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Message
re: Congress wants Banks & Credit Unions to monitor all our personal deposits over $600
Posted on 9/23/21 at 6:20 pm to MrLSU
Posted on 9/23/21 at 6:20 pm to MrLSU
If they are going to do this, they may as well start taxing all monies before they are western unioned from Tejas to Mexico. 30% right off the top sounds about right. They need to pay for transfers made in the past.
Honestly, though, I am thinking this is trying to catch people who get paid for their business through Venmo. News flash Congress-- Venmo makes me have a small biz account, charges me a fee to get my money, and sends me a handy 1099 at the end of the year. By the time I pay to get paid, buy supplies, keep the car running, etc, I make very little. Have fun trying to bleed me for more cash.
The world is a vampire.
Honestly, though, I am thinking this is trying to catch people who get paid for their business through Venmo. News flash Congress-- Venmo makes me have a small biz account, charges me a fee to get my money, and sends me a handy 1099 at the end of the year. By the time I pay to get paid, buy supplies, keep the car running, etc, I make very little. Have fun trying to bleed me for more cash.
The world is a vampire.
1
Posted on 9/23/21 at 6:22 pm to MrLSU
Next step is making sure our transactions yearly don’t exceed a certain carbon limit or we are penalized
Posted on 9/23/21 at 6:24 pm to DemonKA3268
Former banker, it will be individual. Just like the 10k that went to 5k and is now - I believe 3k.
Posted on 9/23/21 at 6:25 pm to latxwoman
quote:
If they are going to do this, they may as well start taxing all monies before they are western unioned from Tejas to Mexico. 30% right off the top sounds about right. They need to pay for transfers made in the past.
This is an administration that wants to de-person you from society if you don't have the vaccine yet allows hundreds of thousands of illegals to come into this country, be processed, and then shipped all over the country with no vaccine requirement.
Posted on 9/23/21 at 6:27 pm to The Spleen
quote:
I don't because it's targeting small business owners not reporting all of their income. That is a big problem, but I'd rather they go after the wealthy gaming the tax system, not Dave down the street that has a pressure washing hustle and doesn't even know how to reconcile his bank account.
Unfortunately, so many "gig workers" got unemployement, they are now intrigued by how much money they are not taxing.
Who cares if Soros and Oprah are not paying taxes?
This post was edited on 9/23/21 at 6:28 pm
Posted on 9/23/21 at 6:30 pm to LSUnation78
quote:
Just wait til they start popping everyone for 500 dollar deposits over multiple installments to avoid reporting.
yep.
Posted on 9/23/21 at 6:31 pm to Old Money
This is pure insanity.
How will you pay:
Mortgage
Rent
Car payment
This will have to overload the banking system.
How will you pay:
Mortgage
Rent
Car payment
This will have to overload the banking system.
Posted on 9/23/21 at 6:37 pm to SlowFlowPro
quote:
What is scary is that I routinely move amounts under $600. There is likely some sort of structuring crime now that would allow them to freeze and seize my bank accounts.
Yes, in the banking world, and apparently in their eyes-( the govt) this would be viewed as structuring.
When I worked in banking, a box would pop up on our system, and we would make the decision to report it.
That was many years ago, so who knows what is done now.
Posted on 9/23/21 at 6:38 pm to Scruffy
quote:
Then you have others like mmmbeer who purposefully remain ignorant because it harms their political party.
It’s convenient how that cuck disappeared from this discussion once I provided a citation.
Posted on 9/23/21 at 6:38 pm to MrLarson
quote:
How will you pay:
Mortgage
Rent
Car payment
Good old money orders from Circle K.
Posted on 9/23/21 at 6:40 pm to upgrayedd
quote:
This is an administration that wants to de-person you from society if you don't have the vaccine yet allows hundreds of thousands of illegals to come into this country, be processed, and then shipped all over the country with no vaccine requirement.
And people like you and I who actually pay taxes will support them and their crumb snatchers from cradle to grave.
This tyrannical government in Washington has long ceased to function as our Founding Fathers laid out in the Constitution. Furthermore, they no longer represent We the People. It’s time for change.
Posted on 9/23/21 at 6:44 pm to Darth_Vader
We are living in a dying empire being run by a senile old man
Posted on 9/23/21 at 6:45 pm to MrLarson
quote:Why don’t you ask The Spleen, Zappas Stache, and c on z.
This is pure insanity.
How will you pay:
Mortgage
Rent
Car payment
This will have to overload the banking system.
Maybe they can explain how this is an amazing idea and how if Trump had done this, they would be calling him a dictator.
Posted on 9/23/21 at 6:45 pm to Darth_Vader
quote:
And people like you and I who actually pay taxes will support them and their crumb snatchers from cradle to grave.
This tyrannical government in Washington has long ceased to function as our Founding Fathers laid out in the Constitution. Furthermore, they no longer represent We the People. It’s time for change.
Unfortunately, we're beyond the point of no return. There's only one side that's allowed to voice their opinion, act with violence, and have the media embrace/defend their causes and it aint ours. The average person is pretty well powerless as they're caught between the government hammer and the multinational corporation anvil. The federal government acts with impunity and now has the power to ensure that no one deemed a threat to their power can get elected.
Posted on 9/23/21 at 6:46 pm to c on z
quote:
Doesn’t this already happen with deposits over $10,000 or something? If so, what’s the issue?
Or even several of $9,000 in close proximity. Break'em up and space them out.
Posted on 9/23/21 at 6:50 pm to InThePines
quote:
To continue to monitor who you spend your money with. It started at $10k to track drug traffickers.
Think about the advantage political rivals will have to further crush the little people that are making small contributions to “undesirable” candidates. How else can government quantify how large the enemy (We the People) is?
Do you purchase hunting & camping gear? How much do fire armz cost?
$600 triggers a 1099 for IRS reporting. Why not change that rule instead? Because they want to know who to clamp down on to eliminate.
Social scoring is the goal here. Control who can travel, have a job (vaccinations), buy a house perhaps. If you aren’t them you’re in the way.
This guy gets it.
Note:
This is not a reporting of individual transactions of $600 or greater. This is auto-upload of ALL transactions (inflows and outflows) of ALL accounts that exceed a $600 balance. Every single taxpayer account. Every single transaction. Think of your cell phone photos being automatically uploaded to the cloud.
Posted on 9/23/21 at 6:50 pm to c on z
quote:
Doesn’t this already happen with deposits over $10,000 or something? If so, what’s the issue?
You idiot. The IRS can hound you over a stupid $600 deposit. Who the hell has time to explain every transaction to the IRS that’s over this amount?
Posted on 9/23/21 at 6:50 pm to SmackoverHawg
How many 9k transactions does your average person have per year? We shouldn't even need federal taxes. They just print what they need anyway. Might as well just print it all.
Posted on 9/23/21 at 6:55 pm to latxwoman
quote:
Yes, in the banking world, and apparently in their eyes-( the govt) this would be viewed as structuring.
no it shouldnt. this applies to any account over $600, not just transactions over $600. if your account has $4000 it is already tracked so multiple sub600 dollar transactions isnt an attempt to divert detection, it avoids nothing.
youd have to have shitloads of accounts all individually under $600 for a comparable 'structuring' argument.
Posted on 9/23/21 at 8:08 pm to MrLSU
Start using cash, leave enough for direct deposit on your bills and cash out the excess. Been saying this for years… none of their damn business where I spend my money and on what.
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