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Started By
Message
Democrats to scale back Treasury’s IRS bank reporting plan amid GOP uproar
Posted on 10/18/21 at 10:53 pm
Posted on 10/18/21 at 10:53 pm
Senate Democrats on Tuesday will unveil a scaled-back version of a Biden administration proposal to crack down on wealthy tax cheats after conservative groups and the bank industry raised major privacy concerns, three people with knowledge of the coming announcement said.
Initially, the Department of Treasury and Senate Democrats had proposed requiring financial institutions to provide the Internal Revenue Service with additional information on bank accounts with more than $600 in annual deposits or withdrawals.
After a backlash, the new proposal will instead require the provision of additional information for accounts with more than $10,000 in annual deposits or withdrawals, a measure Democrats have been considering for weeks but have not formally endorsed, the people said
Not linking the wash post
Initially, the Department of Treasury and Senate Democrats had proposed requiring financial institutions to provide the Internal Revenue Service with additional information on bank accounts with more than $600 in annual deposits or withdrawals.
After a backlash, the new proposal will instead require the provision of additional information for accounts with more than $10,000 in annual deposits or withdrawals, a measure Democrats have been considering for weeks but have not formally endorsed, the people said
Not linking the wash post
This post was edited on 10/18/21 at 10:55 pm
53
Posted on 10/18/21 at 10:57 pm to NashvilleTider
They don't need to know anything.
Posted on 10/18/21 at 11:00 pm to NashvilleTider
quote:
After a backlash, the new proposal will instead require the provision of additional information for accounts with more than $10,000 in annual deposits or withdrawals, a measure Democrats have been considering for weeks but have not formally endorsed, the people said
This is hardly scaled back at all. This would still scoop up nearly every account in the country
Posted on 10/18/21 at 11:02 pm to NashvilleTider
quote:
the new proposal will instead require the provision of additional information for accounts with more than $10,000 in annual deposits or withdrawals
So if you deposit $192 a week? How is this scaling it back?
Posted on 10/18/21 at 11:02 pm to NashvilleTider
quote:
more than $10,000 in annual deposits or withdrawals
Sure, that number sounds better...but I doubt this is going to remove many accounts from the list. $10,000 a year is not a lot of money. Even people living completely off government handouts probably see that.
Posted on 10/18/21 at 11:02 pm to NashvilleTider
So they went from 600/mo to 800/mo. GOP sucks at “uproaring”
Posted on 10/18/21 at 11:03 pm to beauxgus
quote:
So they went from 600/mo to 800/mo. GOP sucks at “uproaring”
I believe it went from 600/yr to 10,000/yr. I still think your point is correct though. This isn't much of a change at all.
Posted on 10/18/21 at 11:03 pm to NashvilleTider
quote:
crack down on wealthy tax cheats
Posted on 10/18/21 at 11:03 pm to NashvilleTider
What am I missing here? Even the brokest of broke asses moves $10k around annually. This is stupid.
Posted on 10/18/21 at 11:04 pm to Oates Mustache
quote:
What am I missing here? Even the brokest of broke asses moves $10k around annually. This is stupid.
This looks like what they intended to do all along. Now they can pretend they "compromised."
Posted on 10/18/21 at 11:05 pm to imjustafatkid
If the GOP allows this, they all need to be run out of DC.
Posted on 10/18/21 at 11:09 pm to Oates Mustache
Additionally, I don't understand why this isn't getting more outrage, even from the left. This is a massive invasion of privacy and a power grab.
Posted on 10/18/21 at 11:10 pm to NashvilleTider
10,000 a year? That’s better. ?? if you make $834 a month, you fall into that category. That’s well under the current min wage…
Posted on 10/18/21 at 11:10 pm to NashvilleTider
quote:
the new proposal will instead require the provision of additional information for accounts with more than $10,000 in annual deposits or withdrawals
Still bullshite.
Almost anyone with direct deposit will trigger this.
*Edited to say...after a little more thought...almost everyone, everywhere will trigger this.
This post was edited on 10/18/21 at 11:14 pm
Posted on 10/18/21 at 11:12 pm to imjustafatkid
quote:
I believe it went from 600/yr to 10,000/yr
You are batting 1000 on incorrect information in your post today.
Posted on 10/18/21 at 11:18 pm to NashvilleTider
quote:
accounts with more than $10,000 in annual deposits or withdrawals
Soooo everyone making over $10k a year with direct deposits?
Posted on 10/18/21 at 11:22 pm to HailToTheChiz
Yeah. So 99.9999999999999969% of US households. Way to go GOP. You really stuck it to those Dems.
Posted on 10/18/21 at 11:37 pm to NashvilleTider
Dat aint a "scale back", dats a swicheroo...
Who doesn't run 10K through checking in a year?
Who doesn't run 10K through checking in a year?
Posted on 10/18/21 at 11:40 pm to NashvilleTider
(no message)
This post was edited on 10/25/21 at 5:47 pm
Posted on 10/18/21 at 11:41 pm to NashvilleTider
Pretty sure this was the Uniparty plan all along.
1. Make threshold amount for IRS inspection ridiculously low
2. Wait a few weeks for the outrage from consumers when they realize what it means
3. Orchestrate “uproar” from “concerned GOP Congress”
4. Announce new “reasonable” threshold that will effectively include >98% of all taxpayers’ bank accounts
5. Instruct news media sycophants to praise the “compromise”
6. Watch majority of clueless citizenry accept it
1. Make threshold amount for IRS inspection ridiculously low
2. Wait a few weeks for the outrage from consumers when they realize what it means
3. Orchestrate “uproar” from “concerned GOP Congress”
4. Announce new “reasonable” threshold that will effectively include >98% of all taxpayers’ bank accounts
5. Instruct news media sycophants to praise the “compromise”
6. Watch majority of clueless citizenry accept it
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