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.
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.
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.
Grandma’s money mattress was a good idea.
Of course. They're the kinds of criminals the law would catch.
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?
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.
“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”
The 4th amendment comes to mind.
Amendment IV
The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
Only liberals could think accumulating such an enormous, indiscriminate data base open to limitless abuses is reasonable.
They’ll be tracking half the transactions at Walmart.
If passed, I hope people do what I plan on doing. I’m going to set up automatic transfers to rotate money though a few accounts. Transfer $500 three times per week and you’ll have an extra 156 transactions totalling $78,000 for the IRS to dig through every year. If a hundred million taxpayers did that it would be $7.8 trillion to track.
That’s right. Every paycheck $600 or more willl be reported. The IRS will not be able to keep up.
Aaaannndd THERE ya have it.
It’s a bad plan because it “would give the IRS an enormous amount of new information that it would have to learn how to manage and use.”
Couldn’t POSSIBLY be a bad plan because — oh, I dunno — maybe it TRAMPLES THE CRAP OUTTA THE 4TH AMENDMENT!!
NOOO!!! NEVER THAT old “Constitution” thing! Not Possible! Why even mention it; are you some kind of foil hat, conspiracy theorist prepper from the woods of Montana??
A violation of The Constitution??? PFFFT! Get real! Nothin’ doin’!
It’s a Friday, and — yet again — I am happy there’s an eternal, flaming Hell, ‘cuz that means eternal Justice has a venue to mete out eternal consequences.
liberals hate paying taxes too..
they just want everyone else to pay more.
For a farmer, checks more than $10,000 can be deposited several times a year. I’m sure that’s a hassle ... but $600? That’s a weekly paycheck for a lot of people. Huge amount of paperwork, risk of error and loss of privacy.