Yellen defends IRS rule requiring banks to report all transactions over $600

Janet Yellen defends Biden's IRS proposal (nypost.com)

All from the same article - swinging back and forth saying not individually identifiable transactions, but yet looking at who should be audited. The $600 rule pretty much covers any bank account in existence, because that's not just the balance, it's inflow and outflow.

There will be a lot of old coffee cans put to use, even when income tax has been apid, because it's none of the IRS' business what money goes in or comes out of people's bank accounts.

 

The proposal is completely Idiotic (and, obviously, an Egregious government over-reach).
That Moronic proposal cannot be allowed to become law.

If Biden is backing that proposal, Biden has a screw loose.

I usually agree with Biden.
BUT, I am breaking with him on the issue of supporting this Imbecilic proposal.

 

I think this is an overreach but it's likely to "choke off" so-called 'cash businesses'. Basically under the table transactions. I'd need more info to understand why they believe this would dissuade tax evasion and what they hope to generate from it, if it's successful.

 

This is beyond overreach!! This is literally totalitarian! Why does the IRS need to know what you buy above $600? It is literally none of their business!

 

The Federal Reserve is authoritarian in its zeal to prevent high rates of inflation in the American economy. Evidently, the Federal Reserve feels they must take drastic measures to curtail high rates of inflation in the American economy. BTW, the Federal Reserve is the ONLY reason why interest rates on CDs are around .30 percent a year, for example...You want to blame someone (or thing) for the very low rate of return on CD investment - in itself a very drastic measure to curtail inflation in the American economy? Blame the Federal Reserve.

The Federal Reserve doesn't advocate for free markets.

 

It won't dissuade 'tax evasion', unless you want to go after people who hold a garage sale and sell their used goods, or kids with a lemonade stand.

Online processors already report proceeds paid, both Pay Pal type accounts and things like Square. Anything online has a traceable record. Do they really think that someone who transacts $600 a year through their bank account is a multi-millionaire evading taxes? No, it's keeping their clamy hands on the little people's pulse, and if they decide you owe something, good luck in fighting it.

 

I will go back to Coffee Cans, secret boxes, and bags sewed into the mattress.

Cash only will be my new motto if this Absurdly Imbecilic proposal becomes law.

 

Exactly.

Total BS.

 

To prevent inflation and to increase tax revenue collection.

 

Beyond a dumb thing to add in an infrastructure bill and exactly why these damn things need to be written and then voted on. What is the deal with trying to pass bills that aren't written. This congress is embarrassing.

 

That's strange. They can't seem to find serial killers, rapists and pedophiles, but let somebody get a dollar over $599. and they are on top of it.

 

Yup..

Ridiculousness personified...

 

That's the roll of the merchant to ensure all taxes are collected on purchases.

 

My thoughts exactly... Yellen says it's NOT detailed transaction-level info, so it's not clear how this will be used, but they get the BOTD in my book... Seems to me they will just be looking for patterns, not individuals... at least right off the bat... Nobody has the manpower to fully check every transaction over that level...

Much more reading on this to be done before I fully form an opinion...

 

Seriously???? I’m not sure how anyone hasn’t came to this conclusion yet

 

This will effect more middle class than anything

 

Hell yeah the Authoritarians are after anyone moving cash that they don't control. They are also hiring tons of new IRS Agents with the bill.

I bought my wife a kitchen. We gutted the previous kitchen. We found our cupboards at Home Depot and they cost about $13K. Now, I brought cash to pay and the manager of the store was good with it, but wanted me to fill out an IRS form, because it was more than $10K at the time. I was a big NOPE, but the wife, wanting her Thomasville cabinets, immediately said, "pay $9,900 cash and put the rest on our credit card." Now when you move less than $10K cash, no form. Everyone got the win, except the IRS, but the manager should have thought of the solution, not the wife. This is going to change down to $600.

This is going to screw up commerce and create a nasty Black Market. It's time to go crypto for the Middle Class. The Upper Class has already done it.

 

that is not what the rule would do

it just shows you made a transaction and for how much, not what you bought

Trump's IRS reported all interest over $10

 

More criminal activities by liberals against the people of these United States. Thanks 81M people for voting these communists into power.

 

Yeah well, the Biden Administration must be coming to the conclusion that the 'Build Back Better' financing coming from the latest infrastructure bill tied with reconciliation isn't coming to pass and the Biden Administration is searching for funding for Build Back Better, for example, from other sources like authoritarianism from the IRS and other federal tax collecting agencies.

 

LMAO... tax collecting is not authoritarianism....

Dang, that's funny... Thanks...

 

Scrutinizing $600 transactions is authoritarian.

 

Can you say POWER MAD BOLSHEVIK DESPOTS?

This is a tool to ATTACK the Genuine Americans that refuse to kowtow to the sociopath CCPDNC's mandates.

 

Their proposal includes $80 billion budget increase to the IRS to add more auditors.

 

This goes along with the way Democrats believe.
Democrats believe we are managed by the Government.

Republicans believe we are the managers of Government.