Posted on 10/16/2021 10:26:32 AM PDT by Half_Retired
Democrats may soon cut the price tag of their latest spending bill somewhere below $3.5 trillion, but they are still desperate to get you to pay for some of it. That is why they are trying to raise $460 billion by taking your banking data.
Buried deep in the Democrats' current $3.5 trillion spending bill is a section requiring all banks to provide data to the Internal Revenue Service on every account that had annual deposits or withdrawals worth more than $600.
(Excerpt) Read more at washingtonexaminer.com ...
Buried deep in the Democrats’ current $3.5 trillion spending bill is a section requiring all banks to squeal on depositors......to provide data to the Internal Revenue Service on every account that had annual deposits or withdrawals worth more than $600.
U.S. House of Representatives:
Telephone: 202-225-3121
Website: http://www.house.gov/
U.S. Senate: Telephone: 202-224-3121
So what happens if you’re a dealer for big automotive parts companies and people send you money to order stuff for them so they can get your cost + 10% bargains?
It *looks* like somebody sent you two grand and it’s in your bank but in reality, that money will immediately go to the company you’re a dealership for to buy the parts, and *you* don’t get to keep any of it.
Needs to be a “run” on the banks if this occurs or appears that it may. Won’t hurt anyone to take a large portion of your money out for a week or so. The whole system needs to be taken down.
We need to have an insurrection on the IRS.
FJB!
This is why Sleepy wants to add something like 80K new IRS employees...to rake over everyone’s returns for more revenue...
If THEY can see our accounts, then WE can see THEIRS!!
This is not about the money, IT IS about the CONTROL.
Just the the fake dossier was a convenient tool to spy on Trump, this will create an open season on conservatives.
Absolutely out of control tax and spending. Even the mainstream is starting to catch on, because it effects them too.
Beg pardon if I am stating the obvious. The Deep State wants to monitor your activity, and work their way into your accounts. In the near term, it’s about taking your earnings.
How does this new snooping help the IRS realize $460 billion in ADDITIONAL income tax?
Hint: the proposed reporting threshold is $600; the reporting threshold for Forms 1099 is ... $600.
If this passes, the IRS will soon start treating every payment and deposit over $600 as taxable income until YOU prove otherwise.
The IRS will soon fine everyone who didn’t turn in 1099’s equaling the amount of their aggregate payments to individuals.
The IRS will demand income tax from the recipients based on the aggregate of deposits. It will not matter that they have no idea what the payments and deposits are for (though soon they will decree that every deposit has to have identifying codes). They will start with “guilty”, levy your accounts, and make you prove they are wrong in Tax Court. That will be so expensive that most will pay up to save the cost and time of fighting it.
The Treasury will not end up with $460 billion, unless they actually collect three times as much, to cover the expenses of doing all this. It’s time for torches and pitchforks.
There will be no escape from the 4th beast of Daniel 7:23. I imagine all forms of cash will be rendered invalid.
People will take the Mark if they want access to their money, their 401(k).
Bank on it (intended).
So Hunter Biden will be required to report his Hooker and Drug transactions? I’m sure they’re $600+.
I am so glad to know that $600 is all that qualifies one for filthy rich status.
All the while, the billionaires will have all the perks, hide-outs and special work arounds that they have always had.
And the voters of the dunce party thought this bill was about sticking it to the rich...
That will keep them busy but they won’t find any money to take by watching my accounts. Trying to cheat on taxes isn’t needed and really isn’t worth the risk. I’ve seen what happens to people who get caught cheating with large amounts, even if was taken in small amounts over time. It’s not the back taxes, it’s the penalty interest that will break you.
Anybody else remember the the scheme to have everyone with retirement accounts turn them over to the IRS?? I think Jesse Jackson was in the middle of this.
The whole thing needs to die and we need to replace the Assistant Democrats that enabled it by voting for the Trojan horse infrastructure bill.
Dan Sullivan (R-AK) Shelley Moore Capito (R-WV) Mike Crapo (R-ID) Roy Blunt (R-MO) Richard Burr (R-NC) Deb Fischer (R-NE) Lindsey Graham (R-SC) Rob Portman (R-OH) Thom Tillis (R-NC) Lisa Murkowski (R-AK) Jim Risch (R-ID) Chuck Grassley (R-IA) Bill Cassidy (R-LA) Kevin Cramer (R-ND) Roger Wicker (R-MS) Mitch McConnell (R-KY) John Hoeven (R-ND) Susan Collins (R-ME) Mitt Romney (R-UT)
These idiots throw $3.5 Trillion around like party favors and want to know what we’re doing with $600 in our accounts. I’m beginning to smell...a rat...
Gee! What would John Q public buy that costs at least $600????
(Hint) bang bang
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