Social Security payments are over $600.
Does this mean that every bank account must be reported for all activity?
House payments are over $600.
Property taxes are over $600
Car payments are over $600
Cell Phone payments are easily over $600
Credit card payments can easily be over $600
This will bury banks with paperwork.
To what end is all of this???
OR are they only talking about savings accounts & money market accounts?
Those accounts Obama & Pelosi wanted to seize a number of times. Ala Argentina....which did that 2 TIMES.
I didn’t see a mention of $600 anywhere in the article for any kind of threshold. The $600 part is not in the title of the article either. The way I read the article is it would be required to report overall inflows and outflows of accounts to the IRS(yearly?). The IRS wouldn’t receive a report every time one made a transaction. The Forbes article suggests this would trigger expensive audits for legitimate high dollar transfers that are not taxable.