Biden's tax plan could give IRS more access to your bank account

[neurosis]

Anyone been reading about this?  

I'm not sure how concerned to be about it right now, but this seems a little ridiculous.

https://www.foxbusiness.com/politics/biden-tax-plan-irs-access-bank-account">https://www.foxbusiness.com/politics/bi ... nk-account">https://www.foxbusiness.com/politics/biden-tax-plan-irs-access-bank-account

The Biden administration is aiming to bolster the Internal Revenue Service by adding bank account reporting requirements to Democrats' massive tax and spending bill, prompting a swift backlash from Republicans who have warned it infringes on customers' privacy.

Under the proposal, banks and other financial institutions would be required to annually report customers' account inflows and outflows of $600 or more to the IRS. The White House has estimated the policy, which would apply to bank, loan and investment accounts, could generate about $463 billion in additional revenue over the next decade.

In a memo to congressional Democrats, the administration defended the plan, saying it requires banks and financial institutions to provide a "little bit of high-level information" to the IRS on account flows in order to give the agency more information about wealthy Americans' earnings from investments and business activity.

[Incogneeto]

Anyone been reading about this?  

I'm not sure how concerned to be about it right now, but this seems a little ridiculous.

https://www.foxbusiness.com/politics/biden-tax-plan-irs-access-bank-account">https://www.foxbusiness.com/politics/bi ... nk-account">https://www.foxbusiness.com/politics/biden-tax-plan-irs-access-bank-account

The Biden administration is aiming to bolster the Internal Revenue Service by adding bank account reporting requirements to Democrats' massive tax and spending bill, prompting a swift backlash from Republicans who have warned it infringes on customers' privacy.

Under the proposal, banks and other financial institutions would be required to annually report customers' account inflows and outflows of $600 or more to the IRS. The White House has estimated the policy, which would apply to bank, loan and investment accounts, could generate about $463 billion in additional revenue over the next decade.

In a memo to congressional Democrats, the administration defended the plan, saying it requires banks and financial institutions to provide a "little bit of high-level information" to the IRS on account flows in order to give the agency more information about wealthy Americans' earnings from investments and business activity.

$600...wealthy Americans?

[Incogneeto]

Kinda like when Obama targeted conservative groups and churches with the IRS?

[neurosis]

Kinda like when Obama targeted conservative groups and churches with the IRS?

I don't have a problem with government going after tax evaders.  Monitoring accounts with $600 seems a little over the top.  Isn't that pretty much everyone who doesn't keep their money in their mattress?

[Incogneeto]

Kinda like when Obama targeted conservative groups and churches with the IRS?

I don't have a problem with government going after tax evaders.  Monitoring accounts with $600 seems a little over the top.  Isn't that pretty much everyone who doesn't keep their money in their mattress?

Damn You West coast guys really have trouble figuring this out??

It prolly took us 6 months to convert a Kentucky Fish.

You want The Red Pill or The Blue Pill Neo??

I Bet Del Wishes we could go back in time to before he made that bet with Micro.

Problem is Del would have paid.... He is No Welsh.

[gcode]

Monitoring accounts with $600 seems a little over the top.

you're not thinking like a government goon
if you've got $600+ in your account, you are clearly evading taxes  

[YoDoug]

The wording is a bit vague in the article. The terms inflows and outflows need more definition. Does it mean single transactions over $600, or $600 total annually? That is a big difference. Aside from a few monthly transactions like mortgage and paycheck deposits, I would guess that less than .1% of the transactions in our account are more than $600.

[Elmer Fudd]

I think that now they report transactions of 10,000 or more. It is to track money laundering.

[Tim Johnson]

The wording is a bit vague in the article. The terms inflows and outflows need more definition. Does it mean single transactions over $600, or $600 total annually? That is a big difference. Aside from a few monthly transactions like mortgage and paycheck deposits, I would guess that less than .1% of the transactions in our account are more than $600.

I do transfers of $1,000+ a minimum of three times a month with the taxes already paid and the IRS knows it. The IRS already has all the access they need.

[CNCAppsJames]

If this passes, I'm definitely going to be looking for alternative ways to conduct   financial transactions.

Bidet supporters deserve this, and they deserve it good and hard.

[BrianP.]

Any one who thinks the Democrats will fund all this "free" stuff without hitting the middle class either does not live in a Democrat controlled state or is just stupid.

Perfect example. AOC and the SALT cap. She says repealing it only helps the rich. Well my wife and I make a hell of a lot less than she does but yet between state and property taxes we go over that by a few thousand dollars. They are so clueless as to what it really is to be a working class American.

[neurosis]

Perfect example. AOC and the SALT cap. She says repealing it only helps the rich. Well my wife and I make a hell of a lot less than she does but yet between state and property taxes we go over that by a few thousand dollars. They are so clueless as to what it really is to be a working class American.

So AOC actually supports a Republican/Trump tax policy?  I'm shocked.  

[byte]

Monitoring accounts with $600 seems a little over the top.

you're not thinking like a government goon
if you've got $600+ in your account, you are clearly evading taxes  

See, this guy gets it.