IRS $600 account monitoring (now $10K)

[tattooguy21]

I ran the tax center annually from 1999-2005 at each installation I was at. I don't understand this. One of my then paralegal buddies got out and went to law school. He's been an attorney for the IRS since 2009 to better explain it to me. How this will help them in the search for those wealthy avoiding taxes. Here's his response....

"Taxes always fall on the middle class and this is another example. This is nothing more than more government overreach."

There are several options if they are serious about tracking the specific group that several reps said they're trying to track (upper echelons of wealth).

-Tracking based on FATCA information for total money in banks (nationally/internationally) would probably help.
-accounts reporting over xxxxxxxxxxxxxxx dollars enjoy this sweet sweet oversight.

When did the left, anti-establishment become the authoritarian, boot licking party? I'd say, "asking for a friend" but I'm really asking for me, and have no friends.

And if your contribution is, "if you have nothing to hide..." then meh, volunteer your info, not mine. I consider my banking information as private as you consider your spouse's preferences when.......relaxing.

IRS proposal to monitor bank accounts with $600 sparks backlash

The Biden administration is facing growing backlash over a plan to provide the Internal Revenue Service with data on individual bank accounts with more than $600. The proposal emerged as a way to recover some of the estimated $600 billion per year in unpaid taxes, largely owed by wealthy people...

nbcmontana.com

 

[AlexanderFan]

I ran the tax center annually from 1999-2005 at each installation I was at. I don't understand this. One of my then paralegal buddies got out and went to law school. He's been an attorney for the IRS since 2009 to better explain it to me. How this will help them in the search for those wealthy avoiding taxes. Here's his response....

"Taxes always fall on the middle class and this is another example. This is nothing more than more government overreach."

There are several options if they are serious about tracking the specific group that several reps said they're trying to track (upper echelons of wealth).

-Tracking based on FATCA information for total money in banks (nationally/internationally) would probably help.
-accounts reporting over xxxxxxxxxxxxxxx dollars enjoy this sweet sweet oversight.

When did the left, anti-establishment become the authoritarian, boot licking party? I'd say, "asking for a friend" but I'm really asking for me, and have no friends.

And if your contribution is, "if you have nothing to hide..." then meh, volunteer your info, not mine. I consider my banking information as private as you consider your spouse's preferences when.......relaxing.

IRS proposal to monitor bank accounts with $600 sparks backlash

The Biden administration is facing growing backlash over a plan to provide the Internal Revenue Service with data on individual bank accounts with more than $600. The proposal emerged as a way to recover some of the estimated $600 billion per year in unpaid taxes, largely owed by wealthy people...

nbcmontana.com

You must be confused, only Republicans attempt to destroy freedoms and democracy.

 

[B1GTide]

O support this totally.

 

[Jon]

You must be confused, only Republicans attempt to destroy freedoms and democracy.

no one I know holds this view but Republicans are a far greater danger at the current time

 

[TIDE-HSV]

I ran the tax center annually from 1999-2005 at each installation I was at. I don't understand this. One of my then paralegal buddies got out and went to law school. He's been an attorney for the IRS since 2009 to better explain it to me. How this will help them in the search for those wealthy avoiding taxes. Here's his response....

"Taxes always fall on the middle class and this is another example. This is nothing more than more government overreach."

There are several options if they are serious about tracking the specific group that several reps said they're trying to track (upper echelons of wealth).

-Tracking based on FATCA information for total money in banks (nationally/internationally) would probably help.
-accounts reporting over xxxxxxxxxxxxxxx dollars enjoy this sweet sweet oversight.

When did the left, anti-establishment become the authoritarian, boot licking party? I'd say, "asking for a friend" but I'm really asking for me, and have no friends.

And if your contribution is, "if you have nothing to hide..." then meh, volunteer your info, not mine. I consider my banking information as private as you consider your spouse's preferences when.......relaxing.

IRS proposal to monitor bank accounts with $600 sparks backlash

The Biden administration is facing growing backlash over a plan to provide the Internal Revenue Service with data on individual bank accounts with more than $600. The proposal emerged as a way to recover some of the estimated $600 billion per year in unpaid taxes, largely owed by wealthy people...

nbcmontana.com

This verges on the confiscation laws. "Oh, you have this much money? Explain it." (As in a totalitarian regime.) This amounts to a universal audit and it's inexcusably intrusive, ripe for abuse. I'm speaking as a tax attorney with a masters of law in taxation from NYU and a former income tax examiner, so what do I know? I doubt many really understand how this information can be used and misused...

 

[NationalTitles18]

It seems there should be many ways to tighten up on the wealthy while not intruding on nearly every bank account in the US. I don't think you'll actually see many people at all defending this policy proposal.

