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Treasury Secretary Yellen BACKS the IRS
reporting $600 transactions because it
will 'fill the tax $7T gap' and says Biden's
Soviet-born, anti-crypto nominee for Comptroller
of the Currency 'deserves a fair hearing'

Original Article

Posted By: Ribicon, 10/5/2021 1:11:22 PM

Treasury Secretary Janet Yellen defended Tuesday the new IRS rule requiring all transactions above $600 to be reported as she backed Joe Biden's controversial anti-private banking, Soviet-born pick to lead her department's Office of the Comptroller of the Currency (OCC). 'Collection of information is routine,' Yellen assured when asked by CNBC's Squawk Box co-host Andrew Ross Sorkin about the new information collection that some Americans claim is an invasion of privacy.(Snip)She added: 'It's a simple way for the IRS to get a sense where that might be–it's just a few pieces of information about people's bank accounts.'


It's just a few pieces of information; what do you have to hide? Meanwhile, the 1% forms so-called charitable trusts and sells "modern art" to launder its haul and shelter it from taxation. In the USA, the comrades stick together; huge-scale criminals go free while black men selling loose cigarettes are killed by the police for cheating the taxman.

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Reply 1 - Posted by: red1066 10/5/2021 1:14:30 PM (No. 936042)
Everything about these people are just wrong.
44 people like this.

Reply 2 - Posted by: stablemoney 10/5/2021 1:16:58 PM (No. 936045)
If the Democrats pass this, everyone should withdraw their money from banks.
41 people like this.

Reply 3 - Posted by: The Other Guy 10/5/2021 1:22:50 PM (No. 936052)
If an effective attorney with a respectful track record wants to file a class action I'll get off my wallet and chip in on the costs.
23 people like this.

Reply 4 - Posted by: bobn.t 10/5/2021 1:26:17 PM (No. 936057)
JoeBama and commie Yellen need to go pound sand
29 people like this.

Reply 5 - Posted by: planetgeo 10/5/2021 1:31:19 PM (No. 936062)
The Democrats' federal government is turning our country into a "total surveillance" society.
36 people like this.

Reply 6 - Posted by: itsonlyme 10/5/2021 1:32:26 PM (No. 936065)
It looks as if the IRS wants to know if I buy a modest kitchen table slightly over $600, with chairs included. To be under $600 and avoid the reporting, perhaps I'll buy the chairs separately at a later date if it's still apropos and legal to do so. Life gets more complicated every day. Dagnabbit!
20 people like this.

Reply 7 - Posted by: Ida Lou Pino 10/5/2021 1:37:02 PM (No. 936074)
Since the nominee is a commie - - she should get a commie-style "fair hearing" - - - - standing in front of a brick wall - - wearing a blindfold - - and smoking a cigarette.
23 people like this.

Reply 8 - Posted by: chance_232 10/5/2021 1:40:01 PM (No. 936079)
A policy like this isn't about going after tax cheats. Its about squeezing every penny of revenue that they can from the Middle and lower class. Meanwhile, Hunter pays Jobama's bills. And too my knowledge, Jobama should be reporting that as income.
32 people like this.

Reply 9 - Posted by: zephyrgirl 10/5/2021 1:43:58 PM (No. 936085)
I can think of plenty of bad coming from this, and not much good.
29 people like this.

Reply 10 - Posted by: Come And Take It 10/5/2021 1:44:01 PM (No. 936086)
I will be, #2. I will take my chances elsewhere with my cash if they pass this garbage. It makes no difference that my bank account is probably the most boring thing they could ever look at - its the principal. Just like gun ownership, you imply that I am doing something criminal just by the very action of having a $600 dollar transaction. FJB, and F this communist government, too.
25 people like this.

Reply 11 - Posted by: NorthernDog 10/5/2021 1:47:48 PM (No. 936089)
I thought the Dems taxing efforts were only aimed at those making $400,000 and up. The $600 threshold for reporting is obviously going after people who mow lawns, babysit, and sell junk at a flea market to help make ends meet.
29 people like this.

