The IRS wants banks to report on transactions as low as $600

[TexHill]

I just got an email from my bank alerting me to a new proposal from the Biden Administration. Biden wants banks to report to the IRS the inflow and outflow on all personal and business accounts with a balance of $600 or more. More here:
https://www.icba.org/bank-locally/co...lert-from-icba

[Esq.]

Which means the REAL floor is probably $250. Just like they now prosecute people for "structuring" transactions to fall below the supposed $10,000 reporting requirement. How would they KNOW you were structuring unless transactions under $10k were reported too? It's kinda self evident isn't it?


Basically, they want it all! They want to know EVERYTHING YOU ARE DOING or THINKING ABOUT DOING. It's the F'ing Stasi enabled by Bill Gates et al....

[ABNAK]

Which means the REAL floor is probably $250. Just like they now prosecute people for "structuring" transactions to fall below the supposed $10,000 reporting requirement. How would they KNOW you were structuring unless transactions under $10k were reported too? It's kinda self evident isn't it?


Basically, they want it all! They want to know EVERYTHING YOU ARE DOING or THINKING ABOUT DOING. It's the F'ing Stasi enabled by Bill Gates et al....

Plus they know most of the broke-dicks who vote "D" don't have shit anyway. The .gov has to track every penny to see if they're entitled to it.

They'll LOVE the $20K I just pulled out of savings (at one bank) and deposited in another bank with my checking to pay my house off! Please please please send someone to inquire about what I was doing!

[just a scout]

Very communist.


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[signal4l]

We need some meaningful privacy legislation. It is frighteningly easy for Apple, Google, Bill Gates, Mark Zuckerberg or the .GOV to spy on us.

I wish we could put the genie back in the bottle and uninvent cell phones. Very convenient but also a gold mine of data for big government, big business.

[Esq.]

We need some meaningful privacy legislation. It is frighteningly easy for Apple, Google, Bill Gates, Mark Zuckerberg or the .GOV to spy on us.

I wish we could put the genie back in the bottle and uninvent cell phones. Very convenient but also a gold mine of data for big government, big business.

I simply don't carry mine around anymore. 90% of the time I leave the damn thing in my desk etc....It worked for thousands of years, it's a habit as much as anything and one I'm personally breaking. I use cash for every purchase that I can and regularly make large withdrawals to support these purchases.

[Arik]

I simply don't carry mine around anymore. 90% of the time I leave the damn thing in my desk etc....It worked for thousands of years, it's a habit as much as anything and one I'm personally breaking. I use cash for every purchase that I can and regularly make large withdrawals to support these purchases.

I'm about to simply switch to the old flip phone from early 00s

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[thepatriot2705]

I'm about to simply switch to the old flip phone from early 00s

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Millennial here. My coworkers laugh at me when I say I’m switching to a flip phone when my iPhone dies.

Apple pissed me off when they started to use screens that need a specialized piece of hardware to tie screen to motherboard. Right to repair is more important than privacy to me. I know everything I do is tracked. Given my job and current place in life, there’s no way around it but I’m about to say **** it and go off grid. Big tech needs to eat shit

[DG23]

I'm about to simply switch to the old flip phone from early 00s

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Good luck finding a carrier that will support that.

Tried swapping my sim card to a new (older model but still unused) iphone 5s and everything locked up. Zero service at all. Tried putting the sim card back in my Xs and still locked up. No service whatsoever.

Guy at ATT store said they don't support anything older than iphone 6 now and that if I put my sim card in anything older than that (like I did with my 5s) that it will lock up again... They had to set me up with a new sim to get my service working correctly again.

Not saying the ATT was telling the truth cause those fools WILL tell lies to sucker people into buying new stuff they do not need but... I know for a fact there is not a damn thing wrong with my 5s phones (used one regularly not 6 months ago with the same exact sim card that my Xs uses - no issues then) but now - That stuff does not work with ATT.

Pisses me off cause I really liked being able to use my 5s phones as beater phones while working or doing stuff that could possibly result in a phone being damaged. Big difference in cost between a new 5s and a new Xs...

[sandsunsurf]

We do need better banking privacy. It's crazy to imagine that banks may have to report our input and output. Sen Mike Crapo (R) from Idaho tried to add an amendment to the American Families Plan, but it was voted down in a strict party-line vote. This is also a reason for cryptocurrency..

Read this, but it isn't well written: https://dailycaller.com/2021/08/11/d...ike-crapo-irs/

And then here's an excerpt from the actual Treasury Dept's "American Families Plan Tax Compliance Agenda" page 19:

The new reporting regime would build from the framework of the Form 1099-INT reports that taxpayers already receive from financial institutions when they earn more than $10 in interest from a bank, brokerage, or other financial institution. Financial institutions would simply report additional data on the financial accounts of these existing information returns. Specifically, the annual return would report gross inflows and outflows on all business and personal accounts from financial institutions, including bank, loan, and investment accounts but carve out exceptions for accounts below a low de minimis gross flow threshold.

https://home.treasury.gov/system/fil...nce-Agenda.pdf