Biden Administration Proposes IRS To Track All U.S. Bank Accounts Exceeding $10,000 Annually In Exchanges

[uhauIjoe 252]

Democrats raise proposed IRS bank reporting threshold to $10,000 from $600 | Reuters 

 

Nobody has been really paying attention to this or talking about it at all... it's kind of weird. The Fed is in full support of it as many people in the govt are and I'm pretty anxious about this bill going through

[Liz Taylor Blues 18,728]

Ithis sounds great to me tbh but I don’t fully understand the issue so maybe it’s bad idk. The original 600 proposal seemed a bit too low and regressive. Maybe it should be higher so this doesnt lead to them going after small lumps of money when it is almost entirely the elite avoiding taxes? Ban offshore bank accounts and tax every transaction on the stock market, and SSI and medicare tax all income not just to a certain amount so we dontt have so many working poor seniors suffering in the richest country in the world

[Mer 61,213]

A fantastic way to make sure bank havens like Switzerland, Panama, and Cayman become even more popular and the money leaves the US economy. In the end it will just be a waste of money and resources, with the cost pinned onto the middle class, like always. 

[Liz Taylor Blues 18,728]

5 minutes ago, Mer said:

A fantastic way to make sure bank havens like Switzerland, Panama, and Cayman become even more popular and the money leaves the US economy. In the end it will just be a waste of money and resources, with the cost pinned onto the middle class, like always. 

In fairness to them they are pushing a global minimum tax rate. That said I don’t think they are going far enough to ensure the rich are paying their taxes at all. 

[uhauIjoe 252]

7 minutes ago, Dealer Magnus Opus said:

Ithis sounds great to me tbh but I don’t fully understand the issue so maybe it’s bad idk. The original 600 proposal seemed a bit too low and regressive. Maybe it should be higher so this doesnt lead to them going after small lumps of money when it is almost entirely the elite avoiding taxes? Ban offshore bank accounts and tax every transaction on the stock market, and SSI and medicare tax all income not just to a certain amount so we dontt have so many working poor seniors suffering in the richest country in the world

They already tax the stock market (capital gains) also sometimes when you make trades. Everyday people (myself included) shouldn't be taxed to death over wanting to buy stock in a company I like with a paycheck I already have been taxed on, in my opinion. I'm all for "taxing the rich" but you don't do it by prying on people making minimum wage. Honestly I'm more interested in LOWERING taxes for not rich people than raising it on rich people. We're spending tax money to tax the rich... make it make sense

[BluebirdXO 7,679]

They're just taxing the middle class

[uhauIjoe 252]

4 minutes ago, BluebirdXO said:

They're just taxing the middle class

I'm confused... is this a joke on how poor this decision is or did you mistype?

[Mer 61,213]

48 minutes ago, uhauIjoe said:

I'm confused... is this a joke on how poor this decision is or did you mistype?

no she’s right. Big corporations (and almost all truly wealthy Americans are “incorporated” wether or not they actually have a business) don’t escape taxes bc they “fly under the IRS’s radar”, they don’t pay taxes because of the millions of loopholes that exist in the current tax laws. 
 

This proposal targets smaller businesses and middle to upper-middle class individuals (let’s be real, do you think only the really wealthy spend more than $10,000 a YEAR). It doesn’t address the problems it’s pretending to. 

[American Whore 51,090]

What's confusing about this is there's already systems like this in place today. I don't see why making them report anything extra does anything. I worked at a bank and if anyone wanted to withdraw or deposit more than 10k, there's a little slip of paper that gets filled out and sent to the IRS for tracking purposes. It's called a SAR (suspicious activity report) and I don't see how or why they're making it a proposal now? It's already a thing. I guess this would be more or less for tax purposes? Idk. I say we pay the people in congress $10/hour and see how far it gets them with their families and whatnot. It's much better than the initial proposal of reporting anything $600 or more, but still, it's bullshit. 

 

On 10/26/2021 at 11:47 AM, uhauIjoe said:

shouldn't be taxed to death over wanting to buy stock in a company I like with a paycheck I already have been taxed on, in my opinion. I'm all for "taxing the rich" but you don't do it by prying on people making minimum wage. Honestly I'm more interested in LOWERING taxes for not rich people than raising it on rich people. We're spending tax money to tax the rich... make it make sense

 

Okay, so an interesting discussion here. You're already double taxed, and probably more often than you think. You're taxed when buying goods, taxed on your income, and also taxed on your vehicle and property taxes. Lowering the taxes for the poor but not raising it for the megarich will only have a lowered spending budget for the government, so it'll have to come from somewhere. I think what needs to happen is we need to tax the churches on all income, because they're tax free, and raise the taxes for the megarich while lowering it for the middle and lower class. Another proposal is to legalize weed in all 50 states on the federal level for tax purposes. Tax the fuck out of it, 20%. There's your extra money. Now you can afford to give universal healthcare while also still doing this "infrastructure" thing they just passed. Take anyone in prisons for non-violent weed related charges and erase their record of weed offenses so now our tax dollars aren't spent on "prisoners." Help them transition into working society and get back on their feet and you're good

 

On 10/26/2021 at 12:50 PM, Mer said:

no she’s right. Big corporations (and almost all truly wealthy Americans are “incorporated” wether or not they actually have a business) don’t escape taxes bc they “fly under the IRS’s radar”, they don’t pay taxes because of the millions of loopholes that exist in the current tax laws. 
 

 

This right here. Get rid of the rich being able to write off donations to "charities" that literally don't do anything. A lot of charities don't really do anything, they're made so the ultrarich can "donate" and then write it off from their taxes each year. Hillary Clinton did this and then allowed her daughter to use the "donations" as a wedding fund.

 

As a side note, also tax the fuck out of politicians and illegalize corporate lobbyists. They literally bribe everyone and get things set up so their corporations can survive, but not the rest of the people, the ones who keep their companies afloat.