Oh, they’ll do it. On the sly.
If Fed.gov wants your information, there is 100 ways for them to get it anyway.
Remember FISA Section 702, All of the Democrat’s “private contractors” and Admiral Mike Rogers?
Unreasonable search … where are the Constitutional “penumbrae” of privacy as in Roe v Wade??
Its bad enough that they’d even suggest such a heavy handed move.
These people know NO limits in attacking everyday Americans.
For a huge part of the public, the only thing hitting the bank account is the slim pickings of a paycheck AFTER TAXES have been already paid.
I want to know how these creeps can spy on law abiding citizens without a probable cause warrant.
Blatantly unconstitutional.
This is why these (extra)unconstitutional agencies of the federal government need to dissolved. IRS, EPA, OSHA, BATF, Education...and so on.
This does NOT change any concerns whatsoever. This is not a proposal to report a $10,000 transaction, which is already federal law.
This is to propose to allow the IRS to snoop on any account with $10,000 of activity per year.
Do you have your paycheck direct deposited into your checking account? Bingo, your account is now eligible for full disclosure to the IRS.
The $600 amount equals the 1099/W9 reporting requirement for sub contract/contract work. I doubt it's $7 trillion worth that the IRS isn't getting from people not reporting. That would be over $20 trillion of payments taxed at 25-30% not being reported.
The fact that she was for it before she was against it
Tells us all we need to know about this bitch
“Now, Yellen has somewhat changed course, supporting a raise in the reporting threshold from $600 to $10,000.”
~~~
I heard many many years ago that transactions over 10k were by law required by the bank to be reported. Is this not already a thing?
Oh, horse doodoo Janet. You were after the low income underground economy and you know it. The public is by and large stupid but not that stupid.
They just want access to all bank accounts so they can drain them when the owners do not obey the feral government.
If the other guy has more money than I do, I say "good for him!". Taking his money doesn't make me any happier.
10k is still non of her business. Until there’s a crime, she should need a valid warrant....Then, look. But, these are our accounts a as did weather we move 10k or 100k, it is not open for her.
Its going to be $10,000.00 TRANSACTION NOW! STILL SNOOPING!!
Nice, but they will just go ahead and do it and deny it. Like they always do.
“Under the current system, American workers pay virtually all their tax bills while many top earners avoid paying billions in the taxes they owe by exploiting the system,” she said.”
Soooo.... if that’s the case then why do you and your commie ilk want to spy on the little peoples measly ol’ rinky-dink bank accounts?
Look you idiot RINO, that line was crossed when Bush passed the Patriot Act firing the gun that started the race to deprecate civil liberties. They they just kept going.
No. Not $10,000 or $100,000.
There are not tons of tax cheats. There are tons of corrupt bureaucrats.
Get a warrant.
So how do W-2 wage earners confirm the IRS is not doing this???