Biden proposing requiring banks report to the IRS all transactions of all accounts worth $600 or more

[NEO]

If over the course of the year you deposit $300,000 into a second account and you have reported $150,000 in income via deposits from ADP into your checking account, there might be a problem.

I hate to tell you but the best banks aren’t FDIC regulated nor does the majority of the US even know about them.

This won’t affect high income earners at the least.

This is to go after the little guy.

 

[508mikey]

I hate to tell you but the best banks aren’t FDIC regulated nor does the majority of the US even know about them.

This won’t affect high income earners at the least.

This is to go after the little guy.

all you gotta have is your paycheck direct deposited and they gotcha

 

[Vol423]

IRS Overreach & Invasion of Financial Privacy

The Biden Administration wants to make sure they're able to track all those financial transactions of kids with paper routes, lemonade stands and lawn mowing businesses.

 

[Orangeburst]

I usually pay cash by withdrawing $400 as needed

Wonder if they will question where the cash is going

 

[508mikey]

The Biden Administration wants to make sure they're able to track all those financial transactions of kids with paper routes, lemonade stands and lawn mowing businesses.

they can actually start with the BLM Organization

 

[hog88]

I usually pay cash by withdrawing $400 as needed

Wonder if they will question where the cash is going

If you do it more than once a month.

 

[Hunerwadel]

You think the banks want this?

No I said earlier the banks hate it. They don't have a choice though.

 

[Orangeburst]

If you do it more than once a month.

Well crap
How would I itemize that?

 

[NEO]

all you gotta have is your paycheck direct deposited and they gotcha

Most people who own businesses don’t take a paycheck. They take a draw, a distribution, a profit, a loan, etc.

A LLC owner may never take a check ever even though he runs payroll on all employees. The net at the end of the year wolf simply go in their K1 which the government knows about but where those funds go he draws may never go into an account or be paid by check.

The paycheck people are normally the little guy sadly.

 

[Vol423]

I'm not sure of the motive behind this, but it is an infringement on privacy. It's also impractical. As someone who works in a bank, I can't fathom how much time would be involved in complying with such a law. The Patriot Act over-burdens administrators as it is... this would overwhelm them. Setting the threshold at $600 is comical. Why not just say "every transaction"? There wouldn't be much of a difference.

In fact, it would almost certainly be less expensive to comply with a regulation requiring all financial transactions rather than those with account balances over $600 because then there is no need to monitor every single account balance. This is yet another of those things that clueless politicians that have never worked a job in the real world never consider.

 

[davethevol]

I hate to tell you but the best banks aren’t FDIC regulated nor does the majority of the US even know about them.

This won’t affect high income earners at the least.

This is to go after the little guy.

They could start freezing assets of the middle class for any discrepancy they choose. It’s definitely a way to control the masses out of fear.

 

[85SugarVol]

No I said earlier the banks hate it. They don't have a choice though.

Because Gov’t amirite

 

[Hunerwadel]

The three credit bureaus know just about everything about you. They give sell your information to just about anyone willing to pay. Even scammers. The banks are probably already selling your transaction history to them. Gripe about that for a while.

 

[Carl Pickens]

Ah, this is not “nefarious”.

Well that’s reassuring - we can all rest easy now giving up more privacy.

He probably likes people poking around his property and going through his trash and what not too

 

[JOEY'S ALL VOL !!!]

More government overreach, it just never stops, an inch here and an inch there. This administration is now taking it to extremes never before achieved, their brashness in this quest is brought on by the simple fact that they have controlled and trained (brainwashed is probably more accurate) most of their party followers. What a bunch of fools that chose to give us this unbelievably moronic administration. Thanks, you imbeciles.

 

[FLVOL_79]

Should have made the number 666. That would be fun.

 

[AshG]

More government overreach, it just never stops, an inch here and an inch there. This administration is now taking it to extremes never before achieved, their brashness in this quest is brought on by the simple fact that they have controlled and trained (brainwashed is probably more accurate) most of their party followers. What a bunch of fools that chose to give us this unbelievably moronic administration. Thanks, you imbeciles.

Can you provide some examples of materials used to brainwash party followers?

Do you even understand the actual definition of brainwashing?

 

[LouderVol]

He wants to invest $100 billion in the IRS in order to get an extra $10 billion in taxes.

Got to love the governments idea of ROI.

 

[LouderVol]

I wish that every American that values their freedom will open online accounts at 2 banks with $5 in one and $605 in the other. Then EVERY morning transfer $600 from the $605 account to the $5 account. Then reverse the transaction the following day. Repeat. Every day.

Heck I will set up a dozen or more. I am petty AF. May not have them do every day. Maybe once a month.

 

[LouderVol]

The three credit bureaus know just about everything about you. They give sell your information to just about anyone willing to pay. Even scammers. The banks are probably already selling your transaction history to them. Gripe about that for a while.

So because things are bad we should just make them worse?

They are amputating my finger, so I should tell them to take the hand?

 

[Hunerwadel]

So because things are bad we should just make them worse?

They are amputating my finger, so I should tell them to take the hand?

I have a problem with people selling my information to credit card companies and other scammers. I don't have a problem with banks giving information to the IRS. I'm all for it. Righties are just a bunch of whiners about anything Joe does. Remember TDS? I believe it's mutated.

 

[southgatevol]

I have a problem with people selling my information to credit card companies and other scammers. I don't have a problem with banks giving information to the IRS. I'm all for it. Righties are just a bunch of whiners about anything Joe does. Remember TDS? I believe it's mutated.

At least you get to whine about the whining. CONGRATS!!!

 

[Redleg68]

I’m sure it’ll be spun as a way to track the wealthy money to make them pay their “fair share” and that’ll be eaten up but Jesus Christ man I had $600+ in the bank when I was in high school. This is tracking EVERYBODY. Glad I got out of the drug game when I did.

Said that in another thread

It is not even tracking the tax cheats. They are not stupid enough to have unexplained money sitting in a domestic bank account. People that believe it is about tax cheats--I have got this big water front lot in Mojave Calif. that I would like to sell you.

 

[85SugarVol]

The three credit bureaus know just about everything about you. They give sell your information to just about anyone willing to pay. Even scammers. The banks are probably already selling your transaction history to them. Gripe about that for a while.

Do the Credit Bureaus have access to your bank accounts?

 

[GAVol]

You think the banks want this?

I’ve already gotten an email from my bank saying they were against it.