Sen. Lummis slams Yellen over $600 IRS reporting requirement

Fox Business ^ | Sep 29 | By Breck Dumas

[RandFan]

Sen. Cynthia Lummis, R-Wyo., on Tuesday let loose on Treasury Secretary Janet Yellen over the Biden administration's proposal to force banks to report to the Internal Revenue Service on every transaction Americans make that is $600 or more.

"There are obvious privacy concerns for all Americans here and this represents a dramatic new regulatory burden for community banks and credit unions in Wyoming and elsewhere," Lummis told Yellen of the proposal, which is one of several aimed at helping to pay for President Biden's multitrillion-dollar plans for expanding social programs and fighting climate change.

Lummis said, "Banks will have to hire contractors to rat on their customers," and scolded, "Bank customers are not subjects to the federal government. Banks do not work for the IRS."

The senator suggested Americans would "find alternatives to traditional banks just to thwart IRS access to their personal information, not because they're trying to hide anything but because they're not willing to share everything."

"My question is: Are you aware of how unnecessary this regulatory burden is?" Lummis asked Yellen. "Do you distrust the American people so much that you need to know when they bought a couch? Or a cow?"

Yellen told Lummis she disagreed with the senator's assessment, suggesting that Lummis might misunderstand the proposal.

[z3n]

Are the kind of people getting $600 checks/payments really even paying much in taxes anyway?

Something smells like fishy ulteriors

[alancarp]

"Yellen told Lummis she disagreed with the senator's assessment, suggesting that Lummis might misunderstand the proposal."

Yeah, just like their side misunderstands the phrase "shall not be infringed."

[Mr. Jeeves]

"Do you distrust the American people so much that you need to know when they bought a couch? Or a cow?"

This is the right way - public ridicule. Of course, we are not hearing it from GOP leadership - so I assume they approve of the plan.

[SunkenCiv]

Sen. Cynthia Lummis, R-Wyo., on Tuesday let loose on Treasury Secretary Janet Yellen over the Biden administration's proposal to force banks to report to the Internal Revenue Service on every transaction Americans make that is $600 or more.

[Kenny500c]

The $600 is an annual limit so it would include just about everybody.

[Maceman]

If only millions of U.S. citizens could call a nationwide tax strike.

[Extremely Extreme Extremist]

This is completely nuts. Especially with people who have direct deposit and do online banking. Where is the GOP leadership on this?

[Clutch Martin]

600 bucks is a weird number.

Jokey musta come up with this all by his lonesome.

Reportin $10k is even lowballing it. A new set of energy efficient windows installed costs $25K.

[dware]

Take your $$$ out of the banks. Easy peasy.

[Erik Latranyi]

Every firearm purchase over $600 would be recorded by the federal gov’t.

Think about the profiles they can build about you if they know what you are spending money on. The data will go to Google for that profile building so every American is known.

[Newbomb Turk]

Everyone who collects a tax is an arm of the government weather they like it or not. Just think if you had to write that check to the IRS every month for your taxes instead of your employer taking it out. There would be riots in the street because people would see the true amount they are getting screwed for.

Congress just wants banks to be a bigger arm of the IRS. No more working for cash on the side unless you don’t deposit the money.

Next up, cashless society. Everything by bank card only.

[teevolt]

I don’t think it takes a great leap of thought to figure this is about implementing a Chinese style social credit system down the line.

[bk1000]

If they intend to tax my INCOME, it is none of their business what I spend the remainder on.

[Bobalu]

Dems hate cash and want to be able to track every transaction.

The dream is an all electronic monetary system, they want to be able to exert control over what they consider as their money...we don’t actually have our own property, other than what they allow us to have...

Money is constitutionally supposed to be gold and silver, paper money that was convertible to gold and silver was brought in and eventually that was dropped and coins were no longer made of precious metals.

We do have the gold and silver eagle US coins though.

[RandFan]

Not so easy dware for a lot of people that is

[Yo-Yo]

Instead of lowering the threshold from $10,000 to $600, they should be raising it.

The $10,000 bank transaction reporting threshold was established in 1970 to combat cash activities associated with criminal activity.

Based on inflation since 1970, that threshold should be raised to $70,506.

[JoJo354]

My question for Congress...will their banks have to report on their spending? Will that qualify for “public records”?

[mountainfolk]

Whatever amount the govt is able to access in a citizens bank account will enable them to work their way into their bank security boxes as well. Evidence can be planted to further invade the privacy of anybody with a bank account. Six hundred is a bargaining number to make us feel good when they raise it to a higher amount and the public will forget that it should not be happening in the first place. My bank does my book keeping for me as all of our transactions are drafted monthly and cash is only gotten for this and that. Six hundred is obviously a fraudulent, lying, low number to give cover for the truth of their intentions. Another loss of freedom for the American citizens who pay the salaries of those destroying that freedom.

[BwanaNdege]

600 bucks is a weird number.

IIRC, if you pay anyone $600 or more, you are required to issue them a 1099 Form

https://www.irs.gov/businesses/small-businesses-self-employed/reporting-payments-to-independent-contractors

If you pay independent contractors, you may have to file Form 1099-NEC, Nonemployee Compensation, to report payments for services performed for your trade or business. If the following four conditions are met, you must generally report a payment as nonemployee compensation.

You made the payment to someone who is not your employee;

You made the payment for services in the course of your trade or business (including government agencies and nonprofit organizations);

You made the payment to an individual, partnership, estate, or in some cases, a corporation; and

You made payments to the payee of at least $600 during the year.

"All your dollars are belonging to us!"