Posted on 08/31/2021 10:21:12 PM PDT by Sequoyah101
Simply put, the American Families Plan calls for banks and other financial institutions to report more than just a taxpayer’s interest earned, capital gains and losses. Banks and other financial institutions would also be required to report “aggregate account outflows and inflows.” In other words, the IRS will know about all of your bank accounts, whether you earned income on that account or not, how much is in the account in a given year, and how much was transferred in and out of the account.
(Excerpt) Read more at forbes.com ...
Someone may have posted this some time ago, I could not recall or find it. I just got notification about it from my bank.
I thought a few of you might care to know about this and maybe take some action.
The proposal is to report EVERY cash flow out or into any bank account having a balance over $600.
Insane. Orwell was just a little early but not by much.
My bank linked to a petition to sign and I've included that link here but I won't farcebook so I've included another link via which I'll send the suggested letter referenced in the link just here:
banklocally.org/privacy.
For all the good it does here is an easy way to write your representative, as if there is such a thing.
https://fiscalnote.com/find-your-legislator
Excuse my cynicism but it came with experience.
Spread the word. One if by land and two if by sea.
How much more Orwellian can sh*t get, like w t f !?
And it’s called the American Families Plan? How sweet.
Thanks for posting
jeebus
This sounds like something we could use Rand Paul or Mike Lee to help us out with. Both are detailed and articulate about such nuts and bolts issues. Both, however, may be preoccupied due to that recent hurricane.
I know a small business owner and Bank of America made him fill out paper work for depositing $3,000.00 into a merchant account. They also did the same when he deposited a couple hundred dollars in quarters. Seriously who is gonna launder money using quartes?
You have *no* idea. It can get a *lot* worse.
I live in Spain. A law just went into effect that bans cash transactions over 1000 Euros unless you pay with a bank card. You also aren’t allowed to have over 100,000 Euros in cash. I don’t know how they are going to enforce the 100k rule but the cash transaction rule is a fine of 25% of the purchase price over 1000. Most of your utilities and government business already have to be paid through a bank and most people use debit cards to pay for things like groceries. That makes even things as simple as buying a new Smartphone illegal unless you pay with a card.
Big Brother will monitor your bank account citizen.
It is one thosuand Euros today. Soon it will be 500, then 250, then 100....
Depositing coins?
Try old fashioned laundromats, car washes, arcades and vending machines. Often used to launder illicit funds.
We had at least one FReeper that used to run a vending machine route on Staten Island. That made my world look easy.
When I started my vending routes, we used to occasionally get silver coins in the boxes ... yeah, it may have been a while ago.
[[Seriously who is gonna launder money using quartes?]]
Quarter Horses of courses
Not that I have anything to hide... but this is BS. (I’m easily traceable accruals.)
But if I had sh!t to hide, I certainly wouldn’t hold it in a bank.
Furthermore, it’s impossible to make anonymous deposits. At least it is with CHASE.
Attempted to deposit $40 b’day cash into my own checking acct, and it was necessary to identify myself as the source of the cash. That’s #’d up. No, it wasn’t my b’day... lol
This about the Rats hunting down cash transactions — stuff off the books.
The magic $600 threshold ironically corresponds to the 1099 threshold.
#ing Rats
How many Assistant Democrats have already signed on to this?
American Families Plan
American Rescu Plan
For The People Plan
Affordable Care Acr
Oh how I wish these cretins would suffer as much as they make us suffer.
He owned a coin shop and often got in bags of statehood quarters which he paid even money on. (as they had no collector value) I would think with a coin operated business you tend to keep the quarters in circulation and only deposit bills.
The way inflation is going, in a few months $600.00 won’t buy a week’s groceries for a frugal couple..
My bud runs a used car dealership. You will be amazed at how much paperwork he signs as the bank just to deposit cash from the same car buyers who paid mostly paid cash for cars.
Which makes us wonder why Congress or the IRS doesn’t raise the $600 limit for issuing 1099-MISC and 1099-NEC to individuals.
But it makes them money, from fines if non other, from the issuee and the issued.
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