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Started By
Message
re: Democrats to scale back Treasury’s IRS bank reporting plan amid GOP uproar
Posted on 10/19/21 at 10:23 am to NashvilleTider
Posted on 10/19/21 at 10:23 am to NashvilleTider
quote:
accounts with more than $10,000 in annual deposits or withdrawals,
So now just anyone who has to use direct deposit for their weekly pay checks
1
Posted on 10/19/21 at 10:30 am to LSUFanHouston
quote:
We are suffering with this garbage because some people are tax cheats.
Nah...we're suffering this because the government is intrusive and does not respect our 4th Amendment rights.
Posted on 10/19/21 at 10:32 am to NytroBud
quote:
So now just anyone who has to use direct deposit for their weekly pay checks
Which is basically everyone. Even government entities do direct deposit.
Posted on 10/19/21 at 10:38 am to DMAN1968
quote:
You are batting 1000 on incorrect information in your post today.
Maybe so. That one post might have been faulty. Dunno. The $600 was just as ridiculous as $10,000. Whether it's monthly or yearly makes no difference.
Posted on 10/19/21 at 10:45 am to Oates Mustache
quote:
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.
You still thing the "left" cares about privacy? What have you been paying attention to lately? LOL. They've moved completely out of the closet in full support of complete authoritarianism.
Posted on 10/19/21 at 10:45 am to AUHighPlainsDrifter
quote:
Nah...we're suffering this because the government is intrusive and does not respect our 4th Amendment rights.
Everyone who pays taxes should want all others to fairly pay taxes. Fairly... not at stupid high rates... but fairly.
Posted on 10/19/21 at 10:52 am to LSUFanHouston
quote:
But there is still a tremendous amount of income under-reporting by small businesses especially unincorporated ones.
Yes, I believe they refer to this as “the underground economy.”
Posted on 10/19/21 at 11:00 am to LSUFanHouston
quote:
Everyone who pays taxes should want all others to fairly pay taxes. Fairly... not at stupid high rates... but fairly.
Agreed, but they shouldn't be willing to sacrifice their Constitutional rights to do so. This is the slippery slope that many folks were worried about when the Patriot Act started requiring banks to report "cash" transactions greater than $10K in the name of fighting terrorism. We're sliding further down that slope. The bottom is a place that will require every cash transaction be reported...or perhaps they'll just do away with cash completely and go to a digital currency.
Posted on 10/19/21 at 11:01 am to NashvilleTider
$10,000 is still fricking absurd
Posted on 10/19/21 at 11:15 am to AUHighPlainsDrifter
quote:
Agreed, but they shouldn't be willing to sacrifice their Constitutional rights to do so.
Do you think W-2 reporting, 1099 reporting, mortgage interest reporting, etc, are sacrificing constitutional rights?
Posted on 10/19/21 at 11:36 am to NashvilleTider
It’s still just as unconstitutional.
But they justified the Patriot act to protect Americans against terrorism.
So I’m sure they will find a way to justify it. And people will buy it.
But they justified the Patriot act to protect Americans against terrorism.
So I’m sure they will find a way to justify it. And people will buy it.
Posted on 10/19/21 at 11:37 am to LSUFanHouston
quote:
Do you think W-2 reporting, 1099 reporting, mortgage interest reporting, etc, are sacrificing constitutional rights?
No. Those things don't involve the government snooping into everyone's private bank accounts.
Posted on 10/19/21 at 12:15 pm to LSUFanHouston
quote:bullshite. We're suffering though this because the government want to spy on people without a warrant.
We are suffering with this garbage because some people are tax cheats.
Posted on 10/19/21 at 12:28 pm to RobNation
So how's about we scale back on Dems and throw them all into a piranha tank?
Posted on 10/19/21 at 1:15 pm to NashvilleTider
Do not allow. Once they set up the system for $10,000, failing the limit to $600 will be easy.
Call. Your. Congressional people now. Stop this BS.
Posted on 10/19/21 at 1:31 pm to Oates Mustache
quote:
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.
Literally ever single person that I know; left, right, center hates this. This is not a left right issue, this is an assault on the senses for even the most ignorant.
Posted on 10/19/21 at 1:33 pm to Alltheway Tigers!
quote:No one with an income of $10k pays any significant amount in taxes, even if they report all of it.
Once they set up the system for $10,000
This isn't to catch "tax cheats".
Posted on 10/19/21 at 1:47 pm to HubbaBubba
quote:
The revised version of the bank reporting proposal will also weaken its scope by exempting all wage income from counting toward the $10,000 threshold
That's alittle closer to what it should be, which is a nonexistent proposal.
Again, screw the Democrats and this proposal. Quit spending money and you wouldn't need to "find" more.
Posted on 10/19/21 at 1:52 pm to LSUFanHouston
They are more than capable of using their current data collection methods and data mining to find leads.
They are already cooperating with numerous states through several programs such as CP2000, Fed State Match, and garnishments to flag accounts which are non-filers or underpaying OR have a judgment against them to be garnished.
This is about them wanting a much bigger pool of data to work with without having to pay for private sources or get off their asses to tune their data mining profiles to find hits.
They are already cooperating with numerous states through several programs such as CP2000, Fed State Match, and garnishments to flag accounts which are non-filers or underpaying OR have a judgment against them to be garnished.
This is about them wanting a much bigger pool of data to work with without having to pay for private sources or get off their asses to tune their data mining profiles to find hits.
Posted on 10/19/21 at 1:53 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,
How is that any better? This measure would collect data on just about every single direct deposit account in the country.
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