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2021-09-18 Home Front: Politix

[NewsNationNow] Proposal to close ‘tax gap’ could give IRS more information about your bank account

Many financial institutions this week, have been warning their customers of a New IRS Account Tracking Proposal.

On the surface it looks like a hunt by Congress for Tax and Spend money. But when reading it deeper, it seems clear, it would allow the IRS to lower the account tracking threshold to $600 and also wants to collect"transaction activities".

Using the adage "Give the Fed's and Inch, they'll take a Mile".

So should we be worrying?

Posted by NN2N1 2021-09-18 06:15|| E-Mail|| Front Page|| [11153 views ] Top

#1 Are they going to come search my couch cushions next?

Posted by Deacon Blues 2021-09-18 09:04|| 2021-09-18 09:04|| Front Page Top

#2 ^ if you have more than a thousand then you are a drug dealer and they'll confiscate it.

Posted by Procopius2k 2021-09-18 09:13|| 2021-09-18 09:13|| Front Page Top

#3 P2k,

I think (and I will cheerfully confess to error on this) that the end point of this is to track cash transactions, specifically deposits. After all, if you're pulling in money from an under-the-table job, Uncle Sam's not getting his vig, is he now?

And since all checks are now scanned, if you're seen to be writing lotsa checks to someone/something, they're going to take a look at you too.

In the end, it seems to me that you can have as much income as you want, as long as it's from 'approved' sources and you can spend as much as you want, as long as it's at 'approved' places and under 'approved' circumstances. Direct debit for utilities, mortgages, and loans will be the standard whether you want it or not, and you might want to keep receipts if you spend anywhere except the grocery store.

Mike

Posted by Mike Kozlowski 2021-09-18 09:31|| 2021-09-18 09:31|| Front Page Top

#4 After another couple rounds of this inflation $ 600.00 will be the price of a happy meal.

Posted by Thing From Snowy Mountain 2021-09-18 09:41|| 2021-09-18 09:41|| Front Page Top

#5 They want to be able to track all transactions over $600. And if your expenditures don't match your reported income... or if your making unapproved purchases or contributions...

Posted by CrazyFool 2021-09-18 10:37|| 2021-09-18 10:37|| Front Page Top

#6 Guess I'm opening up an offshore account.

Posted by DarthVader 2021-09-18 11:07|| 2021-09-18 11:07|| Front Page Top

#7 I understand Panama is aggressively discrete.

Posted by swksvolFF 2021-09-18 11:41|| 2021-09-18 11:41|| Front Page Top

#8 Proposing is easy. Passing actual bills in both Houses of Congress that can go to the president for his signature is much harder.

Given that Congress doesn’t seem able to pass even their highly touted multi-trillion dollar budget bills, I suspect this is more wishful thinking than a serious threat on the lawmakers’ side, and overexcited reporting by News Nation Now.

Posted by trailing wife 2021-09-18 11:54|| 2021-09-18 11:54|| Front Page Top

#9 #6 Guess I'm opening up an offshore account.

Is it worth the risk?
Asking for a friend

Posted by FearTheMan 2021-09-18 11:57|| 2021-09-18 11:57|| Front Page Top

#10 Don't forget, Congress has drooling over private retirement funds like Kamala Harris at a fundraiser for decades. Just think of what it can do with all that funding! Much better than your foolish and selfish decisions! Why it can give everyone an equal and fair retirement!

Posted by CrazyFool 2021-09-18 12:01|| 2021-09-18 12:01|| Front Page Top

#11 I cringe at the thought of Kamala Harris drooling over anything.

Posted by SteveS 2021-09-18 12:03|| 2021-09-18 12:03|| Front Page Top

#12 ^ IRC it was good Ol' Chollie Rangel that first proposed putting Gubbamint IOUs in place of confiscated 401K funds so each retiree could get equal "guaranteed" 2% returns

Posted by Frank G 2021-09-18 12:03|| 2021-09-18 12:03|| Front Page Top

#13

Ref #11: I cringe at the thought of Kamala Harris drooling over anything.

Anything ?

Posted by Besoeker 2021-09-18 12:08|| 2021-09-18 12:08|| Front Page Top

#14 putting Gubbamint IOUs in place of confiscated 401K funds

How... Argentine.

Posted by swksvolFF 2021-09-18 13:50|| 2021-09-18 13:50|| Front Page Top

#15 ...I've seen this movie.

Posted by Procopius2k 2021-09-18 14:00|| 2021-09-18 14:00|| Front Page Top

#16 Audit Humper Biden.

Posted by Airandee 2021-09-18 18:19|| 2021-09-18 18:19|| Front Page Top

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