Posted on 10/08/2021 10:02:54 AM PDT by Navy Patriot
Financial experts are pushing back against the Biden administration's proposal to include a provision in the $3.5 trillion spending bill to extend the IRS' reach to have bank transactions over $600 reported. The Democrats’ goal is to garner $463 billion in additional personal income tax over the next decade.
...
However, experts say giving such power to a regulatory body of the U.S. government is an overreach that could infringe on privacy and place undue regulatory and compliance burdens and costs on banks and other financial institutions. Plus, taking snapshots of the massive amount of transactional data in the U.S. banking system could lead to erroneous conclusions by the IRS.
In plain English, industry insiders and experts say that extending the powers of the IRS is just not practical, too expensive, and possibly a dystopian invasion of people’s privacy.
(Excerpt) Read more at newsmax.com ...
as always when the fire is in their front yard it is then that they wake up and so oh no not me.
$599.99 becomes your friend, just saying for a friend.....
Meh. The six hundred figure was thrown out so that when they raise it to.. oh.. I dunno.. 3K, people will say “we won that battle”. Nothing democrats do, absolutely nothing, can be taken at face value.
Note to the #Fightfor15 crowd...
Guess what 40 x $15 turns out to be...
Yes, $600 kicks in the necessity of filing those cumbersome 1099’s, so people figured that out a while ago.
Oh, bullshit. Wealthy Americans pay more than their fair share. The top 10% of income earners pay 72% of the total IRS collections. 51% pay no taxes at all. If anything, the rich deserve a tax break. After all, they are the ones who create jobs and create opportunity for others in the process. We glorify the poor like it's some badge of honor. BS! How many of you were hired by a poor person?
Good thing I'm not in charge, cuz if you don't pay any Federal Income Taxes, I wouldn't let you vote in Federal elections. Same for state and local. After all, no skin in the game, why should you?
“HE HAS ERECTED A MULTITUDE OF NEW OFFICES, AND SENT HITHER SWARMS OF OFFICERS TO HARASS OUR PEOPLE, AND EAT OUT THEIR SUBSTANCE”
McConnell and McCarthy and all the rest know this, but are too frightened to stand up to the terror.
biden is such a turd that he isn’t going to listen to reason. We need to change congress next year. Block all his agenda. Impeach him.
Always good to start Fridays with a joke... 😀😁😁😂😂🤣🤣😃😏
People are sheep. Don’t think that you know them.
You get direct deposits from work in your checking account.
One month, you need an extra grand for a repair that you don’t want to put on credit, so you transfer it over from savings.
The checking account now shows an extra thousand that can trigger an audit to make you produce documentation for every transaction in there.
Even if they have the data showing the net subtraction of the thousand from savings, there’s nothing to prevent them from ignoring that if they just want to poke around, e.g., the next political enemy.
Maybe off topic, but in refinancing my mortgage recently, I was asked to produce bank statements, and asked to explain some multi thousand dollar transfers among my brokerage, savings, and checking accounts.
I know a mortgage lender is not a government agent snooping into finances, but, the technology is there, for someone on a fishing expedition to target people. They could then compel you to prove that transactions were not nefarious.
My mortgage lender had people who pore over documents provided, and they flagged a few transactions I had that were considered out of the ordinary.
Granted that a mortgage lender review of your finances, would be very different than an IRS agent looking to audit and collect additional taxes.
Next on the agenda is a move to prohibit transactions that they don't like. For instance, donating to or buying something that's not from a "woke" source.
The bank reporting for this bit will be via 1099.
So if you get a 1099-INT from a bank, the idea is to have a new box that will show the net transfer over the course of the year.
I.e., if the transfers in differ from the transfers out by 600 or greater, the amount of transfer difference is reported.
So all they have to do is add up the deposits and withdrawals.
UNITY !
Nobody in the US should pay income tax except for Federal government employees. This country takes in more than enough revenue to run itself from what existed pre-income tax days. Maybe they could tag stock trades at $.05 per dollar. Get the rich where they live with Capital gains taxes of 50%. The working man is taxed as if his value is -0-, everything is a gain. Yet the rich man gets to deduct the value of his initial investment automatically, the working man is again valued at -0-.
The money we pay into the so called Treasury, is in fact sent to the Federal Reserve and is a profit on their investment, which they pay no taxes on.
The bank reporting for this bit will be via 1099.
So if you get a 1099-INT from a bank, the idea is to have a new box that will show the net transfer over the course of the year.
I.e., if the transfers in differ from the transfers out by 600 or greater, the amount of transfer difference is reported.
So all they have to do is add up the deposits and withdrawals.
This will only create trouble for all of us.
So they report the gross amounts of account activity. What does that indicate? If you spend all your income, then transfers in would equal transfers out. Suppose you are saving your money? Then transfers in, via paychecks for most of us, would be greater than spending transfers out.
And suppose a parent or other person gives you a gift of $10,000? That amount is not subject to gift tax, yet would show up on IRS reports as you having much greater income than expenditures. The amount of income according to their calculations would be greater than income showing on your W-2 forms. Will these sorts of calculations trigger audits?
I just see nothing but trouble, if we are going to be compelled to explain ordinary financial transactions to the IRS.
That’s a very narrow view of how things work. Also, you’re confusing a tax on income with a tax on wealth, and those are two entirely different things. It is investing by “the rich” that makes this system work and grow. Your view is myopic: take from the rich and give to the poor. Do that too much and the rich leave, as evidenced in England and India.
How ‘bout this instead. Suppose you have a 5% slice of the income pie and I have 50% of the pie. Let’s grow the pie by 10%. In this scenario, we both have an increase in income and, in the absence of inflation, a real increase in income. Since we both benefit, the rich will continue to invest and increase the size of the pie and we all win. A rising tide lifts all boats. Biden’s approach is to take from the productive and give to the unproductive. Stupid policy...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.