Posted on 10/05/2021 3:26:37 PM PDT by nickcarraway
Treasury Secretary Janet Yellen is defending a Biden administration proposal that would require banks to report data to the Internal Revenue Service on transactions over $600, calling the collection of information “routine,” after taking heat for the idea that is widely seen as an unprecedented invasion of privacy.
During an interview on CNBC’s “Squawk Box” on Tuesday, Yellen was pressed on whether the IRS has the “wherewithal” to collect more information about taxpayers and bank accounts including cash flows, something many Republicans have called invasive.
“Well, of course they do,” Yellen said. “Right now, on every bank account that earns more than $10 a year in interest, the banks report the interest earned to the IRS. That’s part of the information base that includes W2’s and reports on dividends in other income that taxpayers earned. So collection of information is routine.”
(Excerpt) Read more at nypost.com ...
That’s right - just make that BTC more and more attractive.
She has to, if she wants to keep her job.
“So collection of information is routine.”
Yes, dear, that’s the problem!
So...if I set up multiple accounts and transfer $601 between them automatically thousands of times a day, they’ll have to record each transaction?
I bought a laptop this evening for 768.31
So I’m on the RADAR
Nothing defensible about it. Commie snooping program extraordinaire.
Computer says...”notaproblem”
Interest is federally taxable. The feds have no business regarding a $600 purchase. It is fishing and petty fishing at that.
Put your hands up !
You have the right to remain silent. Anything you say can . . .
Pass a law and let The People vote them out of office.
Otherwise it can be ignored just like ever other Brandon Order
Oh they have plans to reign that in also.
They want to regulate it.
They don’t think they are getting their fair
share.
Seems to me that this commie democrat govt should have the banks send a copy of their monthly client statements directly to the IRS. Cut out the cost of hiring more IRS employees to fan out across the country and go after targeted bank customers. We already know that the IRS can find justification for prowling thru the life and finances of anybody. So in addition to audits they want more power to have a look inside your safety deposit box and other private areas such as private residences. Never ending government intrusion into the lives of all American citizens. Communist heaven awaits the Biden supporters and voters.
Dems too poor for this to impact only reason is to go after pubbies
Banks are already an extension of the government. They already report some transactions. With a little more programming they can report more, or all.
This is only one step towards their goal: total knowledge and control, leading to the ability to take whatever they want.
“Dems too poor for this to impact only reason is to go after pubbies”
This ploy casts a wide net so I don’t see it as a “catch Republican” thing. This change will impact everyone.
Seems to be more of a desire to broaden their surveillance and control of our lives ... and bring in more taxes (occam razor).
How about they tax remittances to Mexico and other countries?
That means anyone with direct deposit for their SS or any other pay check
Can we just e-mail our bank statement PDFs straight to the Rothschilds and cut out all of the middle men? :)
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