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Started By
Message
re: The $600 IRS Bank Account reporting. (GUNS)
Posted on 10/8/21 at 12:49 pm to Jack Carter
Posted on 10/8/21 at 12:49 pm to Jack Carter
quote:
Where’s the substantive pushback from elected republicans?
Cassidy has made a facebook post denouncing the plan.
0
Posted on 10/8/21 at 12:50 pm to SDVTiger
quote:
Can't you pay cash for this?
Don't worry, they thought of that.
The works for all digital currency is already in the works
Posted on 10/8/21 at 12:52 pm to WWII Collector
Also, they want to track Gold purchases.
Posted on 10/8/21 at 1:22 pm to SDVTiger
quote:
Can't you pay cash for this?
and by the lower for under $600
order the rest because the rest is not a firearm
Posted on 10/8/21 at 1:25 pm to WWII Collector
quote:I'm sure they already do and have been for a long time.
I feel the IRS under Biden would gladly give info to the FBI.
Posted on 10/8/21 at 1:33 pm to LSU alum wannabe
quote:COVID has already dissipated. If you're waiting for the government- and media-driven hysteria over COVID to dissipate, well, good luck with that.
Cash IS filthy. But once Covid dissipates. I would expect cash purchases to boom.
Posted on 10/8/21 at 2:15 pm to WWII Collector
No question they WANT to do this. But actually getting this passed is another matter. I doubt it actually happens.
Posted on 10/8/21 at 2:20 pm to TheAlmightySmash
Im more surprised this administration hasnt tried to ban cash than anything theyve done so far. Under the guise of not passing germs, but really just another government overreach for more control. That would be end of game, when they control all the buying/selling and you have to comply with whatever other nonsense they come up with or they shut you off.
i guess like everything else they do, it will be gradual and they will lie about the end game, they will start with $600 purchases and then gradually chip away until they have access to all purchases.
i guess like everything else they do, it will be gradual and they will lie about the end game, they will start with $600 purchases and then gradually chip away until they have access to all purchases.
This post was edited on 10/8/21 at 2:22 pm
Posted on 10/8/21 at 2:29 pm to idlewatcher
quote:
Many restaurants here in Htown don't even accept cash now. It's weird.
Banks now charge businesses for cash deposits.
Posted on 10/8/21 at 2:34 pm to WWII Collector
It’s a way to increase taxes on middle class without raising tax rates. Make the banks report your deposits and expenses, compare deposits to your tax return. Say you make 60k. But you made 68k in deposits
Your parents gifted you 1k for your bday. Welp sir you didn’t report that. You owe gift tax
You sold a 4 wheeler for 5k. Better have documentation of the transaction to prove it or else you’ll be accused of money laundering. Account is now frozen and seized via asset forfeiture until you prove your innocence
You made 2k mowing yards. You didn’t claim that cash you deposited. Pay the tax
Your parents gifted you 1k for your bday. Welp sir you didn’t report that. You owe gift tax
You sold a 4 wheeler for 5k. Better have documentation of the transaction to prove it or else you’ll be accused of money laundering. Account is now frozen and seized via asset forfeiture until you prove your innocence
You made 2k mowing yards. You didn’t claim that cash you deposited. Pay the tax
Posted on 10/8/21 at 2:36 pm to Jack Carter
quote:
Where’s the substantive pushback from elected republicans?
Bwahahaha! Good one!
Posted on 10/8/21 at 2:38 pm to Dough
If this passes I’ll deposit my paychecks. Anything else will be cashed and put in the safe and not in my acct.
Posted on 10/8/21 at 2:46 pm to Jack Carter
quote:
Where’s the substantive pushback from elected republicans?
L
O
L
Posted on 10/8/21 at 8:26 pm to G The Tiger Fan
quote:
COVID has already dissipated.
I don’t disagree.
The nations tolerance of the narrative needs to dissipate. As a whole. Not just this board.
Posted on 10/8/21 at 9:05 pm to WWII Collector
you could build one from parts.
Posted on 10/8/21 at 9:07 pm to idlewatcher
quote:
There has been a huge push since covid to get rid of cash purchases.
“Coin shortage”
Posted on 10/8/21 at 11:40 pm to WWII Collector
They are far more interested in capturing billions in tax revenue from under reported income than the AR15 you may have purchased.
Posted on 10/8/21 at 11:43 pm to WWII Collector
Anyone who doesn't already have a black rifle or 3 "off paper" is a fool.
Posted on 10/9/21 at 1:01 am to WWII Collector
quote:
I feel this is no more than an attempt to monitor gun and ammo purchases.
Step1: plan ahead
Step2: make multiple atm transactions less than $600.
Step3: act like a germaphobe Karen and wear an N95, gloves, and sunglasses when buying ammo and/or guns.
Step4: enjoy your new gun and the ammunition you purchased without the gubment being any wiser.
Posted on 10/9/21 at 1:13 am to RonLaFlamme
quote:
I don't trust them either, but the bank reporting requirements doesn't seem to be about guns. Rather, it's about tax $ control. The requirement doesn't require itemized reporting of transactions. It requires the aggregate inflows and outflows be reported on all bank accounts > $600. This will identify people not being paid via over the counter means (1099 or W2) and allow the IRS to target them for taxes owed. It's an overreach and I hope it never gets implemented and if it does, it gets ruled unconstitutional. But it's not about guns and ammo purchases.
^^^This^^^
That having been said, how the hell is anyone going to be able to monitor all of this?
There are about 330,000,000 American citizens. Lets assume most people under, say, 16 don't have bank accounts. Let's for the sake of argument say no (or few) people are either alive or have bank accounts over the age of 100.
So let's say that knocks off 1/3 of the people 220 million are left. Now some will have a joint account with a husband or wife (so you combine two people into one)...but you also have people who might have two or three accounts, maybe because they maintain a full time home in, say New York, but also a hang out in Miami Florida, and for the heck of it they keep two accounts. So I bet it all balances out.
So how many bank accounts is that - 100 million, 200 million?
It's a LOT.
And I bet 99 percent have more than 600 dollars of activity over the course of a year.
So - who is going to monitor 200 MILLION bank accounts? Who has the time? What kind of manpower will that take?
I believe this is absurdly impractical, almost like counting all the grains of sand on a beach.
Somehow this will all come crashing down.
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