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 ...
Imagine all the transactions of Republicans being released during political season. This will be used as a political weapon. Everything that can be weaponized is used by democrats in government.
They’ll be super disappointed with my account. All I have is a checking account, and the only influx of money is direct deposit of my pension, social security, and my lousy tax refund once a year. I have no investments, no credit card or loan with my bank. I don’t transfer money anywhere, and the only money that leaves the account is via their bill pay, or if I choose to use my debit card, or withdraw $20, every now and then from the ATM machine.
I would love to report any inflow of money into my checking account but can’t because I’ve been trying for over 4 months to get Virginia Unemployment registration/payments with no luck until a week or so ago. Finally got registered by denied since I hadn’t worked for the past 18 months (due to treatments for pancreatic cancer, cellulitis, a blood clot, gum infection, many treatments by infusion, pill and radiation, that have left me unemployable.
Now I have to appeal the denial because my office was moved and eliminated, my job was eliminated, access to research facilities necessary for my specialist legal work are closed, and there is no future contract work that I can do (due to my specialty and disabled/post cancer conditions).
I’ll bet the IRS doesn’t give a damn that I’m depleting an inheritance I got from the sale of my late sister’s townhouse when she died because I basically have almost no other serious income. Social Security only covers my mortgage, nothing else which leaves me with about $150 a month in investment income to live on with a disabled wife (no Soc. Sec.) and my old job eliminated (and the COVID virus has kept me from even trying to do independent research to earn a few dollars).
I will say that I did get the Trump/Biden assistance checks but my monthly medical bills and general living expenses were way beyond them and we live frugally. This computer is so old that it has a beard and is slowly dying as I write this.
I’m not complaining (too much) but I don’t like govt stupidity which is at its peak under Clueless Joe Biden and his Marxist minions.
Just leave us the hell alone. We are suffering from stupid CDC/NIH policies as it is. We don’t need more bureaucrats making life unbearable. (PS: I worked as a govt contractor for 28 years and saved the taxpayers hundreds of millions of dollars in environmental cleanup costs. I worked with great people, many of whom are now in different jobs, if any. IF the government says “I’m here to help you (in many cases), just shoot yourself and save a lot of aggravation and heartache).
Looks like if the Virus doesn’t get us, the IRS will. /SARC?? or the truth??
Dear Leader requires you to show where you spent that $20. Surely, you have receipts and proper documentation.
Right now I have $500 bouncing between two accounts monthly because one of them changed the requirement to have a free account to having a $500 direct deposit every month, so they get the same $500 every month.
Yeah, they're stored in the barrel of my Remington shot gun. Here Joe...take a look...Kablooey!!
“I don’t know how they are going to enforce the 100k rule”
As you probably know there is an EUR 10K rule for moving between EU/UK countries. While difficult to enforce, you must declare the cash over that limit by law.
So the objective is really to allow the authorities to make you a criminal if you fail to do the declaration. Once you have that criminal record you are really under the thumb.
When is this supposed to take effect?
This could really put a crimp in gifting money to people tax free.
Right now, you can do about 14k without anyone having to report it to the IRS. I can see that going away soon.
kids with no acquired wealth dreaming up ways to mess with people who have acquired wealth
sugar daddies hit hardest
They have a rule like that in America. There are many well documented cases of people on legitimate business having their money seized by the government then having to fight to get it back, or sometimes never getting it back at all.
This new rule is that you aren't allowed to have 100k in cash, period. Even if you stuff it into your mattress.
The IRS has been doing this for years to US citizens living overseas. If you have 10k or mote in an account, you have to file a FBAR form every year. Failure to do so could result in a 10K fine and 3 years in jail. You have to file a form for each account. One year I had a little over 10K in an account. I transferred this money to different banks 3 times in one year. Thus 3 forms. They came back to me claiming I had 30K in accounts and comparing it to the previous year where I only had one account, they claimed I made an extra 20K that wasn't reported on my income tax form. Took me 6 months to straighten it out with these idiots.
Not a problem for me as I sat out the last election to ‘teach the GOP a lesson’ for running RINOs in some cases, and therefore anything the Democrats do with the power I gave them is fine with me. Just fine.
I will say this for him a criminal knows where to look.
Bookmark for later consideration.
“And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:” Revelation 13:16
“And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” Revelation 13:17
Sounds like a move designed to prepare the public for re-issuing a currency. Several countries are looking at issuing their own digital currencies — which have a block-chain feature that would allow the tracking of transactions. Perhaps Spain will be used as a test case for the EU?
I live in Los Angeles. All my state and federal representatives are leftist Democrats. They don't care what I think.
the American Families Plan just not your American family
Pretty soon the only way to launder money will be to buy a Hunter Biden painting.
1,000 euros is about $1,179.
You can’t have that much cash??
I had a client, a 19 year old female college student who was audited by the IRS as she took out a Bank loan for $8,000 that her father co-signed, cashed the check at the bank and then used the cash to purchase a used car at a dealer.
I convinced the agent to drop the audit by providing a few documents. It was triggered by the auto dealership cash deposit.
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