Reply 12 - Posted by: RobertJ984 10/5/2021 1:49:04 PM (No. 936090)
It's all about eliminating cash. Then the government can track everytime you buy a candybar
29 people like this.

Reply 13 - Posted by: mjwall69 10/5/2021 1:57:07 PM (No. 936095)
Why $600? Why not $500, or $700? My homeowners insurance and property taxes every year are way over $600. Should I expect an tax audit every year since I pay my taxes?
19 people like this.

Reply 14 - Posted by: rochow 10/5/2021 2:02:01 PM (No. 936100)
Yellen had her day. She is apparently too old and she needs to go!
13 people like this.

Reply 15 - Posted by: Phantomll 10/5/2021 2:02:31 PM (No. 936101)
This is beyond ridiculous! I'm sure that a lot of folks make many transactions every month that are greater than $600!
18 people like this.

Reply 16 - Posted by: Birddog 10/5/2021 2:31:29 PM (No. 936120)
Geeez...the IRS sent 23,994 ITIN (non-citizen) refunds to ONE single address in Atlanta, totaling over $46MIliion The top Ten ITIN filing addresses nationwide equaled 53,000 non-citizen returns garnering over $86 MILLLION in refunds. Even the smallest of the top ten had 1849 returns filed from a single address. "Perhaps" they should co-ordinate with SS and other govt resource to cross check exactly how many fake returns under fake names using fake SS numbers are being filed and PAID through taxpayer funds.How many claims on the same SS number, How many from the same and fake addresses...Find catch and prosecute the MILLIONS of people that collected returns fraudulently, stimulus checks fraudulently, Child credits fraudulently, PPP loans/grants fraudulently, SNAP fraudulently, Unemployment fraudulently...Catch the BAD guys who have acted already, not go trolling through the entire Nations Banking system looking for new ones with zero probable cause. 9/10ths of America gets a paycheck of $600 or more to deposit every week.
20 people like this.

Reply 17 - Posted by: MDConservative 10/5/2021 2:38:51 PM (No. 936124)
Make the tax laws fair, easy to understand, and easy to follow, no problems. I'm donating all my cash to my family's non-profit foundation for the write-off and other bennies. Y'all are welcome to contribute. Oh, I've got some neat ink-on-paper doodles I'll sell you, too!
7 people like this.

Reply 18 - Posted by: Nimby 10/5/2021 2:47:12 PM (No. 936138)
This is what happens when you hire someone from Ivory tower! Does she even listen to what she is saying? Or is she deaf and brain dead like most democrats?
7 people like this.

Reply 19 - Posted by: Schnapps 10/5/2021 2:49:05 PM (No. 936144)
Did anyone expect this Treasury Secretary, whose hairstyle inspired the magic mushrooms in the Mario Bros. games, to NOT support any fascist idea that Bai Den comes up with?
12 people like this.

Reply 20 - Posted by: msjena 10/5/2021 2:53:58 PM (No. 936149)
As I understand the proposal, if the account is worth more than $600, or if the net gain on credit/debits is more than $600, the banks would report the total amounts in and out with a breakdown for physical cash. This isn't going to catch the super-wealthy, who can use off-shore accounts. It might catch people who are paying their cleaning lady in cash.
10 people like this.

Reply 21 - Posted by: VAPMAN 10/5/2021 3:02:45 PM (No. 936158)
One reason cryptocurrency is so popular is that you might be able to use it for banking and transaction purposes. How long before the government jumps in to regulate and tax such transactions, except of course the loopholes for the very wealthy limousine liberals. It is haunting to watch the corrupt tax cheating Biden attempt to stick it to the middle class while claiming to only go after the very wealthy. What a lying sack of c—p he is.
9 people like this.

Reply 22 - Posted by: anniebc 10/5/2021 3:05:56 PM (No. 936164)
It never dawns on these fools to stop freakin' spending money they and we don't have. Our dear leaders should have to put up 10% of their money for every dime of our money they spend. They probably do the opposite and take 10% off the top instead. I despise these people.
8 people like this.

