New IRS Banking proposed bill

[collinmaune]

Hidden inside the Biden infrastructure deal is the IRS demanding any banking institution report any transaction over $600 to the IRS. Attached below is a link to send a letter to you local congress rep. Along with an article stating the IRS will basically start taxing your bank transactions compared to reported income!

https://www.icba.org/bank-locally/c...6OYuUpEL7TG8le-KChb7JJtwJ4RnYJatE16GyBq-1XR5o

https://www.cnbc.com/2021/09/02/irs...ren-bank-data-can-help-fight-tax-evasion.html

 

[TBItoy]

On sale! 189 easy payments of $599

Just one more way they will **** over the middle class.

 

[collinmaune]

On sale! 189 easy payments of $599

Just one more way they will **** over the middle class.

Just wait till you buy something with taxed money, pay sales tax on it. Then sell it down the road and deposit the money into your account and get charged income tax on it!!

 

[Blackbeard]

Just wait till you buy something with taxed money, pay sales tax on it. Then sell it down the road and deposit the money into your account and get charged income tax on it!!

Doesn't that already happen?

 

[collinmaune]

Doesn't that already happen?

No today if you deposit money into your savings account over $600 they don't tax it like income.

 

[SkinnyPedalRacing]

No today if you deposit money into your savings account over $600 they don't tax it like income.

Is that how it would work? What if the money was earned income from a paycheck that is already taxed? If you take it out of your account, and then months later, put in the same account or different account, how could they tax it? There is no way to trace the money to see where it came from without a lot of work with short staffing?

For example, you can gift someone $15,000 in one year without being taxed. It can be used to avoid taxes or other things, but they couldn't tax that amount per the IRS rule that allows this.

Do not disagree on the invasion of privacy, but seems like a crack down on illegal money movement. Right now, for anything over $10k you are filling out forms for the GOV.

 

[collinmaune]

Is that how it would work? What if the money was earned income from a paycheck that is already taxed? If you take it out of your account, and then months later, put in the same account or different account, how could they tax it? There is no way to trace the money to see where it came from without a lot of work with short staffing?

For example, you can gift someone $15,000 in one year without being taxed. It can be used to avoid taxes or other things, but they couldn't tax that amount per the IRS rule that allows this.

Do not disagree on the invasion of privacy, but seems like a crack down on illegal money movement. Right now, for anything over $10k you are filling out forms for the GOV.

So according to how the bill is worded and what the banking/ FDIC industry is saying. They will be required to report any transaction over $600. How the IRS taxes that hasn't been explained. However in the article I posted the head of the IRS said the difference in taxes collected and taxes owed by law are in the these transactions. Soo in my wording I think it will be a your word vs the IRS on if that money was already taxed.

Yes anything over $10K currently you fill out a form for the IRS, so does that mean you have to fill out a form each time a $600 transaction happens in your personal or business account. If so then it's up to the IRS to then determine if that is taxable money. Example If you fill that form out saying you sold a 1995 truck for $3000 what is stopping them from saying the fair market value of that truck is $1500 so you owe income or capital gains taxes on the remaining $1500.

 

[paradisepwoffrd]

To me this seems like a good way to push people back to a cash society. I know many of the younger/lazier people will resist, and try to stay electronic, but to me, it just means that I will keep the cash out of the bank, or just deposit in small amounts.

But it could be part of a larger plan to then punish those who hold the cash because, and basically make it worthless. Once it is all electronic, a socialist society is mush easier to happen. Esp if that is mixed with the Vax Passport they are pushing.

 

[ridered3]

I know it's been happening since the dawn of time, but gotta love how banking regulation changes are lumped into an infrastructure bill.

 

[TBItoy]

To me this seems like a good way to push people back to a cash society. I know many of the younger/lazier people will resist, and try to stay electronic, but to me, it just means that I will keep the cash out of the bank, or just deposit in small amounts.

But it could be part of a larger plan to then punish those who hold the cash because, and basically make it worthless. Once it is all electronic, a socialist society is mush easier to happen. Esp if that is mixed with the Vax Passport they are pushing.

It'll push people back to bartering and expand black/grey markets. Cash will be illegal.

 

[collinmaune]

It'll push people back to bartering and expand black/grey markets. Cash will be illegal.

I hope things go back to more of a cash system. I have been wanting/ needing to build a new shop and have the cash to do it. Then lumber went through the roof due to interest rates/ so low/ and a small % covid driving the demand up. The power of cash went out the window, same way with a lot of things.

 

[Markrobinson]

I hope things go back to more of a cash system. I have been wanting/ needing to build a new shop and have the cash to do it. Then lumber went through the roof due to interest rates/ so low/ and a small % covid driving the demand up. The power of cash went out the window, same way with a lot of things.

Lumber has pretty much normalized, but all the other building materials are still up there.

It does feel like there’s a push against cash transactions. The entertainment and hospitality places have largely abandoned cash for cards this past year.

 

[TBItoy]

Lumber has pretty much normalized, but all the other building materials are still up there.

It does feel like there’s a push against cash transactions. The entertainment and hospitality places have largely abandoned cash for cards this past year.

well yeah, cash is "dirty". Pretty much guaranteed to get super-double-extra-covid if you touch cash... :eek:

 

[dwa2469]

I will tell anyone who doesn't want their cash, I will gladly take it!! ;)

 

[ridered3]

Bringing this topic back up. Did this go into effect or get shot down?

 

[ridered3]

Double post.

 

[MidMo]

The way I understand it it’s being postponed until next year.

 

[ridered3]

The way I understand it it’s being postponed until next year.

Alrighty. Hadn’t heard anything recently but also not looked into any either.

 

[Big David]

The government is such good stewards of our money, what could possibly go wrong.

We are $31 trillion dollars in debt & they need a way to pay back…….

someone.

 

[ridered3]

The government is such good stewards of our money, what could possibly go wrong.

We are $31 trillion dollars in debt & they need a way to pay back…….

someone.

Truth. Just tonight I saw something to the effect of the following:

Want to know how bad the Government is with money? They tax 30-40% of all income and still are trillions in debt.

 

[Lil ugly]

Well it is difficult to stay out of debt when you are spending billions of dollars on Pakistani gender studies. The amount of programs that the government puts together as slush funds is staggering. You ever wonder how people like AOC start out as a bartender, get elected to office, and become millionaires in just a few years? It is not difficult for them, they start a company that does something like gender studies on the poor people of Pakistan, and you get it funded through congress, and then you take most of the money for operational costs etc and boom instant millionaire. Straight from our pockets to theirs.

 

[ridered3]

Well it is difficult to stay out of debt when you are spending billions of dollars on Pakistani gender studies. The amount of programs that the government puts together as slush funds is staggering. You ever wonder how people like AOC start out as a bartender, get elected to office, and become millionaires in just a few years? It is not difficult for them, they start a company that does something like gender studies on the poor people of Pakistan, and you get it funded through congress, and then you take most of the money for operational costs etc and boom instant millionaire. Straight from our pockets to theirs.

Don’t forget about legal insider trading too.

 

[ridered3]

Don’t forget about legal insider trading too.

Perfect example of my previous post (and has to be a true since it’s on the innerwebs)