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2021-10-20 Home Front: Politix

Democrats to scale back Treasury's IRS bank reporting plan, raise threshold from $600 to $10,000

Isn’t $10,000 where it was originally? Pure genius, guys.

[JUSTTHENEWS] Senate Democrats are set Tuesday to announce a scaled-down version of the Biden administration, the same old faces in slightly different places, the same old ideas, the same old graft

Biden administration, the same old faces in slightly different places, the same old ideas, the same old graft

...knaves, footpads, and adjusters employed by the Biden Crime Family. They leave a trail of havoc everywhere they turn their attention, be it the nation's borders, the Keystone XL Pipeline, or epidemics, sometimes on purpose, most times through sheer arrogant ineptitude. They learnt this stuff in college, you know...
's proposal to crack down on Americans it suspects are dodging taxes.The administration's original proposal was greeted with overwhelming opposition from fiscal conservative groups, the banking industry and other over concerns about financial privacy.

The initial plan, conceived by the Treasury Department and Senate Democrats, would have allowed the Internal Revenue Service access to information on bank accounts that had at least $600 worth of annual deposits or withdrawals.

The new proposal will still allow the IRS
...the Internal Revenue Service; that office of the United States government that collects taxes and persecutes the regime's political enemies...
to access information on accounts that transfer or receive more than $10,000 annually. However,
it's easy to be generous with someone else's money...
it will exclude all wage income from counting toward the $10,000 threshold.

While Treasury Secretary Janet Yellen has been adamant in her position that the new measure would amount only to essentially a technical set of changes, critics of the proposal argue that the new rules would massively expand the IRS's ability to snoop on the accounts of Americans.

The goal of the proposal, broadly, is to enable the IRS and Treasury to better identify wealthy tax evaders, which in turn will assist congressional Democrats and the Biden administration to pay for the proposed trillion-dollar spending plans of which it is a part.

Posted by Fred 2021-10-20 00:00|| || Front Page|| [7 views ] Top

#1 And of course the usual suspects will be exempt.

Posted by CrazyFool 2021-10-20 00:14|| 2021-10-20 00:14|| Front Page Top

#2 TW, I don’t think they currently have the right to access these accounts without a warrant. The $10K refers to cash withdrawal notification.

Note that they are excepting payroll deposits. They are going after the cash economy. People are going to go back to carrying a roll of cash, I think.

Any account with over $10K in non-payroll deposits In a year would be under continuous inspection by IRS computers thereafter.

I wouldn't think the Congress critters would go for this.

Posted by KBK 2021-10-20 01:10|| 2021-10-20 01:10|| Front Page Top

#3

Do the Math....
Minimum Wage $7.50 x 40 hours x 50 weeks = $15,000.
Minimum Wage $7.50 x 32 hours x 50 weeks = $12,000.

As of August 2021, the average check is $1,437.55, according to the Social Security Administration. $1,437.55 x 12 months = $17,250.60.

SO $10,000.00 covers likely 90% of the USA wage earners.

EXCEPT the Illegals and those working under the table for sub-standard wages.

So how does Biden think and claim this level of Wage Earner can dodge enough tax revenue to make up the Socialcrats Massive $3.4T Over Spending proposed budget?

Are they thinking a Yard Sales need to be registered & taxed now also

Posted by NN2N1 2021-10-20 07:15|| 2021-10-20 07:15|| Front Page Top

#4 So we have a track record somewhere of Hunter's bank transactions? Asking for a friend.

Posted by Procopius2k 2021-10-20 07:19|| 2021-10-20 07:19|| Front Page Top

#5 To combat money laundering, all FDIC insured banks in the US have to report deposits $10,001 and over to the IRS.

So yeah, they put it back where it was.

Posted by DarthVader 2021-10-20 08:08|| 2021-10-20 08:08|| Front Page Top

#6 the $10k is cumulative deposits in a year

so it is a deceptive 'scale down'

Posted by Lord Garth 2021-10-20 08:56|| 2021-10-20 08:56|| Front Page Top

#7 I think current monitoring is $10K in a single transaction - this is $10K accumulative over a year.
If you are renting out an apartment or running a legitimate business you will be targeted. If you get alamony, child support, etc... you will be targeted.
I also notice 'deposits or withdrawals is mentioned. So even if wages deposits are not counted - are the corresponding withdrawals?
As for Hunter's income - I'm sure certain protected classes will be exempt.

Posted by CrazyFool 2021-10-20 09:05|| 2021-10-20 09:05|| Front Page Top

#8 It was $10,000. Supposedly, this was for the purpose of tracking criminal, drug and terrorist activity transactions.

True genius going on in Washington (sarc).

Posted by JohnQC 2021-10-20 09:35|| 2021-10-20 09:35|| Front Page Top

#9 I'm starting to think this is all just smoke blowing. Again - if they were really interested in going after 'the wealthy', they can do that through audits. This new threshold simply means they'll have a reason to audit small businesses (plenty of Asian restaurants & eateries around these parts are cash-only businesses) but they don't have enough audit staff to do it on a widespread basis. I did a few of those audits at the Mass. DOR (Chinatowwn, here I come!), and it sucked big, hairy donkey balls.

In other words, it's a hollow / empty threat.

Posted by Raj 2021-10-20 10:18|| 2021-10-20 10:18|| Front Page Top

#10 For less than 10 Grand, you can pick up a Pelosi Preferential 44 shares of Nvidia.

Posted by swksvolFF 2021-10-20 10:34|| 2021-10-20 10:34|| Front Page Top

#11 allow the IRS to access information

... under what conditions? With what approvals? Based on which flags or triggers, exactly? What's the procedure? Is there some kind of internal review process required?

WTF has happened to rule of law in this country?

Posted by Merrick Ferret 2021-10-20 10:47|| 2021-10-20 10:47|| Front Page Top

#12 its comin down to the barrel of a gun

Posted by 746 2021-10-20 11:32|| 2021-10-20 11:32|| Front Page Top

#13 Illegal search and seizure.

Posted by Woodrow 2021-10-20 12:06|| 2021-10-20 12:06|| Front Page Top

#14 You guys really have to read the article! It says, “ least $600 worth of annual deposits or withdrawals. ” I pay more than $600 a month in diesel fuel. This means everyone with a checking account will be reported.

Posted by Vinegar Thrusoque6030 2021-10-20 12:14|| 2021-10-20 12:14|| Front Page Top

#15 If Brandon wants to stop this, congress should make a rule that anybody transferring more than $500 dollars out of the country must show a US identification card or pay a 15% tax.

Posted by Vinegar Thrusoque6030 2021-10-20 12:18|| 2021-10-20 12:18|| Front Page Top

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