 

[tattooguy21]

O support this totally.

Based on your views regarding speech and banking, do you support full authoritarian/ totalitarian rule? If so heads up, historically authoritarian regimes haven't done good by progressive social groups.

 

[tattooguy21]

It seems there should be many ways to tighten up on the wealthy while not intruding on nearly every bank account in the US. I don't think you'll actually see many people at all defending this policy proposal.

This verges on the confiscation laws. "Oh, you have this much money? Explain it." (As in a totalitarian regime.) This amounts to a universal audit and it's inexcusably intrusive, ripe for abuse. I'm speaking as a tax attorney with a masters of law in taxation from NYU and a former income tax examiner, so what do I know? I doubt many really understand how this information can be used and misused...

My buddy went to NYU! You guys are alumni buddies. This level of coverage, down to $600 is.....I'm pretty sure that neither the banks nor IRS are remotely staffed to handle the increase by what, millions of people annually that would now meet the new qualifications?

And could you go into detail about some of the ways that this could be misused?

 

[deliveryman35]

If you have a garage sale and make $600.00, Janet Yellen wants a cut.

 

[BamaFlum]

Why $600? How did they come up such an arbitrary number? This sounds very fishy and ripe for abuse.

 

[crimsonaudio]

There's already a movement among some folks to set up automatic banking transfers that will push $600 back and forth every day if this passes, just to help flood the system with useless data.

The federal government has long over-reached it's constitutional limits in many ways, imo, but this is next-level egregious.

 

[chanson78]

This is further proof that there is no sincere intent to affect the wealthy in this country through changes to tax policy.

Just because it’s coming out of the Biden administration does not mean it is a sound policy.

This reeks of an attempt to squeeze blood out of a turnip. ”Why bother getting a few millions out of a few people when we can get thousands out of millions of people?”

 

[JDCrimson]

They already see all currency transactions over $10,000 and what has that done to curb tax evasion, money laundering, or transfers to listed terrorists abs harboring nations? How about we focus on looking at the data they already receive?

True, there is alot of unreported revenue from small businesses, contractors, and sole proprietors. But these are not the wealthy people they keep saying they want to pay their fair share.

Do they really understand how much money in the demoninations they are targeting takes place on daily basis through Cash App, Vermo, and Zelle? The extreme majority of these transactions are not income.

This is why Democrats cannot accomplish anything of substance when in power, they just can't avoid these lightening rod proposals. Just be the party of rationality for Pete's sake and don't attack the pocketbook of regular Americans.

 

[92tide]

as expected.

Biden admin backs down on tracking bank accounts with over $600 annual transactions (msn.com)

 

[TIDE-HSV]

as expected.

Biden admin backs down on tracking bank accounts with over $600 annual transactions (msn.com)

I'm still not comfortable with the plan as modified and it's not because I'm cheating, either...

 

[chanson78]

This is my primary issue with democrats. This was floated out, made public, and now it’s part of the official platform and desire of the democrats. I know it’s not the official desire. I know it’s not part of the democratic platform. However to 100% of republicans and 70% of independents they will now be able to talk about how the democrats want to track when you get paid so they know when to take over the banks or dome equally asinine talking point.

If it was really expected by most everyone, why even put it out in the first place as ammo for the other side?

 

[uafanataum]

You must be confused, only Republicans attempt to destroy freedoms and democracy.

Both parties want to control our freedoms they just want to control different ones. Democrats want to control finances while republicans want to control who you sleep with.

 

[deliveryman35]

Heard yesterday that the amount now being floated is $10,000.00. So I get to keep my garage sale take of $600.00 but if I decide to sell an old truck, RV, or boat that Ive had for a while to my neighbor down the street for that amount or more, I will now have to pay taxes on that money.

 

[TIDE-HSV]

Heard yesterday that the amount now being floated is $10,000.00. So I get to keep my garage sale take of $600.00 but if I decide to sell an old truck, RV, or boat that Ive had for a while to my neighbor down the street for that amount or more, I will now have to pay taxes on that money.

Don't forget about intra-family gifts and inheritances. It's going to snag a lot of innocent people and they won't be making $400K a year, either...

 

[92tide]

Heard yesterday that the amount now being floated is $10,000.00. So I get to keep my garage sale take of $600.00 but if I decide to sell an old truck, RV, or boat that Ive had for a while to my neighbor down the street for that amount or more, I will now have to pay taxes on that money.

ianal, but i would think if it is a transaction that is subject to capital gains tax, that you would already be expected to pay taxes on that regardless of this potential rule.