Posted on 10/12/2021 11:51:46 PM PDT by Oshkalaboomboom
House Speaker Nancy Pelosi said she is 'very disappointed' Democrats will have to trim down their $3.5 trillion budget reconciliation bill after moderates balked at the number, and said the IRS proposal for banks to hand over transaction data would still be included.
'I'm very disappointed that we're not going with the original $3.5 trillion which was very transformative,' the California Democrat told reporters Tuesday upon returning from trip to Europe to meet with G-20 leaders.
But she promised: 'Whatever we do well make decisions that will continue to be transformative about women in the workplace.' She cited proposals such as universal pre-kindergarten, funding for child care and home health care and child tax credits.
'I mean, we're still talking about a couple trillion dollars, but it's much, much less,' the speaker said. She signaled climate measures would still be a priority too, but did not signal what could be up for the chopping block.
Pelosi said in a letter Monday night that she had continued discussions on the $3.5 trillion bill, the Build Back Better agenda, throughout her trip. 'It is essential that difficult decisions must be made very soon.'
'Overwhelmingly, the guidance I am receiving from Members is to do fewer things well so that we can still have a transformative impact on families in the workplace and responsibly address the climate crisis: a Build Back Better agenda for jobs and the planet For The Children!' she said in a statement.
During a news conference, a reporter told Pelosi that banks were 'starting to get calls' from customers worried about the IRS proposal tucked into the bill that would have banks hand over all transaction data on accounts over $600.
Asked if she thinks this proposal will stay in the final package, Pelosi said: 'Yes, yes, yes.'
(Excerpt) Read more at dailymail.co.uk ...
Now with this snooping item, Pelosi gave the Republicans good reason to vote “Hell No!”
For snooping at bank accounts, I can understand how they picked $10k. It’s a nice round number. But how did they come up with $600 - why is that such a magic number? Actually, with inflation, shouldn’t it be even higher than 10k?
I bet it’s because $600 is the threshold for issuing 1099’s for independent contractors
I tend to agree with you.
Problem here is that IRS has nowhere enough people to conduct reviews. Someone last month said that a minimum of 50k more employees would have to be hired.
All of this would lead to several million people each month being tasked to come to an IRS investigator and explain what this $1,100 charge was for landscape support or beauty treatment. You’d have to hire a lawyer to accompany you....so thousands of lawyers would have additional work to defend people off stupid accusations.
Cascading effect on cost of living for regular people in the end. Would trigger a lot of people to walk into a bank and just take out $5k at a time, and only pay for services in cash.
Oh brother....anytime Nancy Pelosi brings up “the children” and or “women” you can bet it has nothing whatsoever to do with either. She’s played that diversion for so many years she still thinks it works....it doesn’t.
Pelosi gets a tingle up her legs when she dreams of using Lois Lerner, Inc. to snoop on enemies of the Democrat party. The $600 thing just provides cover story.
January 2022 it will begin being done. And get ready for this....no more retail consumer banking. Your local post office will become your bank. The big banks will oversee the balances of the post offices. Kinda like what the fed does now over retail banks.
The EU uses the postal systems for all kinds of regulatory and finance stuff unrelated to the mail. They even act as compliance agencies for electronics and electrical equipment.
The proposal includes 85K new hires.
Related article from the Daily Mail:
“The new proposal requires financial institutions to ANNUALLY report the total amount that went in and out of the bank as well as loan and investment accounts if within that year the accounts hold a value of at least $600 or if the total transactions are $600 or more in a year.”
I suspect the left will take your cash in banks. This $600 is BS.
THEY WANT THE ABILITY TO FREEZE YOUR ACCOUNTS
So they are lying.
I live in Spain and they recently passed a rule where anything you buy in a store that costs over 1000 Euros has to be paid for with a bank card or else they fine you. You can make as many separate 900 Euro purchases as you want in cash but pass that magic number and the business can refuse you. My guess is that it is to force people to keep more money in banks so it's easier for the government to seize in a crisis a la Cyprus.
They would have to provide the interest rates as well as interest earned to get a somewhat accurate estimate of how much is in the financial institution. Regular checking accounts usually don’t earn interest. That said, I don’t think it is any of their darn business.
It isn’t going to solve anything. People working under the table for cash aren’t going to put it the bank and people making large legal transactions are likely to get hassled.
The IRS might be getting 87,000 new employees to do just that:
Agree.
$600 is the 1099 dollar amount that reporting starts for independent contractors. Anything under $600 the employer doesn’t report, but the contractor is required to report every dollar.
So, like you, if the transaction is over $600 and is income...it is already being tracked and reported.
So what is the purpose on this level? $600 is so low that it catches everything from rents, car payments, mortgage payments, car repairs, etc.
Simple, it leads to waiters/waitresses not reporting tips, independent contractors who structure payments under the $600 1099 requirement. This opens the door so the IRS can look and ask...hmmmm you only reported XX amount of income, but you were able to buy XXX, is there income you are failing to report. They then have the ability to go into your bank account and question all your deposits. If you are a good little citizen ...you are reporting ALL your income as under current law...even if it is under $600, you are required to report it to the IRS, even if the employer is not required too.
That’s the net they are casting. This net is not about the rich, it is about the freelancer, independent contractor, tipped service providers, nanny, housekeepers, etc. Democrats know there is a lot of underreporting in these job sectors and they are going after it. The reality is I don’t think anyone really knows how much is out there. But the $600 number is one anyone who is an Independent recognizes.
BLS says there are 14 million in the IC classification.
Tips come to nearly 42 billion a year reported income
How much is actually going unreported to the IRS?
Bwahahahaha!
Pelosi tells the DNCMedia to do a “better” job at propaganda, as it is a given that they’re on HER side. They just bungled it is her beef.
How about the DNCMedia do a better job at telling the truth?
America you deserve much better.
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