It’ll be down to $1 within 18 months.
Even $100K+ is unconstitutional....................
I’m so old I remember Biden saying he’s going after only people who make 400K.
They want the camel’s nose (IRS/democrat party members) in the tent which is your bank account.
Setting it to 10,000 sounds less intrusive.... until you realize that in the soon to hit hyperinflation lunch at McDonalds will probably cost 8,000.
Venezuela comes to mind.
Also, there was an attempt to set a maximum rate of something like 10% in the original Income Tax amendment. It was rejected with the argument if income tax ever went that high, there would be a revolution.
NO IRS monitoring of day to day bank account activity. It’s the camel’s nose in the tent.
Negotiation on the number is wrong.
This is just invasive for no reason.
They just want to gather information on people.
We bought and sold our house this year with bank wires, so I’m sure we are on their radar. We pay no federal or state income tax, we have no taxable income. We are retired and I planned our retirement so that we would have no taxable income, zero. No state, no federal income tax at all, period. Eat that biden.
Most people make more than $10,000 annually, and I imagine most of that income gets deposited in a bank. If they really mean that this threhold applies to to total annual deposits, then virtually everyone would get reported.
We used to respect privacy in this Country. We used to value freedom and liberty, and accept responsibility as a necessary consequence.
As JD Wentworth sez, “Its my money and I want it now.” FU Joe Biden and the dems, no number is OK
That’s it - I’m closing all of my bank accounts and investing the money in Hunter Biden paintings....
If this really does come to pass it will cost the banks to do it. Of course the banks will pass the cost onto it’s members.
We could just sit and repeatedly transfer $600 back and forth between the checking and savings accounts to swank the system.
typical transactions over $600:
Mortgages,
car payments,
electric bills in southern states
car insurance
payroll deposits
Every American will have their privacy violated at least 4 to 8 times a month. This is Orwellian and a clear violation of the 4th Amendment spelling out our God-given right to privacy fro government.
Once agin, the biggest threat to “Democracy” in the USA id the Democrat Party under Biden
To even suggest a negotiated threshold is wrong and is to give credence to the incredible.
Just say NO.
Children and more laws and regulations. Far to many of both in giverment now.
People making $15/hr earn $600 gross per week, so even “minimum wage workers who are a bit frugal could easily snag the Xiden tripwire.
It won’t be long before we’re each assigned our own political officer to watch us 24/7.
How ‘bout stop spying on people’s finances comnpletely?
If a ‘penumbra’ of the First Amendment can protect pre-natal infanticide on privacy grounds, they it should protect bank accounts as well.
“The First Amendment has a penumbra where privacy is protected from governmental intrusion,” the Court said. “While it is not expressly included in the First Amendment, its existence is necessary in making the express guarantees fully meaningful.”
Whether it is $600 or $10,000, this is still spying by the IRS on the personal business of each of those affected, and is thus utterly unacceptable. If they have reasonable cause to believe that someone has cheated on their taxes, then they should get legal authorization to examine that person’s financial records. Just letting them do it is a complete violation of the 4th Amendment.