Posted on 09/24/2021 7:38:48 AM PDT by Red Badger
Banks are pushing back against a proposal from the Biden administration that could force them to turn over customers' account information to the Internal Revenue Service.
Under the plan, banks and other financial institutions would be required to annually report customers' account inflows and outflows of $600 or more to the IRS. The White House has estimated the policy, which would apply to bank, loan and investment accounts, could generate about $463 billion in additional revenue over the next decade.
The measure, if Congress approves it to fund Biden's sweeping $3.5 trillion family and climate change plan, would give the IRS an enormous amount of new information that it would have to learn how to manage and use.
Banks banks say the plan would increase compliance costs and add to the already existing burden the industry faces in turning over information to the government.
In a letter addressed to House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy, more than 40 banks urged lawmakers to vote against such a proposal, warning it could create a "tremendous liability" for all involved by requiring the collection of financial information for the majority of Americans "without proper explanation of how the IRS will store, protect, and use this enormous trove of personal financial information."
"This proposal would create significant operational and reputational challenges for financial institutions, increase tax preparation costs for individuals and small businesses, and create serious financial privacy concerns," they wrote. "We urge members to oppose any efforts to advance this ill-advised new reporting regime."
Banks already report millions of transactions a day to the Financial Crimes Enforcement Network for any transaction that exceeds $10,000 – part of banks' anti-money laundering requirements.
(Excerpt) Read more at foxbusiness.com ...
How does this plan generate revenue if it just reports inflows and outflows?
There needs to be more revolts like this. Anything this administration proposes is an overreach. This administration needs to be shut down as far as legislation goes. The Biden administration throws this garbage out there in an attempt to see what sticks. Nothing should get passed.
Banks and other financial institutions would have to hire tons of new staff and computers and filing cabinets and office furniture just to handle the information...................
Is he bringing Lois Lehrner out of retirement to manage this???
$600 get you to the level where their welfare constituents working under the table, small time drug dealers, etc might get in trouble.
They know 2022 is the end of the gravy train...................
The IRS will use its increased auditing prowess to target conservatives with impunity. It has already been weaponized.
Why would anyone think this would not happen?
Would include many gun purchases..
Just keep pushing mfer’s. Keep pushing.
That’s the money post about the insidious purpose
Grandma’s money mattress was a good idea.
Of course. They're the kinds of criminals the law would catch.
How are Demwits supposed to launder money through foundations to pay for private jet flights to pedo resorts?
This would require reporting on nearly every adult in the United States! Who pays less than 600 a month for mortgage or rent? Heck, with two youngsters on our insurance, we pay more then that for car insurance every month! Plus there are people who pay premiums for their health insurance because it isn’t employer paid. Those are all an automatic flag right there, every month. Also, most people get paid either one or twice a month, which is also going to flag almost every person. Many will be flagged several times a month!
The only ones who might escape being “reported” are teenagers and college students, and maybe people who work hourly in the service industry so they get paid more frequently in smaller amounts, who also share their living space with roommates.
And the biggest question is, how does getting information about every person who gets receives or pays out 600 in a month increase their revenue by hundreds of billions of dollars? What is their ultimate plan?
They are looking to get tax revenue from the working for cash underground economy. Estimates have that as exceeding 2 trillion dollars of unreported income.
https://www.investopedia.com/articles/markets/032916/how-big-underground-economy-america.asp
If you pay someone $600 or more you’re supposed to file a 1099 to report their income to the irs. This would allow the irs to track that. Bye bye under the table work. Might be good to get some off the welfare system.
The new bank regulator will have no problem with these rules.
https://freerepublic.com/focus/f-news/3997555/posts
We really need to take back the house and senate to slow these folks down.
The Lois Lerner Saga continues..
East Germany during the Cold War was freer from corruption and harassment than this regime.
Ask Joe. He was around then too.
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