Over 29 years of fanhood Posted October 7, 2021 Share Posted October 7, 2021 (edited) I guess building back better means more government invasion into your personal information. Will it accelerate flight to cash or crypto although they are trying to ban that too. I cant wait for average Joe’s to start having to defend all their transactions to the state… the proposal give irs transactional data on any bank account with more than $600. Does that seem like they are targeting the wealthy?? Edited October 7, 2021 by Over 29 years of fanhood 2 Link to comment Share on other sites More sharing options...
LeviF Posted October 7, 2021 Share Posted October 7, 2021 3 hours ago, Over 29 years of fanhood said: Will it accelerate flight to cash or crypto although they are trying to ban that too. Part of the reason is to monitor crypto transactions. Link to comment Share on other sites More sharing options...
Over 29 years of fanhood Posted October 7, 2021 Author Share Posted October 7, 2021 (edited) 2 hours ago, LeviF said: Part of the reason is to monitor crypto transactions. So that means you need to get ahead of it if you want to avoid being seen right? Edited October 7, 2021 by Over 29 years of fanhood Link to comment Share on other sites More sharing options...
LeviF Posted October 8, 2021 Share Posted October 8, 2021 5 hours ago, Over 29 years of fanhood said: So that means you need to get ahead of it if you want to avoid being seen right? And if you never plan on converting it back. 1 Link to comment Share on other sites More sharing options...
SCBills Posted October 8, 2021 Share Posted October 8, 2021 Everything the left warned us Trump was, they elected in Biden. Senile tyrant. 1 Link to comment Share on other sites More sharing options...
Backintheday544 Posted October 8, 2021 Share Posted October 8, 2021 13 hours ago, Over 29 years of fanhood said: I guess building back better means more government invasion into your personal information. Will it accelerate flight to cash or crypto although they are trying to ban that too. I cant wait for average Joe’s to start having to defend all their transactions to the state… the proposal give irs transactional data on any bank account with more than $600. Does that seem like they are targeting the wealthy?? Dont think you get how the proposal would work. Plus the recent negotiations would push it to $10,000 vs $600 which favors the wealthy. Under the proposal, no specific bank transactions would be posted but if more than $600 came out or into an account, it would go to Treasury. Bank Secrecy Act has something kind of similar. It would help the IRS catch tax cheats. Most Americans have their income reported with W-2s and 1099s. There are some that do not. This would allow the IRS to say hey, this person has $400,000 coming out of a bank account where the transaction is $600 or more, but wait he’s only reporting $100,000 of income. How is that? I think though we should be mad at this policy but not because of your reason. The reason is the cost of compliance will most likely not justify the recaptured revenues. Link to comment Share on other sites More sharing options...
Over 29 years of fanhood Posted October 8, 2021 Author Share Posted October 8, 2021 36 minutes ago, Backintheday544 said: Dont think you get how the proposal would work. maybe.. but if so that makes two of us. My reason is simply because I don’t want an authoritarian omnipotent federal government autocracy ruling my life. your trust in these “altruistic” policies to expose everything about you and everyone else to these bureaucratic government institutions exemplifies NOT….getting….how….it… would ….work… 1 Link to comment Share on other sites More sharing options...
Backintheday544 Posted October 8, 2021 Share Posted October 8, 2021 19 minutes ago, Over 29 years of fanhood said: maybe.. but if so that makes two of us. My reason is simply because I don’t want an authoritarian omnipotent federal government autocracy ruling my life. your trust in these “altruistic” policies to expose everything about you and everyone else to these bureaucratic government institutions exemplifies NOT….getting….how….it… would ….work… Well no. I’ve read things from House Ways and Means and the JTC summary on provisions along with some (not all) of some hearings on this bill. Ive interjected my opinions in a letter from a large lobby group to Congress on the subject. I’ve spoken on the proposals to thousands of tax professionals. You’ve read a partisan article that gets a ton wrong. This has the potential to target the black market. This has the potential to target people who are trying purposefully to evade the tax laws. Again, I’m against it. But because the cost for banks will be too great compared to revenues. We should be funding the IRS. We should be giving them every dollar they can get. We should be passing laws better written than this to help the IRS. Link to comment Share on other sites More sharing options...
unbillievable Posted October 8, 2021 Share Posted October 8, 2021 How else are they going to produce $5,500,000,000,000.00 in taxes to pay for the BBB bill. Link to comment Share on other sites More sharing options...
All_Pro_Bills Posted October 8, 2021 Share Posted October 8, 2021 I expect details of the language in the bill will provide members of the executive and legislative branches and wealthy large political donors an exemption from the account snooping.. Link to comment Share on other sites More sharing options...
SoCal Deek Posted October 8, 2021 Share Posted October 8, 2021 5 hours ago, unbillievable said: How else are they going to produce $5,500,000,000,000.00 in taxes to pay for the BBB bill. Pay for it? Wait a minute! Joe said it was free. Link to comment Share on other sites More sharing options...
Over 29 years of fanhood Posted October 8, 2021 Author Share Posted October 8, 2021 8 hours ago, Backintheday544 said: Well no. I’ve read things from House Ways and Means and the JTC summary on provisions along with some (not all) of some hearings on this bill. Ive interjected my opinions in a letter from a large lobby group to Congress on the subject. I’ve spoken on the proposals to thousands of tax professionals. You’ve read a partisan article that gets a ton wrong. This has the potential to target the black market. This has the potential to target people who are trying purposefully to evade the tax laws. Again, I’m against it. But because the cost for banks will be too great compared to revenues. We should be funding the IRS. We should be giving them every dollar they can get. We should be passing laws better written than this to help the IRS. Hahaha typical hypocritical nonsense.. we should give the irs every dollar they can get while simultaneously advocating for wealthy bankers P&L through a lobby. The IRS is a bloated incompetent corrupt government organization with 75 thousand employees and an 11 billion dollar budget. They steal enough of my money and data already… they don’t need to waste more of my time while I justify why I transferred my money between my accounts. This is targeting the local landscaper and small business that operate partially under the table to stay afloat and may also impact non citizens living here that are trying to do something to make a living. The wealthy will dodge this like every thing else… they’ve bought these politicians. A 10k balance isn’t indicative of wealth, but it at least its a step in the right direction. Link to comment Share on other sites More sharing options...
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