Joe Biden’s $600 IRS Reporting Requirement Was Already Put Into Law Inside Obamacare, Then Repealed in 2011 – The Current Proposal Is Just Another Way to Return to The 2010 Objective

Conservative Treehouse ^ | October 14, 2021 | Sundance

[gattaca]

For those who have been following politics for a while, you might have remembered something about $600 and IRS reporting from a decade ago when Obamacare was passed.

Within the 2010 Obamacare mess, “It was added that payments for goods more than $600 in a 12 month period needed to be reported as well as services. Obamacare further provided that, beginning in 2012, payments to non-tax-exempt corporations—which had previously been exempt from the reporting requirement—would be subject to information reporting.” (link)

The 2010 tax law was actually enacted, briefly, and was scheduled to take effect in the 2012 tax year.

I well remember at the time everyone was like WTF, I’ve got to fill out a 1099 any time I give $600 to a service provider or business?

Yes, the embedded law inside the Obamacare law meant that anyone who paid any person or business $600 or more for a good or service was supposed to fill out a 1099 tax filing reporting the transaction to the IRS.

The political premise of the law was so obvious, stupid and cumbersome in 2011, after Obama’s 2010 mid term election “shellacking“, one of the first acts of a new republican congress was to repeal that ridiculous segment of the law. As it was noted at the time:

[…] “Essentially, with President Obama, signing into law H.R. 4 [2011], the reporting rules now revert back to what they were before the 2010 legislation (Obamacare and Small Business Jobs Act) was passed. We are now back to where we were before the government started monkeying around with things in the first place.” (read more)

So, for those of you paying attention; and for those of you who realize Joe Biden is just a false front for Obama’s third term; indeed the current 2021 effort by the Treasury Department to require banking notifications to the IRS for $600 transactions looks exactly like what Obama’s team previously tried in 2010.

♦ The difference this time is they are switching the reporting requirement from the individual taxpayer to the financial institution. THE GOAL IS THE SAME.

Here is where you need to remember that Barack Obama and his Alinsky crew used the IRS as a weapon against their political opposition. {GO Deep} The IRS even settled a class action lawsuit in 2018 giving the Tea Party groups $3.5 million in a settlement, and the IRS admitted they were targeting Obama’s political opposition.

The Joe Biden proposal to create an entirely new reporting regime for financial accounts that exceed $600 should be alarming to taxpayers. If this proposal is implemented, it is inevitable that we will see new cases of the IRS targeting and harassing taxpayers.

It is not a coincidence the $600 threshold is the same in the Joe Biden 2021 Treasury Department effort as it was in the Barack Obama 2010 effort. The Alinsky crew know they can then control “who” to apply this target regulation toward.

Just like the DOJ-NSD only targeted Foreign Agent Registration Act (FARA) violations toward the political opposition of Democrats; and predictably just like any OSHA vaccine penalty will only be targeted toward political opposition of Democrats; and just like the IRS was previously weaponized through the DOJ to target political opposition of Democrats; so too will these $600 treasury notifications provide the basis for another round of political targeting.

We have a clear history to fall back on here. This is what Saul Alinsky taught them to do….

[…] The IRS Criminal Investigation Division (IRS-CI) regularly violated taxpayers’ rights and skirted or ignored due process requirements when investigating taxpayers for allegedly violating the $10,000 currency transaction reporting requirements, according to a 2017 report by the Treasury Inspector General for Tax Administration (TIGTA). In addition, less than one in ten investigations uncovered violations of tax law.

These findings should be alarming to taxpayers given that President Biden has proposed creating a new comprehensive financial account information reporting regime which would force the disclosure of any business or personal account that exceeds $600. Not only would this include the bank, loan, and investment accounts of virtually every individual and business, but it would also include third-party providers like Venmo, CashApp, and PayPal. (read more)

[Bayard]

See... one big the problem for Joe Biden and Obama is that Biden is Biden and not Obama.

[ronnie raygun]

just remember all transactions are now 599 pull out your savings

[pepsionice]

If this went into effect....and you wanted to ‘clog’ the whole system....go take $601 out of your regular account and move it to a second bank account....hour by hour (back and forth), and get all your friends and neighbors to do the same (set up automatic movements). List various reasons (honky tonk girls, horse pills, dog tricks, dirty pictures, etc). Whole IRS program would collapse in a matter of weeks.

