Exclusive: Independent community bankers
say Biden's IRS snooping plan assumes
'everyone is a tax cheat' and will create
more distrust in financial institutions
Daily Mail (UK),
by
Morgan Phillips
Original Article
Posted By: Imright,
10/13/2021 7:41:53 PM
Community bankers are sounding the alarm on the tax proposal that would require banks to hand over transaction data on accounts with over $600 net inflow and outflow. In an effort to drum up cash to pay for a portion of the $3.5 trillion Build Back Better plan, Democrats proposed requiring banks to hand over the aggregate inflow and outflow of transactions on virtually all accounts - checking, savings, loans, investments - to the IRS, leading account owners to flood their local institutions with calls expressing privacy concerns.
Reply 1 - Posted by:
Venturer 10/13/2021 7:52:24 PM (No. 944688)
$600.00 That's someone's Social Security check.
Yeah they are trying to catch Billionaire's cheating on their taxes.
Damn I get mad when they take it for granted that I am too stupid to see what they are doing.
Lying Bastages.
14 people like this.
Everyone is a tax cheat in the estimation of government. Unless you are sending in 100% of your earnings, that is.
7 people like this.
Reply 3 - Posted by:
padiva 10/13/2021 7:57:17 PM (No. 944693)
Cash is King.......so is an underground economy.
Will the IRS be notified for each sale of Hunter's paintings? (OH! Did you say offshore account?)
10 people like this.
Reply 4 - Posted by:
janjan 10/13/2021 8:32:20 PM (No. 944733)
What they will create is jars of cash buried in the yard.
10 people like this.
Reply 5 - Posted by:
Northcross 10/13/2021 8:38:38 PM (No. 944740)
The socialist government then argues it is THEIR money, not yours, and they can do whatever they want with it.
6 people like this.
Reply 6 - Posted by:
JHHolliday 10/13/2021 8:41:57 PM (No. 944742)
Probably counterproductive in that the contractors, self-employed landscapers, small business owners will now move to all cash and a secure safe off-site. The feds may end up with even less revenue. Make no mistake. It isn’t the ‘billionaires’ they are after. It’s the middle class. Billionaires have clout and assets the IRS knows that there isn’t a lot they can do. Plus, some like the tech Nazis and other billionaires are heavy Dem donors and therefore untouchable.
10 people like this.
Reply 7 - Posted by:
stablemoney 10/13/2021 8:44:45 PM (No. 944746)
I would not only no longer trust the financial institutions, I would consider them an enemy. I would not want to trust them with my money.
8 people like this.
Reply 8 - Posted by:
doctorfixit 10/13/2021 8:56:06 PM (No. 944760)
Repeal the Income Tax Amendment. Abolish the IRS. Prohibit employers from withholding money from employee paychecks. Go underground. Shut off the money going to Washington.
11 people like this.
Reply 9 - Posted by:
WV.Hillbilly 10/13/2021 9:33:40 PM (No. 944789)
I can take all my cash and keep it my safe instead of a bank. I'll make the same in interest too.
10 people like this.
Reply 10 - Posted by:
Peach1 10/13/2021 9:47:24 PM (No. 944798)
If this passes, I see a HUGE run on banks in our future!
10 people like this.
Reply 11 - Posted by:
Thos Weatherby 10/13/2021 10:56:11 PM (No. 944834)
Nothing to do with tax cheats. This is a plan to install the infrastructure so that when the Central Bank/Fed goes digital, they already have your permission and the system in place to monitor all transactions. They'll be able to turn your account off and on.
7 people like this.
Reply 12 - Posted by:
padiva 10/13/2021 11:26:29 PM (No. 944855)
No one can buy or sell unless they have the mark of the beast.....
4 people like this.
Reply 13 - Posted by:
mamabear 10/13/2021 11:32:58 PM (No. 944860)
Regarding "It isn’t the ‘billionaires’ they are after. It’s the middle class." Most of the wealth of the wealthy is tied up in what they own: a business, stocks, real estate, art, other valuable collections, trust funds and precious metals. What liquidity they have is in private banks, private safety deposit storage and off-shore accounts. Money is moved around through holding corporations, credit/debit cards from off-shore accounts. Will the feds be tracking Bill Gates, Oprah, Janet Yellen, members of congress, Mark Zuckerberg??
5 people like this.
Reply 14 - Posted by:
judy 10/14/2021 1:53:17 AM (No. 944920)
Will they do the same for credit card purchases over $600? They can’t handle refunds, how will they handle this? My guess is congress will be exempt as they exempted them from obamacare.
1 person likes this.
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