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  1. #1
    Join Date
    Jun 2008
    Posts
    7,899

    Biden Administration Pushes Congress to Require Banks to Turn Account Info Over to IR

    The Biden administration is pressuring lawmakers to enact a controverisal plan requiring banks to turn over to the Internal Revenue Service detailed information about inflows and outflows of almost all American bank accounts

    Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig sent letters to lawmakers this week asking Congress to include in tax hike legislation a requirement that banks report annual transaction data on accounts with $600 or more or that have $600 worth of transaction over the year, the Wall Street Journal reported.

    https://www.wsj.com/articles/yellen-...ws-11631727020

    If theyíre going to do this they better first go after lawmakers themselves rather than the middle class


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  2. #2
    Join Date
    Oct 2011
    Location
    Brooklyn
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    42,965
    Unlikely to be passed because of privacy concerns but you missed an important part of the article

    Still, he said, there was a possibility that Democrats could add the idea before the plan is ready for a vote by the full House, perhaps making it apply only to higher-income people.
    There should be more transparency in higher income dealings. Capitalism goes on with way too much deregulation and nonregulation. Its a clear problem. If its a way curtail crony capitalism, I'm good with it too but that's presumably one of the other reasons its not passed.
    Last edited by metswon69; 09-18-2021 at 06:51 PM.

  3. #3
    Join Date
    Apr 2009
    Location
    Central Iowa
    Posts
    7,151
    It doesn't take a whole lot of wealth to have $600 in your savings account.

  4. #4
    Join Date
    Jan 2006
    Location
    America
    Posts
    101,354
    Donít they have to report $10000 transactions already? And so many people make $9999 transactions due to it.
    Last edited by dbroncos78087; 09-19-2021 at 01:28 AM. Reason: Thanks to Dew Star for pointing out my typo

  5. #5
    Join Date
    Jun 2012
    Posts
    12,401
    Quote Originally Posted by dbroncos78087 View Post
    Donít they have to report $1000 transactions already? And so many people make $999 transactions due to it.
    10,000


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    Yankees Farm System

  6. #6
    Join Date
    Jun 2009
    Location
    Hell on Earth- Missouri
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    Quote Originally Posted by dbroncos78087 View Post
    Donít they have to report $1000 transactions already? And so many people make $999 transactions due to it.
    $10,000. No one is making $999 deposits to avoid the mandatory reporting at $10k. Lol.

    All this bill is trying to accomplish is getting EVERYONE'S financials in the hands of the feds.
    GJO- You will never be forgotten. "MORE THAN MINFINITY"!

  7. #7
    Join Date
    Jan 2006
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    America
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    101,354
    Quote Originally Posted by DeW-Star View Post
    10,000


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    Thanks to you for correcting me. Itís nice when we have civil discussions and can point out a mistake in a polite manner.

  8. #8
    Join Date
    Jun 2009
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    Hell on Earth- Missouri
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    17,567
    Quote Originally Posted by dbroncos78087 View Post
    Thanks to you for correcting me. Itís nice when we have civil discussions and can point out a mistake in a polite manner.
    Shall we take this to the off top
    thread? Lulz.. He told you the number. There was no civil discussion. Civility and politeness is the least of your concerns. Happy to see you read my post though.
    Last edited by dbroncsinmo; 09-19-2021 at 01:39 AM.

  9. #9
    Join Date
    Oct 2006
    Posts
    41,219
    I wonder what the point of being so bizarrely petulant is.


    "`Can you explain this gap in your resume?`

    `Well, the vaccinated hosts on the news channel I like convinced me to resign to protest my work's vaccine mandate and take a few years off to help extend the pandemicĒ" - @LOLGOP

  10. #10
    Join Date
    Apr 2008
    Location
    IL
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    10,064
    Quote Originally Posted by dbroncsinmo View Post
    Shall we take this to the off top
    thread? Lulz.. He told you the number. There was no civil discussion. Civility and politeness is the least of your concerns. Happy to see you read my post though.
    I donít believe heíll see this unless someone quotes you.


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  11. #11
    Join Date
    Jan 2006
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    America
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    101,354
    Quote Originally Posted by Pierzynski4Prez View Post
    I donít believe heíll see this unless someone quotes you.


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    See what?

  12. 09-19-2021, 02:37 AM
    Reason
    Baiting

  13. 09-19-2021, 06:24 AM
    Reason
    Baiting

  14. #12
    Join Date
    Dec 2018
    Posts
    5,610
    Quote Originally Posted by metswon69 View Post
    Unlikely to be passed because of privacy concerns but you missed an important part of the article



    There should be more transparency in higher income dealings. Capitalism goes on with way too much deregulation and nonregulation. Its a clear problem. If its a way curtail crony capitalism, I'm good with it too but that's presumably one of the other reasons its not passed.
    It is all about higher income dealings, didn't you read the part where they only want info on accounts worth over $600 that do $600 in yearly transactions? Who the **** do you think that's going to target?
    Obviously the rich.

  15. #13
    Join Date
    Dec 2018
    Posts
    5,610
    All this kind of stuff will do is push more people towards crypto.

  16. #14
    Join Date
    Jun 2008
    Posts
    7,899
    Quote Originally Posted by ciaban2.0 View Post
    All this kind of stuff will do is push more people towards crypto.
    Long BTC. Wish I woulda got that at 10k


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  17. #15
    Join Date
    Jun 2009
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    Hell on Earth- Missouri
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    Quote Originally Posted by natepro View Post
    I wonder what the point of being so bizarrely petulant is.
    I ask myself that same question rather often around here. The tone deafness is quite deafening in the place.
    GJO- You will never be forgotten. "MORE THAN MINFINITY"!

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