I have two chickens and a Goat how much can you give me in exchange?Be right back, starting a bank that deals strictly in purely physical materials that are distinctly not money.
I have two chickens and a Goat how much can you give me in exchange?Be right back, starting a bank that deals strictly in purely physical materials that are distinctly not money.
Biden's Treasury Department wishes to track financial transactions of any bank accounts above $600 in fair market value.
Biden Treasury Department Seeks to Track Financial Transactions of Personal Bank Accounts Over $600
The Biden administration is proposing that banks be required to report all transactions greater than $600 to collect more tax revenue. This policy is poised to suffocate businesses and stifle the financial privacy of Americans.fee.org
Practically every bi-weekly paycheque for a full-time job hits that threshold.There's no way that's remotely feasible. Given how many transactions fit that criteria there's no way to figure it out. Not to mention "fair market value" is a relative term.
A joke. I tend to say those.The US still taxes and otherwise treats bartered goods as cash.
Fish.I have two chickens and a Goat how much can you give me in exchange?
If you work full time making $7.50/hr, you'd hit the $600 threshhold.Practically every bi-weekly paycheque for a full-time job hits that threshold.
Don't you care about the potential tens or even hundreds of dollars that go unreported by citizens every year because someone living paycheck-to-paycheck had a garage sale?The actual fuck?
I do not think this IRS rules change actually changes anything.
As long as you are honest on your taxes, this shouldn't mean anything other than more overtime for IRS employees.
Computers make it possible.There's no way that's remotely feasible. Given how many transactions fit that criteria there's no way to figure it out. Not to mention "fair market value" is a relative term.
Well yes, however it doesn't actually change anything as long as you're honest on your taxes.Its not about taxes its about power and we all know it.
'If you have nothing to hide, you have nothing to fear' is shit justification.Well yes, however it doesn't actually change anything as long as you're honest on your taxes.
The IRS already had access to all this info anyway, thanks to the electronic nature of the banks these days; they could always track your bank accounts if they wanted to.'If you have nothing to hide, you have nothing to fear' is shit justification.
It's shit justification for the IRS currently existing info-collection and account monitoring without warrant (as in literally, without the warrant such should require), it's shit justification for expanding that power because 'agents need overtime and an easier job'.
Thus the 'currently existing' I used.The IRS already had access to all this info anyway, thanks to the electronic nature of the banks these days; they could always track your bank accounts if they wanted to.
Well it won't be, and frankly as long as people are honest on their taxes, it shouldn't impact them at all.Thus the 'currently existing' I used.
And yes, the IRS currently existing access to private information justified by the War on Terror is wrong and should be rescinded.
That's what warrants are for.
Not with that attitude, no.Well it won't be
Unless you've been paying attention to how the IRS behaves towards disliked political groups or candidates, or how the convoluted nature of the US tax code makes it entirely possible for any citizen to be put under investigation and dragged into court/extended bureaucratic proceedings even without any intentional or even unintentional 'shady financial shit' done on their part and made to bear the burden of such--however unjustified it might be in reality.Well it won't be, and frankly as long as people are honest on their taxes, it shouldn't impact them at all.
I get feeling threatened by any expansion in the seeming power of the Federal gov, but this is not something to fret over unless
4th Amendment? What's that!?Biden's Treasury Department wishes to track financial transactions of any bank accounts above $600 in fair market value.
Biden Treasury Department Seeks to Track Financial Transactions of Personal Bank Accounts Over $600
The Biden administration is proposing that banks be required to report all transactions greater than $600 to collect more tax revenue. This policy is poised to suffocate businesses and stifle the financial privacy of Americans.fee.org
Computers make it possible.
4th Amendment? What's that!?
They wouldn't monitor everything. The computer systems would. They'd program some things in the computer systems that send out flags over certain behaviors. Or they can just use what they have on you inconvenience people who they feel the need to harass. Step out of line, bam, they've got a database on you ready to go.Actually, no. While transactions are recorded, the sheer volume of reporting required makes it impossible from a practical standpoint. Even if banks hired the armies of compliance people needed, there's no way for the feds to hire enough people to monitor everything.
Actually this kind of regulatory reporting already exists under the Bank Secrecy Act of 1970. So it would be legal (at least as an act of Congress) but it's the impracticality of it that would make it a nightmare for everyone involved.
Well it won't be, and frankly as long as people are honest on their taxes, it shouldn't impact them at all.