Biden is checking bank accounts that's over $600?

[eastside313]

So you have a problem with paying taxes?

Just say it. No need to wax poetic about it.

I don’t have a problem with paying taxes.

now what would your take on this be if trump introduced it.

 

[Pressure]

I don’t have a problem with paying taxes.

now what would your take on this be if trump introduced it.

You know your argument is weak when you but but what about Trump.

What people having been saying to you in this thread is that they don't believe you have a full grasp on the situation and therefore believe you have fake outrage.

Also, at the idea of Donald Trump ramping up tax enforcement.

 

[the cac mamba]

shyt is trash tbh

i thought the whole idea of this was to decrease the wealth inequality. this isnt doing that people throwing 10 grand a year in the bank off the books isnt whats wrong with america

 

[Pressure]

Bank Tax Reporting Is a Critical Component of Biden’s Build Back Better Agenda - Center for American Progress

shyt is trash tbh

i thought the whole idea of this was to decrease the wealth inequality. this isnt doing that people throwing 10 grand a year in the bank off the books isnt whats wrong with america

The IRS already has the authority to demand and summons any relevant information—including bank statements—if it selects a person for audit.

 

[the cac mamba]

Bank Tax Reporting Is a Critical Component of Biden’s Build Back Better Agenda - Center for American Progress

yeah, they have the ability to demand it

but since when is the IRS demanding this info on dudes who make 40k a year, and do or sell some shyt on the side

but now the numbers dont match up, and they automatically know that about every taxpayer in america?

this is not "going after those who dont pay their fair share"

 

[Pressure]

yeah, they have the ability to demand it

but since when is the IRS demanding this info on dudes who make 40k a year, and do or sell some shyt on the side

but now the numbers dont match up, and they automatically know that about every taxpayer in america?

this is not "going after those who dont pay their fair share"

This thread in a nutshell.

The administration’s proposal requires them to report two additional topline pieces of information regarding customers’ accounts—gross annual inflow into accounts and gross annual outflow. Small accounts would be excepted. Congress is currently considering where to set thresholds for exempting accounts. It will need to weigh the desire to exempt truly de minimis accounts with the danger in setting too high an exemption threshold, allowing cheaters to fly under the radar using multiple accounts.

It is important to understand what the proposal does and what it does not do. The only numbers that financial institutions would report are total amounts of money that flowed into a bank account during the prior year and total amounts of money that flowed out. It does not require reporting of individual transactions.

Unfortunately, bank lobbies are spreading false claims about this proposal. One example is a scripted message to Congress claiming that the proposal would require reporting of “all transactions of all business and personal accounts worth more than $600.” That is flatly false. Banks would be required to provide just aggregate numbers to the IRS after each year—gross inflow and gross outflow—and not individualized transaction information.

Elsewhere, the bank lobby claims the proposal would enable “monitoring” of bank accounts, as if the IRS would be seeing into people’s bank accounts in real time. That claim is also highly deceptive. Only the prior year’s total inflow and total outflow would be reported on annual forms. No one would say that the IRS “monitors” you on your job because it receives a W-2 from your employer with your total wages every January.

The bank lobby is also telling members of Congress that privacy fears would lead more consumers to remain “unbanked.” However, if anything, it is their unfounded claims that are seeking to whip up such fears in the first place. Moreover, the Ways and Means Committee’s draft legislation includes other measures that will encourage more people to enter the formal banking system including the extension of the fully refundable Child Tax Credit, which can be direct deposited into accounts.

 

[the cac mamba]

This thread in a nutshell.

well let me put it like this; how is this better for the average sub-60k american, than just leaving it the way it is

 

[Pressure]

well let me put it like this; how is this better for the average sub-60k american, than just leaving it the way it is

I don't think you understand how money laundering works.

 

[Secure Da Bag]

This thread in a nutshell.

Link?

 

[MoneyTron]

People in here really making this about Trump and side businesses. Even a post about this being anti-black.

 

[eastside313]

You know your argument is weak when you but but what about Trump.

What people having been saying to you in this thread is that they don't believe you have a full grasp on the situation and therefore believe you have fake outrage.

Also, at the idea of Donald Trump ramping up tax enforcement.

If this was about rich people why is the threshold set at $600. I guess rich people putting $1000 in 500 bank accounts to hide money. Just say you cool with biden forcing the little guy to pay more taxes but claiming this is to get the rich.

i don’t give a damn about none of y’all and i know what i got a grasp on.

Yall just as bad as the maga crowd. Won’t call biden out on nothin.

 

[Tony D'Amato]

The irs chairman actually admitted publicly that they can only audit poor ppl because they can't afford to audit rich ppl that can hire a team of lawyers and take them to court. They've basically been picking on poor ppl and letting rich ppl slide. And he admitted this to congress, and most ppl don't even know it. Sad.

 

[Secure Da Bag]

The irs chairman actually admitted publicly that they can only audit poor ppl because they can't afford to audit rich ppl that can hire a team of lawyers and take then to court. They've basically been puvking on poor ppl and letting rich ppl slide. And he admitted this to congress, and most ppl don't even know it. Sad.

Link?

 

[Tony D'Amato]

Link?

IRS: Sorry, but It’s Just Easier and Cheaper to Audit the Poor — ProPublica

 

[Mook]

The irs chairman actually admitted publicly that they can only audit poor ppl because they can't afford to audit rich ppl that can hire a team of lawyers and take them to court. They've basically been picking on poor ppl and letting rich ppl slide. And he admitted this to congress, and most ppl don't even know it. Sad.

They know it, but they're like Kelly Bundy. When a new piece of info goes into their head an old one leaves lol.