Democrats to scale back Treasury's IRS
bank reporting plan, raise threshold from
$600 to $10,000
Just the News,
by
Sophie Mann
Original Article
Posted By: Imright,
10/19/2021 5:13:46 PM
Senate Democrats are set Tuesday to announce a scaled-down version of the Biden administration's proposal to crack down on Americans it suspects are dodging taxes.The administration's original proposal was greeted with overwhelming opposition from fiscal conservative groups, the banking industry and other over concerns about financial privacy.The initial plan, conceived by the Treasury Department and Senate Democrats, would have allowed the Internal Revenue Service access to information on bank accounts that had at least $600 worth of annual deposits or withdrawals. The new proposal will still allow the IRS to access information on accounts that transfer or receive more than $10,000 annually.
Reply 1 - Posted by:
Nimby 10/19/2021 5:14:31 PM (No. 951138)
No. They have no right to look into my bank accounts.
35 people like this.
Reply 2 - Posted by:
Blizzard 10/19/2021 5:15:54 PM (No. 951140)
More than $10k annually...that's still most working people in the country. They shouldnt be monitoring any of our accounts without a warrant.
42 people like this.
Reply 3 - Posted by:
Island Life 10/19/2021 5:28:33 PM (No. 951148)
They really think we are stupid.
24 people like this.
Reply 4 - Posted by:
john56 10/19/2021 5:37:22 PM (No. 951156)
If you're worried about billionaires not paying taxes, well, then, let's make it that all transactions of one billion dollars must be reported to the IRS.
Heck, I'm even willing to negotiate. I might go down to $200 million transactions. But that'll cost Nasty Nancy and Chuck U Schumer big time. Maybe a tax on super premium $12 a pint ice cream and a surcharge on any fees from appearing on Kimmel, Cobert, or the other doofus I can't remember. I may want a tax credit for guests on Gutfeld.
13 people like this.
Reply 5 - Posted by:
smokincol 10/19/2021 5:40:01 PM (No. 951160)
the IRS is like any terrorist organization - give them an inch and you've lost the game. is anyone at the Soopreme Court awake and/or listening to what's going on in our country?
14 people like this.
Reply 6 - Posted by:
Submariner 10/19/2021 5:43:31 PM (No. 951165)
Another scam. This amounts to just $833 per month. This is a CCP legislative product.
16 people like this.
Reply 7 - Posted by:
Pucky1 10/19/2021 5:44:16 PM (No. 951166)
Pity those "poor" souls who report only $25K a year to qualify for "benefits", but bank thousands more from yard sales, online auctions, street deals, etc.
Just sayin', more than billionaires are getting a financial colonoscopy.
11 people like this.
Reply 8 - Posted by:
Patty48 10/19/2021 5:49:32 PM (No. 951173)
How is this going to catch the billionaires that Obiden grouses about all the time?
This is illegal and we need someone to say so.
12 people like this.
Reply 9 - Posted by:
Right Time 10/19/2021 5:49:58 PM (No. 951174)
They propose to have the banks submit the account records of all accounts with deposits or withdrawals that exceed $10,000 OVER THE COURSE OF A YEAR.
But wage deposits (i.e., direct deposit paychecks) will be excluded. Big Deal!
Who doesn't spend more than $10,000/year? On food, clothing, rent/mortgage. insurance, health care, clothes, power, heating, recreation, vacates, etc.??
16 people like this.
Reply 10 - Posted by:
TrueBlueWfan 10/19/2021 5:52:03 PM (No. 951178)
If they want people to start hoarding cash under their mattresses, this is a way to do it. Who do they think they're fooling? Anybody working should have $10,000 filter through ther checking acct. in a year. The IRS would need to hire thousands more agents to investigate virtually every single American's bank acct. Not to mention the burden this puts on banks. More fees, anyone?
I think and really hope these 2 monster bills fail big time!
14 people like this.
Reply 11 - Posted by:
mc squared 10/19/2021 6:03:20 PM (No. 951187)
Families scraping to pay mortgages spend more than this. It shouldn't even be under consideration
15 people like this.
Reply 12 - Posted by:
JL80863 10/19/2021 6:05:42 PM (No. 951189)
The attractiveness of bank accounts keeps getting smaller. They hardly pay anything to use our money and now the threat of this? This would be a great time to remind Americans of all the laws and regulations that congress exempts themselves from.
15 people like this.
Reply 13 - Posted by:
sunshinehorses 10/19/2021 6:10:01 PM (No. 951199)
Makes it real attractive to get paid in cash and only buy cashier's checks when needed. Just avoid the banks altogether.
7 people like this.
Reply 14 - Posted by:
stablemoney 10/19/2021 6:20:35 PM (No. 951211)
No to $10K or to any amount. Once the Democrats get a regulation, they will change the amount later. This is just another invasion into areas none of their business. Janet Yellen should lose her teeth for peddling this communism.
16 people like this.
Reply 15 - Posted by:
Corndoggies 10/19/2021 6:34:24 PM (No. 951226)
Your bank already has to report single transactions over 10k. My broker in law is friends with a federal
auditor and she told him it’s actually a good thing to have a transaction or two annually that exceeds that amount. They’ll check it out but if it’s a normal business transaction more than a few times they put you on some list where you’re deemed “safe”.
