IRS wanting to monitor transactions over $600
(www.icba.org)
Comments (44)
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It's not "transactions over $600." It's for accounts containing over $600, which is almost everyone at some point each month.
From the website:
"The Biden administration is proposing requiring financial institutions report to the IRS all transactions of all business and personal accounts worth more than $600."
Backdoor gun registry.
Cash only for "important" purchases. :)
Does that mean that those people shop-lifting in California up to the $950 limit will now need to fill in a tax form!
I’m pretty sure laws don’t apply to them.
Hey big brother, just make it $666, we all know
this is horseshit............the IRS needs to be abolished.......do you know how many everyday transactions are over 600.00...shitloads....most houes payments or a lot of car payments are over that.....IRS>>GTFO
Banks getting wonky about withdrawals used to be only deposits w were looked at for money laundering now they ask what you're doing with withdrawals And all those fancy vaults are empty You need 10000 they have to order it takes a week usually
Come on man! If you can afford to make a $600 car payment, you can afford to support your new neighbors (cough, cough- illegals).
And Afghans.
Please delete if it has already been posted. The overreach is comical and I hope this is part of the movie. To show how insane the government can be if allowed?
THIS NEEDS EXTREME ATTENTION FOR EVERYONE! SEND THE INFO ON THIS TO EVERYONE YOU KNOW!
March 12, 2021
Reason - Biden's 'Rescue Plan' Will Sic the IRS on Anyone Who Earns $600 in the Gig Economy
https://reason.com/2021/03/12/bidens-rescue-plan-will-sic-the-irs-on-anyone-who-earns-600-in-the-gig-economy/
Buried inside the 600-page bill that's ostensibly meant to provide pandemic relief is a provision requiring gig economy platforms to report information to the IRS about all users who earn at least $600 in a year. Previously, platforms were only required to provide the IRS with information on users who made at least 200 transactions or earned at least $20,000.* https://www.congress.gov/bill/117th-congress/house-bill/1319/text
(August 11, 2021) Americans for Tax Reform - Senate Democrats Vote to Make Taxpayers Vulnerable to IRS Targeting and Harassment
https://www.atr.org/senate-democrats-vote-make-taxpayers-vulnerable-irs-targeting-and-harassment
All 50 Senate Democrats support President Biden's plan to monitor bank accounts, Venmo accounts, and other financial accounts with a value exceeding $600. Yesterday, they voted against Senate Finance Committee Ranking Member Mike Crapo’s (R-Idaho) S. Amdt #3099 to S.Con Res. 14, which would have prohibited the IRS from implementing President Biden’s proposal to create a new financial account reporting regime which would force the disclosure of any business or personal account that exceeds $600.
President Biden wants to give the IRS $80 billion in new funding. This funding would add 87,000 new IRS agents that Biden claims will squeeze taxpayers for an additional $787 billion. It will allow the agency to audit and harass more taxpayers. A major way the agency will do this is through this new $600 reporting regime.
https://www.atr.org/biden-budget-calls-30-tax-increases
https://home.treasury.gov/system/files/131/General-Explanations-FY2022.pdf
Can you create a post with this info? It should be stickied. This is our version of China’s Social Credit Score.
It IS being implemented. It will not be rolled out with publicity. “Vax Verify” is being run though Experion.
Wow, great data, yours needs a sticky. I wish there was a place on the board where the most informative replies could be housed separately, because how many people go back and read comments to posts they already perused?
Here's a link that explains all of proposed changes: https://taxnews.ey.com/news/2021-1121-biden-administrations-budget-and-green-book-focuses-on-increased-tax-compliance-and-enforcement-measures. This is some next level scary shit.
Makes me want to take my money out of the bank
And thats why I have and will never deal with banks. Cash only! No checks,no credit,CASH ONLY!
THE barter system has served me well for 30 years as well.
You're in the minority, I'm afraid. Most Americans are somehow tethered to the banking system. Breaking free of that is not easily done. I've been telling my husband for months that we need to get all our cash out. Hopefully this will wake him up.
Not really. Banks are worthless. And will continue to be so. With the inflation on the rise nobody will have a reason to use one. Why pay any one to middle man your money? Cash in hand. Dont need to be a sucker for all this electronic crap "convenience " . That's the very thinv that keeps you on their line. Dont bite that hook!
I had a Vietnam Vet buddy who had nothing to do with banks or the IRS from the time he came home from Nam. Worked for cash, never filed a tax return; they didnt even know he was out here. Until decades later, 2010 or so, when he signed up for - and received his VA Disability benefits, backdated to 1973. He then had a sizable sum plus a monthly payment for COPD, PTSD, and some other injuries. Then he died within 3 years.
Umm, that cash you're using belongs to the Federal Reserve. I think you're going to have to figure something else out...
But they don't know how much I have or what I use it for.
Barter system works very well.everybody has something I need and I got something everybody needs. I'll never go hungry.
This is how they intend to make up for the billions they just threw down the toilet in Afghanistan, make sure every middle class citizen is paying as much as tax as possible.
And the typical excuse is "drugs". You don't need evidence, you don't need probable cause, you don't need priors, you don't need anything. Because, "they know" that drugs are the only possible reason you would want to use your money for anything.
Time we start making wind chimes
Oh those beautiful wind chimes.
Same idea behind the dimwit with a G.E.D. at the library entrance stridently ordering you to put a mask on.
From the bones of executed commies?
No. It’s what I call a traitor who is hung
Let him hang in the wind. A wind chime
Got it!
I pray it is, then I can see the states wanting a piece of the action as well.
If I withdraw more than $2k the bank teller sends an incident report to IRS.
EndTheFed
EndTheIRS
This seems aimed at crypto investors imo
Wake up. They are fast implementing the Ulitimate Currency Control. You may as well call it the mark if the beast.
Look up China’s Social Credit Score. Vaccine databases are being set up through credit reporting agencies. The Great Reset is “you own nothing” but are sustained with Universal Basic Income. The value of the US dollar, upheld with the full force of US military, now destroyed by the Afghanistan plan.
How much freedom and autonomy will you have to “buy or sell” in a centralized digital system that tracks every byte of information?
Another brick in the ever-growing redpill wall.
What possible good could ever come from something like this??
Keep cash on hand. Fk the banks.
Like they don't already...
Who the fuck do they think they are? This is 100% illegal!!
I'm sorry since when does the left care about legality.