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

#126
#126
rjd970 said:
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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I'd think so. Seems like it would be fairly easy to figure out if every transaction is reported.
 
#127
#127
TheDeeble said:
I'd think so. Seems like it would be fairly easy to figure out if every transaction is reported.
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This is the gateway they will use for an all digital currency. Call it a conspiracy theory all you want, but once they get to this point, how much easier would it then be to switch over to an a digital currency?
 
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#128
#128
Rasputin_Vol said:
This is the gateway they will use for an all digital currency. Call it a conspiracy theory all you want, but once they get to this point, how much easier would it then be to switch over to an a digital currency?
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Well, when the government sends out the Universal Basic Income, they need to know where that money is going.
 
#129
#129
Rasputin_Vol said:
This is the gateway they will use for an all digital currency. Call it a conspiracy theory all you want, but once they get to this point, how much easier would it then be to switch over to an a digital currency?
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Could be a gateway to many things. One of which is the means testing out of SS or going after money they deem as "not needed". Call it a conspiracy theory too, but I'd expect nothing less from a govt that has spending problems.
 
#134
#134
rjd970 said:
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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I'm not sure about the exact details of what information would be shared. Net deposits? Gross deposits and withdrawals? Not sure, maybe someone else can shed some light on that/
 
#136
#136
lawgator1 said:
I'm not sure about the exact details of what information would be shared. Net deposits? Gross deposits and withdrawals? Not sure, maybe someone else can shed some light on that/
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I am sure the government will gladly shed light on it and you will drink it up because it came from a Democrat
 
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#138
#138
lawgator1 said:
I'm not sure about the exact details of what information would be shared. Net deposits? Gross deposits and withdrawals? Not sure, maybe someone else can shed some light on that/
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None of it serves an actual purpose and there’s no defense for it.
 
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#142
#142
Godfatha said:
That's one thing I don't get. They say the purpose is to target tax evaders making over $400,000 a year. I highly doubt people making that much money just have $600 in the bank account.
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LOL at this being the cutoff between the classes... $400k is nothing in comparison to the people who can afford to shelter money and REALLY avoid the IRS goon squad.
 
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#143
#143
Septic said:
Not sure if anyone has noted this - but this is where crypto currency will find widespread adoption.
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They've been talking about that on the business channels today.. The dems are already looking at how to get their paws on it.
 
#144
#144
hog88 said:
You voted for it.
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Everybody gets blame. The right can't come up with somebody better than an idiot so bad that Biden can beat him. Whoever won was going to try stupid ****, as we saw from 2016-2020.

Let's hope this is one of those dumb ideas that Biden has floated out there and then goes away because it's obviously dumb.
 
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#145
#145
SpaceCoastVol said:
They've been talking about that on the business channels today.. The dems are already looking at how to get their paws on it.
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That figures. I hope they can get this underground in such a way that it's really not traceable.
 
#146
#146
Septic said:
Not sure if anyone has noted this - but this is where crypto currency will find widespread adoption.
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Supposedly crypto will be included as well. It isn't just banks. It's any financial account.

The administration's proposed "comprehensive financial account reporting regime" would dramatically increase the types of financial institutions and transactions exposed to the feds' prying eyes. "All business and personal accounts from financial institutions, including bank, loan, and investment accounts," would be forced to "report gross inflows and outflows" to the IRS. And not just bank accounts: The dragnet would now include PayPal, settlement companies, and "crypto asset exchanges," for starters.
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Biden's Total Financial Surveillance
 
#148
#148
Septic said:
That figures. I hope they can get this underground in such a way that it's really not traceable.
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Actually I do too. Then it's game on. I've been asking that question for quite some time and never really got an answer other than.. yeah, they know what you have. I would think if that is true all that crap about blockchain being so secure is pretty much invalid
 
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