Biden Administration proposal of more bank reporting to IRS.

[Anonymous]

This is idiotic because law enforcement can’t follow the leads currently generated by banks. Everyone in banking agrees the reporting thresholds should be more tailored because they are burdensome and ineffective, because there is too much reporting, not too little. Let’s not get more data we can’t handle. As for this amount, I spend that on a pair of shoes and might actually start using cash just as push back to this absurdity. I’ve actually worked in banking so it’s disappointing to see this pandering move by the Biden administration.

[Anonymous]

Anonymous wrote:

Anonymous wrote:They are looking to scrounge for tax revenue or purported "savings" to pay for the social welfare boondoggle.

10k threshold is ridiculous. It should be 7 figures and above for something so intrusive but that would probably drastically lower the amount the Ds can claim they are "saving".

What is that additionally intrusive about it? The typical employed professional (most of us) has all their income and transactions reported to the IRS - W-2, 1099s etc.. The IRS has you dead to rights. Yes this is breaking into the realm of the more private transactions where the tax avoidance occurs.

I am right leaning and anti-tax but am really for giving this a try. I honestly believe it is your duty to pay your legally obligated taxes and think tax cheaters are committing a crime against all of us. Clearly a lot more tax revenue is required even to fund the current level of spending let alone if we really do this Build Back Better round of social programs (I am against it). Why not tackle the tax dodgers first - makes sense to me. Why the great concern of protecting the financial transaction privacy of a few when most of us have lost any financial transaction privacy a long time ago.

Fine - give the banks that must report a tax CREDIT for doing the job.

[Anonymous]

Dude...WTF Biden slipped one by us. He is now requiring all payment VENDORS to report more than $600 in funds to the IRS.

[Anonymous]

Anonymous wrote:Dude...WTF Biden slipped one by us. He is now requiring all payment VENDORS to report more than $600 in funds to the IRS.

Of course.

This is the new surveillance state. Brought to you courtesy of the Democratic Party.

He doesn't trust the citizens. Must keep a close eye on them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Dude...WTF Biden slipped one by us. He is now requiring all payment VENDORS to report more than $600 in funds to the IRS.

Of course.

This is the new surveillance state. Brought to you courtesy of the Democratic Party.

He doesn't trust the citizens. Must keep a close eye on them.

This sucks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Dude...WTF Biden slipped one by us. He is now requiring all payment VENDORS to report more than $600 in funds to the IRS.

Of course.

This is the new surveillance state. Brought to you courtesy of the Democratic Party.

He doesn't trust the citizens. Must keep a close eye on them.

Y'all cain't take away mah freedom... from sellin' MAGA hats on the eBay and not payin' no tax on it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dude...WTF Biden slipped one by us. He is now requiring all payment VENDORS to report more than $600 in funds to the IRS.

Of course.

This is the new surveillance state. Brought to you courtesy of the Democratic Party.

He doesn't trust the citizens. Must keep a close eye on them.

Y'all cain't take away mah freedom... from sellin' MAGA hats on the eBay and not payin' no tax on it.

I don't need my side hustles taxed for his free social welfare propaganda. They're hustles for a reason. Pay for your own damned childcare.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dude...WTF Biden slipped one by us. He is now requiring all payment VENDORS to report more than $600 in funds to the IRS.

Of course.

This is the new surveillance state. Brought to you courtesy of the Democratic Party.

He doesn't trust the citizens. Must keep a close eye on them.

Y'all cain't take away mah freedom... from sellin' MAGA hats on the eBay and not payin' no tax on it.

So says the hack bureaucrat who is livin off of people’s taxes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dude...WTF Biden slipped one by us. He is now requiring all payment VENDORS to report more than $600 in funds to the IRS.

Of course.

This is the new surveillance state. Brought to you courtesy of the Democratic Party.

He doesn't trust the citizens. Must keep a close eye on them.

Y'all cain't take away mah freedom... from sellin' MAGA hats on the eBay and not payin' no tax on it.

