Biden Wants All Banks To Report Transactions To IRS

[esmith]

Title somewhat misleading. Should read Biden wants all finicial insitution like banks and credit unions with accounts over $600 to report trasactions to the IRS. Just too long for the subject line.
Do you want the IRS to see every trasaction you make if you have an account over $600.00
https://www.azcentral.com/story/opi...-snoop-your-bank-account-dont-let/5934858001/

 

[Nakosis]

Time to start stuffing money into the old mattress I suppose.

https://www.usatoday.com/story/news...reasury-tax-proposal-partly-false/8411799002/​

 

[Revoltingest]

Title somewhat misleading. Should read Biden wants all finicial insitution like banks and credit unions with accounts over $600 to report trasactions to the IRS. Just too long for the subject line.
Do you want the IRS to see every trasaction you make if you have an account over $600.00
https://www.azcentral.com/story/opi...-snoop-your-bank-account-dont-let/5934858001/

It's odd that Democrats generally favor government
surveilling financial transactions in such detail & so
universally. Yet they worry about private companies
having too much info about us.
I put less trust in the one capable of doing more damage.
Which has the power to seize all our assets, tax us, arrest
us, try us, & imprison us?

Faith in an omnipotent & omniscient yet magnanimous
government is a dangerous thing. Let them consider
that such power might be bestowed upon a future
Donald Trump-like President.

 

[Kooky]

US police can check anybody's car for whatever reason they feel like as long as they feel "suspicious" about something, and this is considered perfectly normal and acceptable.

US clandestine services and police can make any internet provider or mobile phone company hand over the keys to any user's phone so they can copy its data, and most people find this reasonable.

US internet providers are required to report any wrongdoing of any of their clients to a security or clandestine institution upon request, and barely anybody has even taken notice of that.

But if the tax department wants to oblige a bank to help them look for tax dodgers, this is considered an unforgivable intrusion into privacy and must be resisted at all costs.

 

[SomeRandom]

I’m confused is this a bad thing? Shouldn’t all banks be held responsible for all their money and report all their investments etc to avoid fraud by default?
That’s how you get transparency

 

[SomeRandom]

It's odd that Democrats generally favor government
surveilling financial transactions in such detail & so
universally. Yet they worry about private companies
having too much info about us.
I put less trust in the one capable of doing more damage.
Which has the power to seize all our assets, tax us, arrest
us, try us, & imprison us?

Faith in an omnipotent & omniscient yet magnanimous
government is a dangerous thing. Let them consider
that such power might be bestowed upon a future
Donald Trump-like President.

We live in the age of the internet, my friend. Guberment already likely knows all about that just by virtue of you existing. Unless you never use the current currency used by millions (tap and go, investment schemes etc.) In which case I commend your discipline

 

[Kooky]

I’m confused is this a bad thing? Shouldn’t all banks be held responsible for all their money and report all their investments etc to avoid fraud by default?
That’s how you get transparency

You certainly wouldn't hear that from The American Banker.

 

[Kooky]

Faith in an omnipotent & omniscient yet magnanimous
government is a dangerous thing. Let them consider
that such power might be bestowed upon a future
Donald Trump-like President.

What do you think a "Donald Trump-like President" is going to do with your tax records?

 

[sun rise]

There's been a cash reporting requirement for a long time. Form 8300 and Reporting Cash Payments of Over $10,000 | Internal Revenue Service

And we already have interest reporting requirements.

Personally @Revoltingest does have a good point about a future right-wing POTUS abusing the reporting requirement. So I'd rather not have that limit so low.

 

[Kooky]

Personally @Revoltingest does have a good point about a future right-wing POTUS abusing the reporting requirement. So I'd rather not have that limit so low.

What do you think they would be able to do with that information?

 

[ecco]

Biden wants all finicial institution...

