Any number >= $0 is ridiculous.
And they’ll pass it and nobody, even all of us on here, will do a dam thing about it.
Oh we will bitch and moan and all that. But that is as far as it will get.
Want and solution to this?
Secession. Start a new republic.
This is nothing more than a tool for the government to go after its political enemies. Every person in the U.S could be invested without a warrant. And if they dont like you, they WILL find something.
It’s deposits or withdrawals TOTALING more than $10,000 ANNUALY. It’s not individual transactions over $10,000 each (which is already done). If you have more than $10,000 going into and out of your bank accounts, you get monitored by the Federal Gov’t.
the correct response is repeal the 16th
aren’t all transactions over $5000 already reported?
They need this information as one of the factors in establishing your social credit score.
Then they have the mileage tracker on your car, whether you own or rent your home, who your mail comes from, how often do you access certain websites and on and on and on.
Banks already note transactions of $10K+, and if you’re suspected of breaking up transactions into smaller amounts to evade the reporting requirements, you can go to jail.
So, already 50 some odd replies and NOT ONE OF YOU concede the fact that literally NO-ONE gave a damn back in 2009/2010 when FATCA was passed. After all, it only applied to Foreign Bank accounts, and we know that only bad people have such things.
Oh, that expat lost his account because the bank he did business with for years said they won’t comply so the closed all accounts with Americans? So sorry.
That the Treasury can now see every single movement on my account? I have nothing to hide, so why object?
That my non-citizen wife (no green card) would also have to report HER transactions (i.e. the IRS knows what SHE earns, even if it is not taxable income in the US)? She was thrilled to learn this!
That any organization I may be a part of (such as the local Beer Drinkers Club) and occupy a position where I have financial signature authority has to report (includes businesses)? Gee, that sure makes it easy to move up the corporate ladder, be involved in the community.
All of that was okay with you. Now they are coming for YOU and suddenly the Constitution matters again.
I fact that's exactly what Americians should do, break each and every payment into a $600 amount. Pay the credit card, ok that's four $600 transactions, pay the mortgage another three $600 payments. Bury the IRS in $600 transactions, trillions of them! We could have trillions of transactions for the IRS to review!
Image each time you go to the bank, remove $600 and then deposit the $600 back. Once a week would be 100 transactions.....
They have this information NOW.
Just like facebook and google do.
But the .gov has to pay for it. This bill just makes it free to them.
Every non physical cash transaction is traced and traceable. For that matter, many cash transactions are
It’s already 10,000. Which is crazy
In itself.
Um.
They still want ALL DEPOSITS OR WITHDRAWLS *TOTALLING* 10000 PER YEAR to be reported.
Not seeing the improvement.
bkmk