I don't need my side hustles taxed for his free social welfare propaganda. They're hustles for a reason. Pay for your own damned childcare.

Hee-Haw

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dude...WTF Biden slipped one by us. He is now requiring all payment VENDORS to report more than $600 in funds to the IRS.

Of course.

This is the new surveillance state. Brought to you courtesy of the Democratic Party.

He doesn't trust the citizens. Must keep a close eye on them.

Y'all cain't take away mah freedom... from sellin' MAGA hats on the eBay and not payin' no tax on it.

I don't need my side hustles taxed for his free social welfare propaganda. They're hustles for a reason. Pay for your own damned childcare.

I just bought a new printer for my brother. He is going to Venmo me the money to pay me back.
The more transactions one has like this, the more questionable they appear - even though they are totally legal and innocent.
But, under these new rules, it will be incumbent on ME to prove they are legal and innocent.
It is a total pain in the a$$ and totally unnecessary.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dude...WTF Biden slipped one by us. He is now requiring all payment VENDORS to report more than $600 in funds to the IRS.

Of course.

This is the new surveillance state. Brought to you courtesy of the Democratic Party.

He doesn't trust the citizens. Must keep a close eye on them.

Y'all cain't take away mah freedom... from sellin' MAGA hats on the eBay and not payin' no tax on it.

I don't need my side hustles taxed for his free social welfare propaganda. They're hustles for a reason. Pay for your own damned childcare.

I just bought a new printer for my brother. He is going to Venmo me the money to pay me back.
The more transactions one has like this, the more questionable they appear - even though they are totally legal and innocent.
But, under these new rules, it will be incumbent on ME to prove they are legal and innocent.
It is a total pain in the a$$ and totally unnecessary.

Government big enough to give you everything you want is also powerful enough to take away everything you have.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dude...WTF Biden slipped one by us. He is now requiring all payment VENDORS to report more than $600 in funds to the IRS.

Of course.

This is the new surveillance state. Brought to you courtesy of the Democratic Party.

He doesn't trust the citizens. Must keep a close eye on them.

Y'all cain't take away mah freedom... from sellin' MAGA hats on the eBay and not payin' no tax on it.

I don't need my side hustles taxed for his free social welfare propaganda. They're hustles for a reason. Pay for your own damned childcare.

I just bought a new printer for my brother. He is going to Venmo me the money to pay me back.
The more transactions one has like this, the more questionable they appear - even though they are totally legal and innocent.
But, under these new rules, it will be incumbent on ME to prove they are legal and innocent.
It is a total pain in the a$$ and totally unnecessary.

Yep. Family gifts and sending payments back. Roommates splitting the rent. Friends splitting hotel fees.

[Anonymous]

This is why no one believed the dead BBB proposal was 'paid for'. None of that stuff is free. In Europe its a 40% tax rate at every income level. F that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dude...WTF Biden slipped one by us. He is now requiring all payment VENDORS to report more than $600 in funds to the IRS.

Of course.

This is the new surveillance state. Brought to you courtesy of the Democratic Party.

He doesn't trust the citizens. Must keep a close eye on them.

Y'all cain't take away mah freedom... from sellin' MAGA hats on the eBay and not payin' no tax on it.

I don't need my side hustles taxed for his free social welfare propaganda. They're hustles for a reason. Pay for your own damned childcare.

Hee-Haw

All kidding aside, yes, I liked not paying taxes on selling off stuff, but always wondered when Uncle Sam was going to clamp down.

If only we were big defense corporations, etc, we'd be golden. Call your (Republican) Congressman and ask for the fat-cat tax plan.

[Anonymous]

Anonymous wrote:This is why no one believed the dead BBB proposal was 'paid for'. None of that stuff is free. In Europe its a 40% tax rate at every income level. F that.

Wrong again, MAGA dolt. For example, in the UK, anyone making under 50K pounds a year (about $68K) pays 20 percent. https://www.gov.uk/income-tax-rates

And health care and university education are free/heavily subsidized.

And a country with one quarter the population has, um... 30 gun murders a year. But, yeah, F that.