Emphasis mine

https://www.azcentral.com/story/opi...-snoop-your-bank-account-dont-let/5934858001/
The bill may include a provision requiring financial institutions to report to the IRS the account transactions (deposits or withdrawals) of accounts that hold more than $600.

We ask you to contact your Congress representative and tell them to oppose this measure.

Congress should not approve the IRS to have access to your personal financial transactions in a blatant attempt tax you unnecessarily.
​

I don't understand what the writer means by "tax you unnecessarily." IF this becomes law and IF something in my transactions shows that I should be taxed, WHY is it unnecessary taxing?

As Fox Business News recently reported, “The White House has estimated the policy, which would apply to bank, loan and investment accounts, could generate about $463 billion in additional revenue over the next decade.
​

An extra $46 billion annually could pay for fixing some bridges.

My only requirement is that it would have to include all hidey places used by the one-percenters.

 

[esmith]

My only requirement is that it would have to include all hidey places used by the one-percenters.

Oh, you mean like a certain politician and his son?

 

[Shadow Wolf]

US police can check anybody's car for whatever reason they feel like as long as they feel "suspicious" about something, and this is considered perfectly normal and acceptable.

Very many of us Americans do not find this normal or acceptable.

US clandestine services and police can make any internet provider or mobile phone company hand over the keys to any user's phone so they can copy its data, and most people find this reasonable.

Very many of us Americans do not find this normal or acceptable.

US internet providers are required to report any wrongdoing of any of their clients to a security or clandestine institution upon request, and barely anybody has even taken notice of that.

That sounds like Trump announcing nobody knew when he just learned something lots of people have already known.

 

[sun rise]

What do you think they would be able to do with that information?

I'm not sure offhand. My concern is general rather than specific at this point.

 

[Stevicus]

It's odd that Democrats generally favor government
surveilling financial transactions in such detail & so
universally. Yet they worry about private companies
having too much info about us.
I put less trust in the one capable of doing more damage.
Which has the power to seize all our assets, tax us, arrest
us, try us, & imprison us?

Faith in an omnipotent & omniscient yet magnanimous
government is a dangerous thing. Let them consider
that such power might be bestowed upon a future
Donald Trump-like President.

I think it's probably due to the War on Drugs, which was a Republican contrivance. It's interesting that the same people who talk about "Big Gov" and too much government intrusion into our private lives seem strangely okay with this.

 

[Revoltingest]

We live in the age of the internet, my friend. Guberment already likely knows all about that just by virtue of you existing.

Were that so, government wouldn't be
making ever more requirements to divulge.

 

[Revoltingest]

What do you think a "Donald Trump-like President" is going to do with your tax records?

Nothing.
But this thread is about reporting
ever more financial transactions.

 

[Revoltingest]

There's been a cash reporting requirement for a long time. Form 8300 and Reporting Cash Payments of Over $10,000 | Internal Revenue Service

And we already have interest reporting requirements.

Personally @Revoltingest does have a good point about a future right-wing POTUS abusing the reporting requirement. So I'd rather not have that limit so low.

Right....left....middle....danger lurks
from all such big government types.

 

[SomeRandom]

Were that so, government wouldn't be
making ever more requirements to divulge.

Of course they would. They want to appear as transparent to the community at large by default. Whether or not that is actually the case is another matter altogether. But in this age of 24/7 surveillance, ehhhh
They just want to appear that they’re in the right, nothing else. So this being a “thing” seems rather suspicious, regardless of politics
We need transparency from all banks. Wouldn’t you agree? I mean they are holding everyone’s money, right?

 

[Revoltingest]

I think it's probably due to the War on Drugs, which was a Republican contrivance. It's interesting that the same people who talk about "Big Gov" and too much government intrusion into our private lives seem strangely okay with this.

You sure are loyal to the left. But when they had the
presidency &/or Congress, they waged the war too.
And the Crime Bill...that heinous "contrivance" that put so
many in prison was drafted by Biden, & signed by Clinton.
I blame both parties, & the voters.