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

[FromMyColdDeadHand]

$600 would basically mean that they see every transaction...

$15/hr is the new real minimum wage. And 40 hours a week times $15 is....... $600....

[TomMcC]

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.

We need a new president and congress.

[morbidbattlecry]

I'm dubious of a banks caring about costumer privacy.

[TexHill]

I'm dubious of a banks caring about costumer privacy.

This would also mean an extra work load for the banks. It would also lead to a decrease in deposits which no bank wants.

[Diamondback]

We need a new president and congress.

Presidents come and go, Congresses come and go... we need the Feral Gov Bureaucracy cut in half, then cut in half again, and probably in half AGAIN after that, and that's just for a start.

[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!

[ABNAK]

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.

And please remember to leave the damn thing at home if you're doing nefarious things......and keep in mind that is a VERY subjective category.

[ABNAK]

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

And that would be your broke-dick "D" voters, dead and fake ones included!

[utahjeepr]

So everyone in the US needs to regularly move money from account to account. Savings to checking, bank to bank. Kill data gathering with noise.

Andy

Neat idea. Maybe I'll just set up a couple of new accounts and just make a big ass daisy chain of auto pays.
Wonder how they'd like getting a hundred or so reports a month just from me?

And please remember to leave the damn thing at home if you're doing nefarious things......and keep in mind that is a VERY subjective category.

Odd how they can track the metadata of anyone they "want" to find but they can't seem to do it when it comes to Thug Life Matters or Antifafilth.

[TomMcC]

Presidents come and go, Congresses come and go... we need the Feral Gov Bureaucracy cut in half, then cut in half again, and probably in half AGAIN after that, and that's just for a start.

The bureaucracy isn't going away until we have a president and congress willing to do something about it. These two institutions have been directly responsible for the growth and out of control nature of the bureaucracy. If they won't take it on, there is zero hope of change.