Democrats face growing storm over IRS
reporting provision
Hill [Washington DC],
by
Naomi Jagoda
Original Article
Posted By: NorthernDog,
10/17/2021 9:08:48 AM
Democrats are facing a firestorm of criticism over a proposal to increase the amount of bank account information reported to the IRS, posing a challenge as they craft their wide-ranging social spending bill. The proposal is a top priority of the Biden administration, which argues it will help the IRS go after wealthy tax cheats. But it has come under a barrage of attacks from banks and Republicans, who say it raises significant privacy concerns. Financial institutions have been mobilizing their customers to speak out against the proposal to lawmakers. Congressional Democrats are expected to make changes to the administration’s
Reply 1 - Posted by:
reefdiver 10/17/2021 9:18:18 AM (No. 948476)
First, let's see the financials on all Democrat leaders and donors made public, then let's talk about it.
18 people like this.
Reply 2 - Posted by:
jinx 10/17/2021 9:40:37 AM (No. 948510)
They will exempt themselves from any disclosure just like they exempt themselves from Obamacare and vaccines and masks. We just found out about the Biden Crime family's ways of not paying their fair share. Hunter is still under investigation, doncha know!
14 people like this.
Reply 3 - Posted by:
dst4life 10/17/2021 9:45:23 AM (No. 948517)
So your Grandma whose only income is a monthly Social Security check is a "wealthy tax cheat?"
18 people like this.
Reply 4 - Posted by:
JL80863 10/17/2021 10:02:50 AM (No. 948536)
The proposal is outrageous no doubt, but the big question is what else is buried in that huge pile of trash?
12 people like this.
Reply 5 - Posted by:
downnout 10/17/2021 10:04:00 AM (No. 948537)
Since when are total yearly transactions of $600 or more considered wealthy? These people are insane. FJB.
14 people like this.
Reply 6 - Posted by:
bigfatslob 10/17/2021 10:07:50 AM (No. 948545)
On the third of the month I would appear to be a wealthy tax cheat by the end of the month I'm so broke I'm eating three day old stale bread, my car is low on gasoline while I drink sour milk from my fridge. Yes I'm a big shark for sure according to Joe's team at the IRS. FJB
12 people like this.
Reply 7 - Posted by:
mc squared 10/17/2021 10:13:12 AM (No. 948553)
Monthly utility bills could exceed $600. In essence, EVERYONE will fall under the snooping law.
I don't think this is to identify tax cheats. It's to gain access to your accounts in case you've been a bad boy. No vax - none of your money!
10 people like this.
Reply 8 - Posted by:
Skinnydip 10/17/2021 10:20:09 AM (No. 948564)
Gonna be writing a whole lotta $599.99 checks.
3 people like this.
Reply 9 - Posted by:
czechlist 10/17/2021 10:36:43 AM (No. 948586)
It's not our money; the government minted and printed and just loaned it to us, so they are just minding their assets. We have been goverment serfs for decades.
Raisa Gorbachev chuckled at our perceived "freedom" over 30 years ago
4 people like this.
Reply 10 - Posted by:
Strike3 10/17/2021 10:37:12 AM (No. 948588)
It's cute that the Biden clown show thinks that the wealthy utilize US banks to conduct their bank transactions.
10 people like this.
Reply 11 - Posted by:
Mizz Fixxit 10/17/2021 10:38:52 AM (No. 948589)
Poster 8, banks are currently required to report transactions of $10,000 or more. Relatively large transactions of say, $5,000 to $8,000, made on a regular basis are considered evasive, are flagged, and eventually reported to the IRS.
5 people like this.
Reply 12 - Posted by:
ussjimmycarter 10/17/2021 10:42:28 AM (No. 948593)
This is a diversion to keep us from finding the really nasty stuff in the bill!
3 people like this.
Reply 13 - Posted by:
Mizz Fixxit 10/17/2021 10:50:13 AM (No. 948606)
Excuse the follow-up post. Poster 9, we own nothing. The government can confiscate your property anytime they want.
2 people like this.
Reply 14 - Posted by:
Omen55 10/17/2021 11:19:41 AM (No. 948644)
The poly ads against dem will begin with.
"Did you know you're a billionaire?"
From there use your imagination. 😈
2 people like this.
Reply 15 - Posted by:
curious1 10/17/2021 11:26:59 AM (No. 948652)
#8, it's not $600 transactions. It's accounts with more than a $600 balance or more than $600 passing through it in a year. You write a $51 check every month and guess what, you exceeded the threshold and get reported. This isn't about the 'rich tax cheats', such as you find in congress. This is about everybody, and their little dog (or cat or bird...).
I wonder what the 'compromise' will be when the dust settles? Only $1200?
2 people like this.
Reply 16 - Posted by:
Vaquero45 10/17/2021 11:46:33 AM (No. 948676)
We're close to the tipping point. Lock and load.
3 people like this.
Reply 17 - Posted by:
paral04 10/17/2021 11:59:01 AM (No. 948695)
Instead of worrying about how much $600 can buy, they need to find out how we can defend ourselves from a hypersonic weapon. Biden is criminally insane.
2 people like this.
Reply 18 - Posted by:
cor-vet 10/17/2021 12:19:50 PM (No. 948731)
Will these investigative records be subject to the FOIA, and can we then see the records of our multi- millionaire political betters? Or will they exempt themselves yet again?
1 person likes this.
Reply 19 - Posted by:
MickTurn 10/17/2021 12:20:36 PM (No. 948733)
Hey Leftist Thugs, let's look in to ALL your Financials...Bribes, Kickbacks, Stolen Money...Selling Influence, Buying stocks on inside information...do you really want to go down this road?
3 people like this.
Reply 20 - Posted by:
danu 10/17/2021 7:39:20 PM (No. 949167)
Wealthy tax dodgers could spend 600$ a night , on their average bar bill.
The CW is that the cost of booze triples when required to dine out w/ free-loading DC barnacles
like Dough Buydem, or Slick Wilty.
1 person likes this.
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Dems are salivating over getting a peek at everyone's personal finances.