[Openurmind]

Sure does...

[gtwizard]

I plan to open multiple accounts with minimum balances and bounce $600.01 between them as often as possible giving the FBI, IRS, and my compliant freaking Bank as much work as possible. Gum up the works with more paperwork than they can handle.

[Mastador1]

I'll just start pulling my mothers cash out one under the limit withdrawal at a time. After having lost everything three times in Europe before and after WWII she's scared to death of the Biden policies grabbing her cash as it is. The other plus side is that neither Cali or the Feds will having anything to tax because I will just tell them she donated all her money anonymously to charities.

When banks pay zilch in interest there is no benefit to maintaining a bank account for the STATE to seize. All bills can be paid in cash or pre loaded debit card or with money orders paid for in cash.

Dear IRS. DOJ and FBI.....just hypothetically speaking : )

[sauropod]

I thought it was tracking transactions of $600 or more.

[beethovenfan]

Works until the government declares cash worthless and forces us into digital currency.

[Secret Agent Man]

end of bank accounts for many people

[GeorgianaCavendish]

Safety deposit box

[SunkenCiv]

• EXCLUSIVE: Joe Biden could become embroiled in the FBI's probe into Hunter's finances, experts say: Emails reveal they SHARED bank accounts, paid each other's bills and the president may have even have funded his son's 2018 drug and prostitution binge

[EVO X]

Old news from months ago.

I am against the proposal, but it is amazing how many long term freepers have it wrong. It would be an annual reporting requirement like W2 and 1099 reporting. The 10K reporting still applies.

[albie]

I don’t understand the purpose of this. Can anybody explain?