5 people like this.
Reply 16 - Posted by:
dman 10/19/2021 6:34:44 PM (No. 951227)
They've already established what they are .. they are just negotiating the price. /s
13 people like this.
Reply 17 - Posted by:
marbles 10/19/2021 6:40:42 PM (No. 951233)
# 3 They think we're just as stupid as their base.
8 people like this.
Reply 18 - Posted by:
NHChemist 10/19/2021 6:58:00 PM (No. 951247)
After they do this they will require GPS monitors on all cars. Tax you for the miles you drive and give you electronic tickets every time you exceed the speed limit. This will really help the debt!!!
8 people like this.
Reply 19 - Posted by:
paral04 10/19/2021 7:22:04 PM (No. 951268)
$10000 is less than a grand a month. It is hard to live on that, why spend the computer power on such nonsense.
6 people like this.
Reply 20 - Posted by:
Jethro bo 10/19/2021 7:24:31 PM (No. 951270)
So a house note once a month can often exceed $10k. So what about a high end car note or lease? Buy over $840 in food a month, bingo! So really this is a better way to watch months bills. Pure and simply fascism in the extreme.
4 people like this.
Reply 21 - Posted by:
chance_232 10/19/2021 7:29:36 PM (No. 951278)
The ONLY improvement in this is that the banks wont have to do as much reporting. The snooping however is greatly increased.
2 people like this.
Reply 22 - Posted by:
Maggie2u 10/19/2021 7:40:37 PM (No. 951290)
We're being played. Ten thousand was the real figure they wanted, they threw out the $600 so everyone would complain and then they'd be able to say..oh, you're right, our bad. We'll make it $10000. O.K.?
9 people like this.
Reply 23 - Posted by:
seamusm 10/19/2021 7:45:16 PM (No. 951297)
This is only a subtle and deceptive change from current repoting laws which require reporting single transactions of $10,000 or more. The new proposal is still intrusive and will affect nearly all the bank accounts of every American.
5 people like this.
Reply 24 - Posted by:
Birddog 10/19/2021 7:49:36 PM (No. 951303)
Is it still gonna give the IRS $80Billion?
Their current allocation is $12.6 Billion....
Dems propose giving them a 635% Increase.
4 people like this.
Reply 25 - Posted by:
Sergeant Major 10/19/2021 7:52:01 PM (No. 951307)
So because I use my Army retirement to pay my credit card, online, I will be monitored. Even though all I do is legal they Gov will be able to build a data base on my spending habits. Nice. Starting to wonder what I spent 29 years defending.
7 people like this.
Reply 26 - Posted by:
Birddog 10/19/2021 8:00:17 PM (No. 951323)
They claim it is to "Target the Uber Rich", yet, even still at this level they are monitoring EVERYONE earning less than 1/5 the annual Family income "Poverty" rate.
5 people like this.
Reply 27 - Posted by:
downnout 10/19/2021 8:35:31 PM (No. 951354)
What I spend my money for is none of the governments business.
3 people like this.
Reply 28 - Posted by:
NorthernDog 10/19/2021 8:49:10 PM (No. 951364)
Anyone paying rent or a mortgage every month will most likely exceed $10,000 by a long shot.
2 people like this.
Still BS. There has been a $10K transaction report for many years. This is $10K total for the entire year. More chicanery from the commies, hoping you won't notice.
5 people like this.
Reply 30 - Posted by:
hershey 10/19/2021 9:46:51 PM (No. 951397)
I thought $10,000 was the threshold for carrying cash ??? Damned IRS...it was 'weaponized' against conservatives during Øbamanation's tenure....they need to be cleaned out....like rats in a sewer...
1 person likes this.
Reply 31 - Posted by:
MDConservative 10/19/2021 9:51:04 PM (No. 951404)
There was a time when a crime precipitated an investigation, not just a dragnet thrown out looking for something odd? We have no presumption of innocence. The presumption now is that you're up to something illegal, and the government isn't going to let you get away with it. Lucky thing we have this Constitution to protect us!
2 people like this.
Reply 32 - Posted by:
ironchefw 10/19/2021 10:08:38 PM (No. 951416)
They felt the pushback over the $600. They will settle for the $10,000 today and then try to lower it in the future.
They would rather look for $600 of hard earned money in your account than try to find a couple billion in waste in a government program.
2 people like this.
Reply 33 - Posted by:
DVC 10/19/2021 10:57:02 PM (No. 951456)
Still too intrusive.
2 people like this.
Reply 34 - Posted by:
skacmar 10/20/2021 1:00:39 PM (No. 952063)
I don't care if it $1.00 or $1,000,000.00. It is none of the governments business what goes in and out of my bank, loan, retirement, investment, or any other accounts. All that they need to know is what is reported on my tax form reported each year by April 15. They get more than enough intrusive information at that time. They also usually get a large check which is wasted on idiotic things like monitoring my accounts.
0 people like this.
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