I find this very disturbing. I'm an old lady and spend over $600/mo just on my medicines. Will that alert them to my elimination? They need to know if I need a new fridge or stove?
Heard just now Eilz Warren saying its legal because people get W2s but does Gates, Zuckerberg, Cuban, Hunter...do they get W2s every year?
This is ass backwards because W2 deals with income (which is taxed) and what IRS is to track our expenses for which we pay tax on at purchase.
I believe it is banks having to report direct to the IRS transactions over $600? So it would not be the citizen. but the bank. And the small banks hate this, because what the hell? The paperwork alone!!!!
Banks have been reporting 'incident reports' to IRS all along for withdrawals of over $2,000. But $600 is crazy......I spend that in a month at Costco. And with the holidays coming?