Reply 23 - Posted by: GoodDeal 10/5/2021 3:07:40 PM (No. 936166)
The tyranny is unstoppable. I guess I can only get checks for $599 and under from clients now.
7 people like this.

Reply 24 - Posted by: downnout 10/5/2021 3:14:23 PM (No. 936177)
This is insane. A large family can easily have a $600 grocery bill. The IRS will next require that we keep receipts of everything so they can monitor what we eat and drink. Back in the 80s the small company I worked for was audited twice. If the auditor was a representative example of the auditing skill of the IRS, crooks and thieves have nothing to worry about. I literally had to walk her through money transfers between two offices. She couldn’t understand that all the money was ONE company.
10 people like this.

Reply 25 - Posted by: jinx 10/5/2021 3:54:31 PM (No. 936210)
Will members of Congress be exempt? They are exempt from Obamacare. They are exempt from the vaccine mandate. Why don't they have to follow the same rules they set for the rest of us?? I am outraged!
13 people like this.

Reply 26 - Posted by: DW626 10/5/2021 3:54:48 PM (No. 936211)
We should work on some kind of bartering system.
3 people like this.

Reply 27 - Posted by: skacmar 10/5/2021 4:18:04 PM (No. 936229)
Usually, wouldn't the government need probable cause or a search warrant (like Donald Trump banking records) to be able to see someone's bank transactions? This seems like an illegal search and seizure of my private banking information so that the government can search for a possible crime where there is no probable cause. Just because Democrats wish it to become a law does not make it constitutionally legal. Should this pass, there are sure to be many lawsuits challenging this over-intrusive, seemingly illegal search and seizure of people's banking records. It is none of the IRS's business what my transactions are. They get my annual tax return each year. That is intrusive enough.
9 people like this.

Reply 28 - Posted by: bad-hair 10/5/2021 5:03:31 PM (No. 936259)
I propose a new currency The Republic Banana. They grow more slowly than the national debt and they're tasty.
4 people like this.

Reply 29 - Posted by: watashiyo 10/5/2021 5:07:33 PM (No. 936263)
Isn't this what we call, "Biting the Hand that Feeds Them."? We're paying them to assume we're all criminals. How crazy is that?!
7 people like this.

Reply 30 - Posted by: bpl40 10/5/2021 5:12:12 PM (No. 936268)
To be reasonably secure in your property, effects and papers is guaranteed by the Fourth Amendment. This looks like an egregious intrusion.
9 people like this.

Reply 31 - Posted by: ronniethek 10/5/2021 5:13:59 PM (No. 936272)
This is utter and total bulls#!+.
4 people like this.

Reply 32 - Posted by: judy 10/5/2021 5:14:55 PM (No. 936276)
Hmmmm I wonder how much richer this will make the credit card companies…. Some may stop writing checks for $600 or more & decide to use cc companies ????? Follow the $$$$$$$$$
2 people like this.

Reply 33 - Posted by: Starboard_side 10/5/2021 6:59:58 PM (No. 936372)
Instead of a whole huge income tax, or taxable income system, why not just have a national sales tax? After all, they are trying to capture a lot of money that's not being reported (think underground economy or people selling on Etsy and EBay) as income. But people buy things, either online, in a store, or at a restaurant.
2 people like this.

Reply 34 - Posted by: doctorfixit 10/5/2021 7:46:37 PM (No. 936404)
FJB's latest communist nominee deserves a fair trial before being found guilty of war crimes and genocide. Whether she deserves a blindfold is uncertain.
1 person likes this.

Reply 35 - Posted by: Heil Liberals 10/5/2021 10:04:00 PM (No. 936485)
Are you feeling the teeth of the Chinese Communist Party vampire sinking into your jugular yet? I sure as hell do.
0 people like this.

Reply 36 - Posted by: mifla 10/6/2021 4:50:04 AM (No. 936604)
The banks will have to hire more people and do more work to comply. Guess where that money will be coming from? Can you say banking fees?
0 people like this.

Reply 37 - Posted by: judy 10/6/2021 6:07:10 AM (No. 936630)
They can't handle the refunds, how will they handle this??? I know...hire more federal employees......
1 person likes this.

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