[PghBaldy]

“Biden” is different in that he is not worrying about re-election. They can use him as the scapegoat for everything if the citizenry rebel against the policies of Obama 3.0

[SMARTY]

Home break ins will explode. Crooks know that people will be stashing the money in their homes

[ridesthemiles]

There would NOT have been enough paper for all the 1099’s that would have been needed.

Life long accounting efforts have shown me that such a demand would have overwhelmed the companies AND the IRS.

[Vaduz]

Joe Biden’s $600 IRS reporting requirement will put a crimp on the D.C. mob loop hole ensues?.

[markman46]

and people will be closing their accounts in droves, bet its already starting to happen

[Bratch]

Reposting article with hyperlinks.

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Joe Biden’s $600 IRS Reporting Requirement Was Already Put Into Law Inside Obamacare, Then Repealed in 2011 – The Current Proposal Is Just Another Way to Return to The 2010 Objective

October 14, 2021 | Sundance | 152 Comments

For those who have been following politics for a while, you might have remembered something about $600 and IRS reporting from a decade ago when Obamacare was passed.

Within the 2010 Obamacare mess,

“It was added that payments for goods more than $600 in a 12 month period needed to be reported as well as services. Obamacare further provided that, beginning in 2012, payments to non-tax-exempt corporations—which had previously been exempt from the reporting requirement—would be subject to information reporting.” (link)

The 2010 tax law was actually enacted, briefly, and was scheduled to take effect in the 2012 tax year.

I well remember at the time everyone was like WTF, I’ve got to fill out a 1099 any time I give $600 to a service provider or business?

Yes, the embedded law inside the Obamacare law meant that anyone who paid any person or business $600 or more for a good or service was supposed to fill out a 1099 tax filing reporting the transaction to the IRS.

The political premise of the law was so obvious, stupid and cumbersome in 2011, after Obama’s 2010 mid term election “shellacking“, one of the first acts of a new republican congress was to repeal that ridiculous segment of the law.  As it was noted at the time:

[…] “Essentially, with President Obama, signing into law H.R. 4 [2011], the reporting rules now revert back to what they were before the 2010 legislation (Obamacare and Small Business Jobs Act) was passed.  We are now back to where we were before the government started monkeying around with things in the first place.” (read more)

So, for those of you paying attention; and for those of you who realize Joe Biden is just a false front for Obama’s third term; indeed the current 2021 effort by the Treasury Department to require banking notifications to the IRS for $600 transactions looks exactly like what Obama’s team previously tried in 2010.

♦ The difference this time is they are switching the reporting requirement from the individual taxpayer to the financial institution.  THE GOAL IS THE SAME.

Here is where you need to remember that Barack Obama and his Alinsky crew used the IRS as a weapon against their political opposition. {GO Deep}  The IRS even settled a class action lawsuit in 2018 giving the Tea Party groups $3.5 million in a settlement, and the IRS admitted they were targeting Obama’s political opposition.

The Joe Biden proposal to create an entirely new reporting regime for financial accounts that exceed $600 should be alarming to taxpayers. If this proposal is implemented, it is inevitable that we will see new cases of the IRS targeting and harassing taxpayers.

It is not a coincidence the $600 threshold is the same in the Joe Biden 2021 Treasury Department effort as it was in the Barack Obama 2010 effort.  The Alinsky crew know they can then control “who” to apply this target regulation toward.

Just like the DOJ-NSD only targeted Foreign Agent Registration Act (FARA) violations toward the political opposition of Democrats; and predictably just like any OSHA vaccine penalty will only be targeted toward political opposition of Democrats; and just like the IRS was previously weaponized through the DOJ to target political opposition of Democrats; so too will these $600 treasury notifications provide the basis for another round of political targeting.

We have a clear history to fall back on here.   This is what Saul Alinsky taught them to do….

[…] The IRS Criminal Investigation Division (IRS-CI) regularly violated taxpayers’ rights and skirted or ignored due process requirements when investigating taxpayers for allegedly violating the $10,000 currency transaction reporting requirements, according to a 2017 report by the Treasury Inspector General for Tax Administration (TIGTA). In addition, less than one in ten investigations uncovered violations of tax law.

These findings should be alarming to taxpayers given that President Biden has proposed creating a new comprehensive financial account information reporting regime which would force the disclosure of any business or personal account that exceeds $600. Not only would this include the bank, loan, and investment accounts of virtually every individual and business, but it would also include third-party providers like Venmo, CashApp, and PayPal. (read more)