Posted on 09/27/2021 9:13:15 AM PDT by SeekAndFind
good point. its not the amount, its the constitutionality
They already report transactions of more than $10k to the IRS. That should have never happened.
It’s deposits or withdrawals TOTALING more than $10,000 ANNUALY. It’s not individual transactions over $10,000 each (which is already done). If you have more than $10,000 going into and out of your bank accounts, you get monitored by the Federal Gov’t.
the correct response is repeal the 16th
aren’t all transactions over $5000 already reported?
Hate to say it, but Joe would say to your face that you never paid your ‘fair share’.
The problem here is that this ‘fair share’ dimwit comment keeps coming up (almost hourly). No one can define the phrase.
They are toying around with a wealth tax. I would watch them closely to see how intrusive it becomes. At the bottom of everything in our emerging police state is the view that they own everything, they own you, and anything you are allowed to do is at their sufferance.
They need this information as one of the factors in establishing your social credit score.
Then they have the mileage tracker on your car, whether you own or rent your home, who your mail comes from, how often do you access certain websites and on and on and on.
Banks already note transactions of $10K+, and if you’re suspected of breaking up transactions into smaller amounts to evade the reporting requirements, you can go to jail.
Good thing he’s going after those who make trillions.
The new spending won’t cost a thing.
And the rear end is already causing a stink!
you can always burn them for heat.
So how many new IRS agents will this require, to go through all of the records in order to determine what they need to investigate?
What will it cost the banks (to be passed along to the consumers, no doubt) to do the extra record-keeping and reporting?
Besides the basic issue of our privacy, this would seem to be one more control issue for the Dems to use against us.
It shouldn’t be allowed at all. They’re giving republicans lots of ammo, if they’re smart enough to use it.
So, already 50 some odd replies and NOT ONE OF YOU concede the fact that literally NO-ONE gave a damn back in 2009/2010 when FATCA was passed. After all, it only applied to Foreign Bank accounts, and we know that only bad people have such things.
Oh, that expat lost his account because the bank he did business with for years said they won’t comply so the closed all accounts with Americans? So sorry.
That the Treasury can now see every single movement on my account? I have nothing to hide, so why object?
That my non-citizen wife (no green card) would also have to report HER transactions (i.e. the IRS knows what SHE earns, even if it is not taxable income in the US)? She was thrilled to learn this!
That any organization I may be a part of (such as the local Beer Drinkers Club) and occupy a position where I have financial signature authority has to report (includes businesses)? Gee, that sure makes it easy to move up the corporate ladder, be involved in the community.
All of that was okay with you. Now they are coming for YOU and suddenly the Constitution matters again.
Bears repeating. That data is for monitoring much more than taxes, and they intend to control much more than that. Oh, did you want to have a cheeseburger for supper? Sorry, we can't let you buy one - it's outside your allowable carbon footprint. If this sounds ridiculous, it isn't, and it isn't the future, it's the present. Check out the Doconomy credit card and consider that the CEO of the Swiss company inventing the software has announced she intends it to be mandatory for everyone.
Yes, this would be a planned economy such as the ones that turn first-world countries into third-world ones. It's all in the name of equity. You will own nothing and be happy.
The GOP could care less. 70 Senators allowed FATCA to become law in 2010. The RNC "called" for a repeal in 2014. Of course that was "safe" to do as it had zero chance in the Senate. After that, crickets.
All Biden and Co want, is for FATCA to apply to everyone, not just the ex-pats.
I fact that's exactly what Americians should do, break each and every payment into a $600 amount. Pay the credit card, ok that's four $600 transactions, pay the mortgage another three $600 payments. Bury the IRS in $600 transactions, trillions of them! We could have trillions of transactions for the IRS to review!
Image each time you go to the bank, remove $600 and then deposit the $600 back. Once a week would be 100 transactions.....
They have this information NOW.
Just like facebook and google do.
But the .gov has to pay for it. This bill just makes it free to them.
Every non physical cash transaction is traced and traceable. For that matter, many cash transactions are
Exactly.
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