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

#105
#105
Hunerwadel said:
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.
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Uh, righties being against expanded government powers is a ideologically consistent stance, so try again.

I have stated I will vote someone in for life if they get rid of the scammers and get rid of the consumer being the product.
 
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#106
#106
headhunter15 said:
So, when I take rent money out, the IRS is made aware? To hell with these lunatics.
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Car work done, need some new sheets, frigging bed bath and beyond is highway robbery, buy like 6 pieces of plywood, throw a party for your kids teeball team, or just so happen to spend an average of 50 dollars a month.
 
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#108
#108
85SugarVol said:
Do the Credit Bureaus have access to your bank accounts?
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Yes. If you have a bank card check your credit file. All of the major banks report to credit bureaus. I certainly don't know banning law but as far as what Biden is wanting to do the banks already have to report some transactions. So this is nothing new.
 
#109
#109
LouderVol said:
Uh, righties being against expanded government powers is a ideologically consistent stance, so try again.

I have stated I will vote someone in for life if they get rid of the scammers and get rid of the consumer being the product.
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OK, I'll try again. They are doing their damnedest to expand their powers to deprive or limit women's constitutional right to have abortion. If that back door juggling act in Texas stands it will probably contribute to more government overreach in both Conservative and Liberal states by creative lawmakers. You might want to hope this Texas law is overturned.
 
#110
#110
Hunerwadel said:
OK, I'll try again. They are doing their damnedest to expand their powers to deprive or limit women's constitutional right to have abortion. If that back door juggling act in Texas stands it will probably contribute to more government overreach in both Conservative and Liberal states by creative lawmakers. You might want to hope this Texas law is overturned.
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I certainly hope the vigilante portion of the law is overturned. What a horrible precedent that would set.
 
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#111
#111
Hunerwadel said:
Yes. If you have a bank card check your credit file. All of the major banks report to credit bureaus. I certainly don't know banning law but as far as what Biden is wanting to do the banks already have to report some transactions. So this is nothing new.
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There is no reporting of assets (bank, stocks, bonds, etc.) to the Credit Bureaus.
 
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#112
#112
85SugarVol said:
I certainly hope the vigilante portion of the law is overturned. What a horrible precedent that would set.
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And it would be a precedent. I can hear the wheels turning in Liberal states right now on how to prevent people from getting their hands on guns, ammo, permits, automobile carry, open carry you name it. The court screwed the pooch letting this law take effect. (even though it's just the beginning not the end)
 
#113
#113
Hunerwadel said:
OK, I'll try again. They are doing their damnedest to expand their powers to deprive or limit women's constitutional right to have abortion. If that back door juggling act in Texas stands it will probably contribute to more government overreach in both Conservative and Liberal states by creative lawmakers. You might want to hope this Texas law is overturned.
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Not in texas. Try again.

Third times the charm?
 
#114
#114
BowlBrother85 said:
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.
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You don't know the motive? This regime is a dictatorship. All you need to know.
 
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#115
#115
Hunerwadel said:
And it would be a precedent. I can hear the wheels turning in Liberal states right now on how to prevent people from getting their hands on guns, ammo, permits, automobile carry, open carry you name it. The court screwed the pooch letting this law take effect. (even though it's just the beginning not the end)
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Oh I agree. Just shocked that some aren’t thinking this all the way through…

I think they are waiting to rule on the Mississippi case, and just punted on Texas in the meantime.
 
#117
#117
lawgator1 said:
A couple of points of clarification might be helpful here (not that you want to hear them since it undermines the shrill soapboxing itt):

1) The proposal is not reporting of every transaction of $600 or more. Rather, it is that if a given account has at least $600 in transactions in a given year, then the bank reports on the inflow and outflow.
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LOL Yeah, that's much better.

Do you even think about what you are writing?

These are the only people that won't be affected:
iu
 
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#120
#120
Hunerwadel said:
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.
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Yep.. They are criminal organizations.
 
#124
#124
lawgator1 said:
A couple of points of clarification might be helpful here (not that you want to hear them since it undermines the shrill soapboxing itt):

1) The proposal is not reporting of every transaction of $600 or more. Rather, it is that if a given account has at least $600 in transactions in a given year, then the bank reports on the inflow and outflow.

2) The proposal has been touted by IRS chief Charles Rettig, who came form the Trump administration. The theory is that people are hiding income in accounts so as to avoid tax consequences.








If you want to avoid this i think you need to come to grips with two things. First, there are a lot of people out there intentionally underreporting income to avoid paying taxes they owe. Second, the IRS has had its legs taken out from underneath it, I think we all know by whom, and so the alternative is to increase the budget for enforcing, and to then actually do it.
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You Democrats... I swear you guys want to squeeze every penny you can out of the common man and close any ability for the Little Guy to stick it to The Man. Why are you going to hunt down pennies on the dollar compared to the dollars of enforcement you are about to create? $600 whether it is accounts or in transactions isn't going after rich folks. And hunting around in PayPal and Venmo for money is just going way too far. Can the govt live with less for a change? This really can't be about getting revenue as much as it is a pretext for eventually controlling every Americans transactions on a digital block currency. The Little Guy can't catch a break.

Under Biden Plan, The IRS Would Know A Lot More About Your Bank Accounts

Conversely, say the young couple receives the down payment as a gift from their parents. If the parents gifted $50,000 to the adult children to make a down payment, that must be reported on a gift tax return, even though no gift tax is due. This type of gift is frequently made, and in my practice as a tax controversy lawyer, rarely reported as it should be. The increased financial reporting obligation would likely increase compliance with gift tax reporting rules.
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Damn, so this opens the door wide open on gift tax enforcement. You guys would hunt down the jedi all over the galaxy if it meant squeezing a few cents out of them.

You people are despicable.
 
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#125
#125
lawgator1 said:
A couple of points of clarification might be helpful here (not that you want to hear them since it undermines the shrill soapboxing itt):

1) The proposal is not reporting of every transaction of $600 or more. Rather, it is that if a given account has at least $600 in transactions in a given year, then the bank reports on the inflow and outflow.

2) The proposal has been touted by IRS chief Charles Rettig, who came form the Trump administration. The theory is that people are hiding income in accounts so as to avoid tax consequences.








If you want to avoid this i think you need to come to grips with two things. First, there are a lot of people out there intentionally underreporting income to avoid paying taxes they owe. Second, the IRS has had its legs taken out from underneath it, I think we all know by whom, and so the alternative is to increase the budget for enforcing, and to then actually do it.
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I get paid by direct deposit every two weeks - does this mean the government will know how much I have in my checking account without my consent, and how I'm spending it?
 
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