I hope they drown in the data..

Barter economy will enjoy a boost

quote:

Originally posted by jbcummings:
I hope they drown in the data..

This.

Assuming that 1/2 of the people in the US have accounts, then add all the multiple 401s and savings accounts, then the punt of transactions, deposits, etc, the data collection would be overwhelming.

That is, unless it’s filtered down to high income workers/accounts to focus on (Donald Trump) people of importance.

Saying it’s all accounts above $600 is just a front…..

Time for many more cash transactions?

quote:

Originally posted by ersatzknarf:
So, another daily distraction to keep us from focusing on the previous treasonous actions by the communist regime known as the dnc?

This one gets my vote.

That, and showing off how drunk they are on their own perceived power.

quote:

Originally posted by bryan11:
Time for many more cash transactions?

Cash is king, ladies and gents.

This proposal also covers third-party providers like Venmo, CashApp, and PayPal. I'll take a wild guess that there are small businesses out there, like lawn care, pressure washing, maid service, gutter cleaning, mobile mechanics and detailing, and on and on, that in addition to cash, accept payment via Zelle, Venmo, and PayPal that are currently not tracked/reported.

PDF page 94 (document page number 88) is the reference for those that might be interested.

I had a boat accident and now only have $599 in my account.

I bet Hunter Biden owns a shitload of Bitcoin and they are trying to drive the price up.

This sounds like a legislative proposal. This is probably in the reconciliation bill. Those of you in purple states with democritter senators who might not be completely drinking the left wing cool aid (WV, AZ, MT), need to be putting as much pressure as possible on your senators to shoot down this crap.

quote:

Originally posted by p08:
I bet Hunter Biden owns a shitload of Bitcoin and they are trying to drive the price up.

Pg 88-89 of referenced PDF in originating post:
Similar reporting requirements would apply to crypto asset exchanges and custodians. Separately, reporting requirements would apply in cases in which taxpayers buy crypto assets from one broker and then transfer the crypto assets to another broker, and businesses that receive
crypto assets in transactions with a fair market value of more than $10,000 would have to report
such transactions.

They are wanting to tax the hell out of of everything, to track everything. They will have some BS excuse like "its to help track suspected terrorist financial activity" or some such BS.

However, I guarantee the Bidens and the powers that be have an escape plan so they don't have to. They probably already have off shored the money to their accounts in China.

Aren't they supposed to hire 90k people along with this?

^^^^^^^^^
Yes something like that. That is a change in IRS policy. They typically audit the wealthy because that is where the money is.

A country that elected Joe Biden during a global pandemic deserves whatever happens.

^^^Well, that's now up to the historians to decide if that is what we really did.

Wouldn’t surprise me if it’s also a matter of “Hey did you buy more guns and ammo?”

quote:

Originally posted by ZSMICHAEL:
^^^^^^^^^
Yes something like that. That is a change in IRS policy. They typically audit the wealthy because that is where the money is.

Actually, the IRS has pretty much given up on auditing the wealthy, because the wealthy often receive their income via complicated investments rather than straight salaries, and can afford accountants and lawyers who outgun the IRS on tax expertise. The IRS now focuses on the middle-class, where the incomes are more straight-forward and those being audited can't afford to hire the best defense teams.

The first step toward confiscation is knowing what's there.

quote:

Originally posted by .38supersig:
So, They have nothing else to do?

No, it's a start on eliminating cash and coin transactions.

All transactions will be electronic and monitored/reported, compared to your tax return and used to calculate not only income but sales taxes owed.

Buy that old truck for $1000 cash and it's never reported, no taxes paid, now it will be by Zelle or some e-service and reported, you'll be billed.

Governments want out of the hard currency business.

quote:

actually, the IRS has pretty much given up on auditing the wealthy, because the wealthy often receive their income via complicated investments rather than straight salaries, and can afford accountants and lawyers who outgun the IRS on tax expertise. The IRS now focuses on the middle-class, where the incomes are more straight-forward and those being audited can't afford to hire the best defense teams.

^^^^^^^^^^^^
Not quite. The chance of being audited increases with income. Being self employed also increases the chances. We are not talking about the ultra wealthy here.