Treasury Secretary says reporting $600 transactions will 'fill the $7T tax gap' and claims Soviet-born, anti-crypto nominee for Comptroller of the Currency 'deserves fair hearing'

Daily Mail ^

[algore]

Treasury Secretary Janet Yellen defended on Tuesday the new requirement that all purchases above $600 be reported to the IRS

Said it will help fill the $7 trillion tax gap 'from places where the information on income is opaque and can be hidden'

Also said Biden's controversial pick to lead the agency responsible for regulating America's banks deserves a 'fair hearing'

'Professor [Saule] Omarova is the President's nominee... And I think she deserves a fair hearing by the Senate. I hope she will get that'

Omarova is a Cornell Law School professor who graduated from college in Moscow, where she attended on a scholarship named after Vladimir Lenin

She wrote a paper advocating for the Federal Reserve to take over Americans' personal banking in order to have more policy clout against big banks

Republicans and bank lobbyists already oppose her nomination to lead OCC

'Collection of information is routine,' Yellen assured when asked by CNBC's Squawk Box co-host Andrew Ross Sorkin about the new information collection that some Americans claim is an invasion of privacy.

Yellen insisted that the collection will help fill the tax gap.

She added: 'It's a simple way for the IRS to get a sense where that might be – it's just a few pieces of information about people's bank accounts.'

[algore]

Are bearer bonds still a thing?

https://uproxx.com/viral/the-story-behind-don-johnsons-mysterious-8-billion-briefcase/

[Bookshelf]

Omarova was right at home at Cornell.
99.5% Cornell Faculty, Academics’ Donations Given to Left ...
https://cornellsun.com › 2018/11/05 — Over the last year, professors, researchers and lecturers collectively donated approximately $289975.05 to election campaigns.

[midwest_hiker]

What?, exactly How will it fill the void. You can’t buy anything and not pay sales tax. Any saving account interest is all ready reported to the IRS.
Any investment account all ready reports to the IRS.
Only thing that you can hide is cash transactions. And even those over an limit are reported.
Maybe the IRS needs to look at Hunter’s cash art sales.
But that won’t happen.
Pay cash for anything that needs a license plate, etc. and you can’t get plates until you pay the man.

[ETCM]

That’s part of “the plan”. Who needs banks? The “Central Bank” holds all of your deposits. The banks then have no money to loan. See Omarova’s manifesto linked in post 35 above.

“the ultimate “end-state” whereby central bank accounts fully replace—rather than uneasily co-exist with—private bank deposits”

[SgtHooper]

Agree to some extent. There will be time before the “law” goes into effect.

[hinckley buzzard]

Crypto time.

[BipolarBob]

Problem solved.
Not quite. Have you forgotten civil forfeiture? Quite a wad of cash you have there, dware. It must be drug money. We'll take that off your hands.

[hanamizu]

Are bearer bonds still a thing?

---

There may still be some around, but it’s been illegal to issue them for decades. I understand that criminals like to hide money, but the government has used this fact to pretty much claim that since they issue money, they have the right to know who has how much and what they are spending it on. War on Drugs, War on Terror, that sort of thing.

Maybe five years ago the government of India decided to flush out all the people who were holding cash by suddenly announcing the demonization of high value bills on short notice. People were using and accumulating cash to avoid paying taxes! Imagine such a thing! So everyone had to schlep their old money to exchange with new along with having to explain how and where they got it.

The U.S. has never demonetized its currency, but with the bunch we have in power now, who knows?

[sauropod]

She should hang for this.

[Myrddin]

It won't solve a damn thing. My paychecks are over $600 every 2 weeks and have been taxed by my employer ahead of deposit. In point of fact, I declare Single/0 so they are overtaxed. I do that because my wife makes 10% of what I earn and her earning are undertaxed when filed jointly.

Any outbound activity is coming from an already taxed sun of money, so it doesn't make any difference to the net revenues to the IRS.

This proposal is nothing but snooping on everyone's accounts without a warrant.

[Sooth2222]

Guess we know how they will pay for that budget “plan.”

We haven't paid off the debt for the Civil War yet. (The first one.)

[MadMax, the Grinning Reaper]

Marxists of a feather flock together!

[weston]

Money orders. Many people still pay their bills with Money Orders.

[beethovenfan]

Deposit $700 one day, withdraw it the next day, re-deposit the third day, etc. etc.
Drive them nuts.

[NotQuiteCricket]

Data mining.
Who gets the contract to manage the data?
Can they “anonomize” the data and sell it?
I guess I am stupid, what are they looking for? People who have money not from an employer but the “gig” enonomy?
I guess barter will get more clever. Chasing small transactions is a fools errand, maybe it will wake up one or two communist who think they are getting over on the man.

Idiots I do not want my tax money spent managing this idiocy.

[GreyHoundSailor]

Most of the stuff I buy online still has no sales tax.

[Thunder90]

Appointing an open fan of Moscow and likely SVR agent a position in our government. No Russian Collusion there...

[Flaming Conservative]

I’m about ready to consider finding an old car without a computer. We’re old; we really don’t care what anybody thinks of what we drive (or wear, or have in our house, or what our yard looks like, or...ANYTHING).

[Mrs. Yuleeyahoo]

If you have $600 in your bank account, you are obviously rich.

[usnavy_cop_retired]

When is the last time you saw a paper check from the US govt.?

Almost all govt. payments and benefits are electronically deposited by regulations and laws. All/most Soc. Sec., all DOD retirement, all VA checks, all govt pay checks, all welfare/EBT are either direct deposit checks or electronically loaded ATM cards. Even the IRS makes it difficult to get a paper check.

So, taking all your money out of the bank will require monthly withdrawals. Do you think that the IRS will not find a way to claim that making withdrawals of all/most of your funds monthly is not a form of “structuring” to avoid the limits written into the new law just like those that currently applies to movement of $10,000 in and out of accounts?